The chairman of the State Duma Committee on the Financial Market says that an agreement on the BRICS currency can be handed in 2023 as BRICS countries ramp up their dollarization efforts to move out from U.S. dollar dependence. “ By linking its economy and currency to politics, the U.S. is practically undermining the foundations of its dominance, ” told the Russian functionary.
Agreement on BRICS Currency Could Be Handed in 2023, Says Russian Official
Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, talked over BRICS currency and the de-dollarization current on Wednesday at the press core of Parliamentary Newspaper, the publication of the Federal Assembly of the Russian Federation.
Aksakov expects the share of the U.S. dollar in foreign trade to refuse, noting that Americans remaining to destroy the worth of the dollar with their own hands shows the entire world that the USD is being utilized for political purposes. He spoke:
By linking its economy and currency to politics, the U.S. is practically undermining the foundations of its dominance. I am sure that the share of the dollar in world trade will steadily decline.
The Russian official added that currently there's a search for some kind of collective currencies, emphasizing that a discussion on this topic is earlier on the agenda of the BRICS nations (Brazil, Russia, India, China, and South Africa).
Aksakov further stated that while the negotiations are at a primal stage, an agreement can be handed in 2023.
The BRICS countries have been ramping up their de-dollarization efforts and are presently working out to produce a common currency that will downgrade their dependence on the U.S. dollar. State Duma Deputy Chairman Alexander Babakov told last month that BRICS currency is expected to be talked over at the coming leaders ’ summit in August.
The economic bloc is similarly pushing to develop its global influence. A Russian official told this week that Russia is actively discussing BRICS expansion with member countries. So far, 19 countries have either applied to join the group or have expressed interest to join. still, numerous people have warned that a BRICS currency will erode the U.S. dollar’s dominance.
(Kevin Helms, Bitcoin.com, 2023)