BRICS to Promote National Currencies Before Issuing Common One

0 6

BRICS to Promote National Currencies Before Issuing Common One

knife

The BRICS bloc is now focused on expanding the use of the currencies of its members, according to the representative of one of them. The establishment of a single currency for the group is not an immediate task at this point in time, the diplomat indicated in an interview.

Wider Use of National Fiats of BRICS States to Precede Launch of Single Currency

Experts at BRICS are putting efforts into deepening ties between the economies and financial markets of its member states, with the aim of creating a common currency. However, its possible introduction is a medium-term and even longer-term task, South Africa’s ambassador to the organization, Anil Sooklal, told Russian media.

“Right now we are working on expanding the use of BRICS national currencies in mutual trade. BRICS has a corresponding agreement, and now we are implementing it in practice, so that the trade of the BRICS countries among themselves is increasingly based on our national currencies,” the top representative explained, speaking to the Tass news agency.

Sooklal emphasized that an increase in the use of national currencies in trade and investment should precede the creation of a single currency. Different scenarios related to trade and currencies are being considered at the moment, he pointed out and stated:

National currencies should be increasingly used by the BRICS states not only in trade, but also in investments and other transactions. Only this way can the foundation for the single BRICS currency be created.

Officials from the BRICS group of emerging economies — Brazil, Russia, India, China, and South Africa — are expected to meet in Cape Town, in early June. Anil Sooklal recently told Bloomberg that enlargement will be in the focus of their talks, with a total of 19 other countries showing interest in becoming members of the organization.

The idea to issue a common BRICS currency, which is supported by its current members who hope to use it to increase their influence and sidestep Western sanctions, has caused concerns in the United States that the dominant role of the U.S. dollar on the world stage will be undermined. The matter will be discussed at the next BRICS leaders’ summit in August.

Do you expect the leaders of BRICS nations to speed up the development of a single currency? Share your thoughts on the subject in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 68,085.24
ethereum
Ethereum (ETH) $ 3,532.80
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 601.56
solana
Solana (SOL) $ 183.54
staked-ether
Lido Staked Ether (STETH) $ 3,530.88
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.600374
dogecoin
Dogecoin (DOGE) $ 0.140737
the-open-network
Toncoin (TON) $ 7.15
cardano
Cardano (ADA) $ 0.442354
avalanche-2
Avalanche (AVAX) $ 32.61
tron
TRON (TRX) $ 0.134511
shiba-inu
Shiba Inu (SHIB) $ 0.000018
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,098.25
chainlink
Chainlink (LINK) $ 14.94
polkadot
Polkadot (DOT) $ 6.42
bitcoin-cash
Bitcoin Cash (BCH) $ 399.42
near
NEAR Protocol (NEAR) $ 6.34
uniswap
Uniswap (UNI) $ 8.14
litecoin
Litecoin (LTC) $ 73.80
dai
Dai (DAI) $ 0.999982
pepe
Pepe (PEPE) $ 0.000013
leo-token
LEO Token (LEO) $ 5.69
wrapped-eeth
Wrapped eETH (WEETH) $ 3,687.00
matic-network
Polygon (MATIC) $ 0.54832
internet-computer
Internet Computer (ICP) $ 10.79
kaspa
Kaspa (KAS) $ 0.179228
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.48
ethereum-classic
Ethereum Classic (ETC) $ 24.17
aptos
Aptos (APT) $ 7.51
ethena-usde
Ethena USDe (USDE) $ 1.00
stellar
Stellar (XLM) $ 0.10592
monero
Monero (XMR) $ 163.97
blockstack
Stacks (STX) $ 1.99
mantle
Mantle (MNT) $ 0.881344
render-token
Render (RNDR) $ 7.19
dogwifcoin
dogwifhat (WIF) $ 2.80
filecoin
Filecoin (FIL) $ 4.78
injective-protocol
Injective (INJ) $ 27.81
arbitrum
Arbitrum (ARB) $ 0.802625
maker
Maker (MKR) $ 2,885.21
hedera-hashgraph
Hedera (HBAR) $ 0.074421
immutable-x
Immutable (IMX) $ 1.69
crypto-com-chain
Cronos (CRO) $ 0.09522
okb
OKB (OKB) $ 42.44
cosmos
Cosmos Hub (ATOM) $ 6.51
bittensor
Bittensor (TAO) $ 353.70
vechain
VeChain (VET) $ 0.030789
bonk
Bonk (BONK) $ 0.000033
arweave
Arweave (AR) $ 34.17
optimism
Optimism (OP) $ 1.97
sui
Sui (SUI) $ 0.8525
the-graph
The Graph (GRT) $ 0.220457
floki
FLOKI (FLOKI) $ 0.000209
first-digital-usd
First Digital USD (FDUSD) $ 1.00
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,952.31
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,579.46
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,664.72
lido-dao
Lido DAO (LDO) $ 1.95
theta-token
Theta Network (THETA) $ 1.66
thorchain
THORChain (RUNE) $ 4.89
notcoin
Notcoin (NOT) $ 0.016047
bitget-token
Bitget Token (BGB) $ 1.15
ondo-finance
Ondo (ONDO) $ 1.09
fantom
Fantom (FTM) $ 0.540919
aave
Aave (AAVE) $ 99.77
coredaoorg
Core (CORE) $ 1.64
jasmycoin
JasmyCoin (JASMY) $ 0.03042
whitebit
WhiteBIT Coin (WBT) $ 10.14
jupiter-exchange-solana
Jupiter (JUP) $ 1.08
based-brett
Brett (BRETT) $ 0.145008
celestia
Celestia (TIA) $ 6.74
pyth-network
Pyth Network (PYTH) $ 0.36783
algorand
Algorand (ALGO) $ 0.160065
sei-network
Sei (SEI) $ 0.392764
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,524.18
mantra-dao
MANTRA (OM) $ 1.38
quant-network
Quant (QNT) $ 76.46
gatechain-token
Gate (GT) $ 7.85
elrond-erd-2
MultiversX (EGLD) $ 36.87
flow
Flow (FLOW) $ 0.656371
beam-2
Beam (BEAM) $ 0.019558
gala
GALA (GALA) $ 0.026568
msol
Marinade Staked SOL (MSOL) $ 220.30
kucoin-shares
KuCoin (KCS) $ 10.00
axie-infinity
Axie Infinity (AXS) $ 6.43
bitcoin-sv
Bitcoin SV (BSV) $ 47.87
popcat
Popcat (POPCAT) $ 0.954497
eos
EOS (EOS) $ 0.611905
flare-networks
Flare (FLR) $ 0.020347
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,590.52
ethereum-name-service
Ethereum Name Service (ENS) $ 27.18
tokenize-xchange
Tokenize Xchange (TKX) $ 11.08
dydx-chain
dYdX (DYDX) $ 1.46
bittorrent
BitTorrent (BTT) $ 0.00000090644286
ordinals
ORDI (ORDI) $ 41.47
akash-network
Akash Network (AKT) $ 3.57
neo
NEO (NEO) $ 12.10
mog-coin
Mog Coin (MOG) $ 0.000002