BRAZIL, RUSSIA, INDIA, CHINA, AND SOUTH AFRICA PLAN TO INTRODUCE PLANS FOR A NEW INNOVATIVE CURRENCY

BRAZIL, RUSSIA, INDIA, CHINA, AND SOUTH AFRICA PLAN TO INTRODUCE PLANS FOR A NEW INNOVATIVE CURRENCY

Benzinga reports the BRICS alliance is exploring the idea of an innovative currency and plans to share proposals at the upcoming summit in South Africa. BRICS is an acronym standing for five leading emerging economies—Brazil, Russia, India, China, and South Africa. Deputy Chairman of Russia’s parliament, Alexander Babakov, claims the plan will initially transition from using domestic currencies in transactions to introducing and circulating a digital or “alternative form of a groundbreaking currency in the near future.”

He’s hoping the summit, scheduled for August this year, will show how ready BRICS is to implement this initiative. During the St. Petersburg International Economic Forum event in New Delhi, India, Babakov stressed the importance of both nations working toward a new form of payment, saying that digital payments could be the most promising and viable. According to Cointelegraph, he feels the currency could benefit China and other BRICS members.