A top Russian lawmaker says world leaders have officially started working on an agreement to create a new global currency that does not utilize the US dollar.
Chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, is outlining the efforts of BRICS to create an alternative currency that would circumvent USD.
BRICS is a group of strategically-aligned nations that currently includes Brazil, Russia, India, China, and South Africa.
At a conference organized by Russia’s Parliamentary Newspaper, Aksakov said negotiations detailing how the new currency will work are now underway, and an agreement may be hammered out by the end of the year.
The mechanics of the new currency from BRICS have not been finalized. However, it will reportedly be backed by gold and potentially additional precious metals and assets.
Aksakov says American sanctions have gone too far, politicizing the dollar and triggering a movement away from America’s global currency dominance.
“By linking its economy and currency to politics, the US is practically undermining the foundations of its dominance.
I am sure that the share of the dollar will steadily decline in world trade.”
BRICS itself appears to be on the cusp of a major expansion.
A total of 19 additional countries are interested in joining the group, according to South Africa’s BRICS ambassador, Anil Sooklal.
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