New Global Currency Designed To Ditch US Dollar, Avert Sanctions Emerging As BRICS Leaders Prepare To Meet: Report

3 Min Read

A group of economically-aligned nations known as BRICS is reportedly hammering out the details on a new currency designed to drop dependence on the US dollar.

South African Ambassador to China Siyabonga Cyprian Cwele says BRICS members will meet this month to discuss the specifics, reports the Chinese state-backed Global Times.

On the agenda is a debate on whether a digital currency would effectively facilitate global trade and settlement while reducing the risk of sanctions.

“The BRICS are advancing the progress of its common currency, while actively promoting the use of local currencies from member states to reduce the risks of solely relying on the US dollar…

Cwele stressed the importance of supporting the use of local currencies with open financial data sharing, while looking into digital currencies as ways to explore multiple and stable mechanisms for trade and settlement to reduce the risks such as sanction by just relying on a singular currency.”

The push for a new currency comes amid a period of expansion for BRICS, which stands for Brazil, Russia, India, China and South Africa.

Last year, the organization added Saudi Arabia, Iran, Ethiopia, Egypt and the United Arab Emirates.

And according to Cwele, more than 20 additional countries have now “expressed an interest” in joining.

Cwele says BRICS leaders are working to create new guidelines for adding additional countries that are non-discriminatory and address issues aside from economics.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Source link

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *