New World Order Beckons as Russia, Brazil, South Africa, Others Working to Develop New Currency
- Five countries under the aegis of BRICS are planning a unified currency
- Recent reports say that the countries are fashioning out the modalities for the unified currency
- The money will be pegged to Gold, rare earth, land, or commodities rather than the US dollar
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
The emerging markets, Brazil, Russia, India, China, and South Africa, known as BRICS, are allegedly working to develop a new type of currency.
A high-ranking Russian official, the deputy chairman of the Russian State Duma, Alexander Babakov, stated that the new currency would be discussed at the next BRICS leaders' summit, according to a report by Bitcoin.com.
Source: Getty Images
Russia behind unified currency among BRICS nations
Babakov said the transition to settlement in national currencies is the first step.
PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!
He said:
"The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest future."
Sources have disclosed that Russia promoted the idea, as it has faced economic sanctions from the West over the invasion of Ukraine.
The project for the new currency will be presented at the BRICS leaders' summit in August, as Babakov said on Thursday on the sidelines of the India-Russia Business Forum in New Delhi.
This forum marked the commencement of international events at the St. Petersburg International Economic Forum 2023.
Many other countries, such as Argentina, Iran, Indonesia, Turkey, Saudi Arabia, and Egypt, have shown interest in joining the BRICS' economic partnership.
In August 2023, South Africa will host the next summit.
According to Bitcoin.com, Babakov disclosed the possibility of a unified currency within BRICS pegged to Gold and other commodities like rare earth elements or land.
Currency to be the beginning of a unified system
During the India-Russua Business Forum on Thursday, March 28, 2023, Babakov stated that India and Russia should enact a new economic partnership with a new shared currency.
Babakov said:
"New Delhi, Beijing, and Moscow are the nations that now institute a multipolar world endorsed by most governments.
"Its composition should be based on inducting new monetary ties established on a strategy that does not defend the U.S. dollar or euro, but rather forms a new currency that benefits our shared objectives."
BRICS, which comprises Brazil, Russia, India, China, and South Africa, was coined by Goldman Sachs Jim O'Neil as emerging markets and established in 2009.
BRICS countries are ranked among the world's fastest-growing and emerging markets due to their low labour costs, favourable demographics, and abundant natural resources, Investopedia reporting said.
CBN deploys National Domestic Card nationwide, lists features and benefits to Nigerians
Legit.ng reported that the Central Bank of Nigeria officially deployed the National Domestic Card on Monday, January 16, 2023, which is meant to serve as both a credit card and debit card, among other functions.
Legit.ng reported that the apex bank, in partnership with Nigeria Inter-bank Settlement System (NIBBS), would launch the card this January.
The National Domestic Card is expected to compete with industry players like Mastercard, Discovery, and Visa.
Source: Legit.ng
