BRICS Currency Unveil in 2024: What Next?
The BRICS nations are developing a new currency to reduce global reliance on the US dollar. This effort aims to enhance economic integration, diminish US influence, and offer an alternative for international trade and finance. In the first week of June, Russian President Vladimir Putin announced this initiative during the St. Petersburg International Economic Forum.
The concept of a BRICS currency gained more attention following the 2008 global financial crisis, which exposed vulnerabilities in the global financial system dominated by the US dollar. In 2022, during the 14th BRICS Summit, Russian President Vladimir Putin highlighted the need for a new global reserve currency to reduce reliance on the dollar and euro. To facilitate cross-border transactions among member states, the BRICS Pay system was introduced. It leverages digital technologies and blockchain to provide a secure, transparent, and efficient payment platform. This system is seen as a precursor to a more unified BRICS currency. In 2024, BRICS nations announced plans to create a digital currency payment system, leveraging blockchain technology to enhance financial integration and reduce reliance on Western financial systems like SWIFT.
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