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A bunch of economically-aligned nations plan to create a brand new foreign money that would scale back the world’s dependence on the US greenback and the euro, in response to a brand new report.
The group of rising economies, identified collectively as BRICS, are exploring how such a foreign money could be structured, stories the Russian state-owned information company Sputnik.
The brand new greenback different might be backed by gold, further uncommon earth metals or one thing else totally, says State Duma Deputy Chairman Alexander Babakov.
“The transition to settlements in nationwide currencies is step one. The following one is to offer the circulation of digital or every other type of a essentially new foreign money within the nearest future.
I believe that on the coming BRICS Summit, the readiness to understand this challenge might be introduced. Such works are underway.”
The information comes days after China executed its first liquefied pure fuel (LNG) commerce utilizing the yuan as an alternative of the greenback, as reported by Reuters.
The acronym BRICS stands for the nations of Brazil, Russia, India, China and South Africa.
Plenty of further nations, together with Saudi Arabia, Argentina, Iran, Indonesia, Turkey and Egypt, have reportedly expressed curiosity in becoming a member of the alliance.
The upcoming BRICS summit is about for August twenty second in South Africa.
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Featured Picture: Shutterstock/Overearth/Natalia Siiatovskaia
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