tl;dr
BRICS, founded by Brazil, Russia, India, China, and South Africa, has not abandoned the idea of a common currency. Russian Deputy Foreign Minister Sergei Ryabkov stated that while the idea is not shelved, its implementation is complex and will take time due to urgent issues and the recent expansion ...
BRICS, founded by Brazil, Russia, India, China, and South Africa, has not abandoned the idea of a common currency. Russian Deputy Foreign Minister Sergei Ryabkov stated that while the idea is not shelved, its implementation is complex and will take time due to urgent issues and the recent expansion of BRICS.
The organization has considered a blockchain-based payment system and stablecoins. The delay in issuing the new currency is not calculated in years and decades, but much faster. The Bank of Russia Governor, Elvira Nabiullina, has also expressed similar sentiments about the difficulty of implementing a common currency.
Additionally, BRICS has explored the BRICS Bridge, a digital currency settlement platform, with Russia leading the project and expecting to test it with the UAE and other Gulf nations. The UAE's advanced central bank digital currency expertise makes it an ideal initial partner for this initiative.
In January, BRICS welcomed four new members: Ethiopia, Egypt, the United Arab Emirates and Iran. This further complicated the creation of a common currency as there were more factors to consider. Ryabkov acknowledged this, stating that “BRICS, which has 15 years behind it and has just doubled in size, is hardly ready for such steps and experiments. But this does not mean that this idea has been postponed.” Ryabkov, however, clarified that the delay in issuing the new currency “is not calculated in years and decades, but much faster.
One of the ideas that the organization has explored is BRICS Bridge, a digital currency settlement platform. Russia has been leading this project and expects to test it on payments with the UAE and other oil-rich Gulf nations. The United Arab Emirates (UAE) would be the ideal initial partner as the Middle Eastern nation has advanced central bank digital currency (CBDC) expertise.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.