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| Bricks New Currency |
The ties between Russia, China, India and other BRICS nations appear poised to go a step further with the formation of a new currency. BRICS includes Brazil, Russia, India, China, and South Africa.
According to reports quoting Russian lawmaker Alexander Babakov, the BRICS nations are in the process of creating a new medium for payments - established on a strategy that "does not defend the dollar or euro".
Babakov, who is the deputy Chairman of Russia’s State Duma, reportedly indicated that the new currency would be secured by gold and other commodities such as rare-earth elements. The BRICS countries are working on creating a new form of currency with a plan to present its development at the BRICS leaders’ summit this year, he said on the sidelines of the India-Russia Business Forum in New Delhi last week.
While the claim is yet to be verified by other officials from the member nations, it came just a few days before South Africa sent senior officials to Russia to discuss the "recalibration of the global order" with President Vladimir Putin's party. South Africa is also slated to host a BRICS summit in August this year.
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