Speaking in New Delhi at an event of the St. Petersburg International Economic Forum, Alexander Babakov, Deputy Speaker of Russia’s State Duma, pointed to discussion taking place among the BRICS nations regarding new financial arrangements that might translate into the creation of a common currency, India’s WION reported April 3, under the headline “BRICS common currency soon? India, China step up to counter US dollar’s dominance.” Babakov said that such an arrangement could be announced as soon as the August BRICS heads-of-state summit in South Africa.
Babakov added that the first step, the use of national currencies for trade transactions, is already being taken. This could be followed by the creation of a digital or alternative currency, and the BRICS summit, he asserted, will indicate a preparedness to move forward with this option.
