Bitcoin News and Finance
Russian Official Says BRICS Currency Could Be Discussed at Upcoming Summit Skip to main content

Russian Official Says BRICS Currency Could Be Discussed at Upcoming Summit

Russian Official Says BRICS Currency Could Be Discussed at Upcoming Summit

Russia’s deputy prime minister has stated that the topic of a common BRICS currency may still be on the table at the economic bloc’s upcoming leaders’ summit. A total of 69 leaders, including all African heads of state, have already been invited to the August summit where de-dollarization will be among the key topics discussed.

Russian Official on BRICS Currency

Russian Deputy Prime Minister Alexei Overchuk stated in an interview with Russian news outlet Tass on the sidelines of the second Russia-Africa summit this week that the issue of creating a basket of BRICS currencies may be raised at the economic bloc’s upcoming summit that will take place from Aug. 22-24. The BRICS nations comprise Brazil, Russia, India, China, and South Africa.

The Russian official was quoted as saying:

The BRICS leaders will hold a meeting soon where they may touch upon the settlement system issue. Perhaps, the idea of creating a basket of currencies based on a certain payment unit will also be discussed.

“Perhaps the leaders will decide to task the relevant expert bodies with looking into the matter,” Overchuk added, emphasizing: “Clearly, it’s a very difficult issue.”

While the Russian deputy prime minister believes that the topic of a common BRICS currency could be discussed at the summit, South Africa’s diplomat in charge of BRICS relations, Anil Sooklal, has stated: “There’s never been talk of a BRICS currency, it’s not on the agenda.” South Africa is hosting the BRICS summit this year, and Sooklal is in charge of planning the agenda for the summit.

Moreover, Leslie Maasdorp, vice president and chief financial officer of the New Development Bank, also known as the BRICS Bank, recently clarified that the economic bloc has no immediate plan to launch a currency to compete with the U.S. dollar. Noting the distinction between de-dollarization efforts and the creation of a common BRICS currency, he stressed: “The development of anything alternative is indeed a medium to long-term ambition.” Both Maasdorp and Sooklal have stressed that the BRICS bloc is focusing on de-dollarization and encouraging the use of national currencies for trade settlements.

Furthermore, rumors abound that the BRICS group might unveil a gold-backed currency during the summit. Many people believe that a unified BRICS currency could erode the U.S. dollar’s status as the world’s dominant currency. Nevertheless, obstacles lie ahead. Russia’s central bank governor, for instance, has cautioned that a BRICS currency will require the consent of numerous parties, and she foresees potential challenges in its implementation.

The BRICS has drawn interest from over 40 countries seeking to join the group. According to Sooklal, 22 nations have already formally applied. Moreover, the diplomat has revealed that South Africa has invited 69 leaders to the summit, including all of the African heads of state and the leaders of major Global South bodies. However, he affirmed that no Western countries have been invited.

Do you think the subject of a common BRICS currency will be discussed at the economic bloc’s upcoming summit? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory