Russia is gearing up to host the BRICS+ Forum 2024 on June 21, with a delegation of 21 countries and 200 mayors attending the summit. The forum will take place in Kazan, Russia, and aims to engage with leaders at the grassroots level. Ahead of the summit, Russia’s Deputy Foreign Minister, Sergei Ryabkov, provided an update on the progress of the BRICS currency initiative.
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BRICS Currency: Russia Announces Major Developments
In a recent announcement, Ryabkov clarified that the concept of a BRICS currency designed to rival the US dollar remains very much in play. He acknowledged the challenges involved but stated that a final decision on the currency’s formation will be made at the upcoming BRICS summit in October.
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“I would not say that this idea (BRICS currency) has been shelved,” Ryabkov emphasized. “This does not mean that the idea has been postponed, either.” He further mentioned that the BRICS bloc aims to provide updates on the currency within a year.
Ryabkov projected a faster-than-expected timeline for launching the BRICS currency. “A quite bold, quite innovative scheme in this area will be developed much faster than many would expect,” he stated.
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Ryabkov also disclosed that the alliance is considering using digital currencies for cross-border payments. “We are currently in consultations and negotiations with many friendly nations and BRICS countries regarding cross-border payments via digital currencies,” he concluded.
This approach aims to reduce dependency on the US dollar and incorporate local currencies in trade transactions. For detailed insights on how various sectors in the US might be impacted if BRICS ceases to use the dollar for trade, read more here.
Source: Watcher.Guru
