Hold Onto Your Wallets — A New World Currency Could Be In The Making, Courtesy Of BRICS Nations

The BRICS alliance is exploring the creation of an innovative currency, with plans to share proposals on its establishment at the forthcoming summit in South Africa, according to Alexander Babakov, deputy chairman of Russia's parliament, the State Duma.

Speaking at the St. Petersburg International Economic Forum event in New Delhi, India, on Thursday, Babakov said that the plan is to initially transition to using domestic currencies in transactions and then introduce and circulate a digital or alternative form of a groundbreaking currency in the near future.

Babakov anticipates that the BRICS leaders summit will reveal a preparedness to implement this particular initiative, with work on the project ongoing, news agency Sputnik reported.

Babakov did not dismiss the potential emergence of a unified currency that could be used among the BRICS nations. 

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The proposed currency would be backed not only by gold but also by other assets, including rare-earth elements or even land.

The BRICS association comprises the world's most prominent emerging economies, including Brazil, Russia, India, China, and South Africa.

Several nations, such as Argentina, Iran, Indonesia, Turkey, Saudi Arabia, and Egypt, have expressed their intention to become part of this economic bloc.

The upcoming BRICS summit is scheduled for August 2023.

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