The BRICS group, which is composed of Brazil, Russia, India, China, and South Africa, is reportedly collaborating on the creation of a new form of currency.
According to recent reports, there is a possibility that the member countries may transition to using their own national currencies, and eventually introduce a novel form of currency, possibly a digital one. The new currency may be supported by valuable resources such as gold, with further details expected to be announced during the upcoming BRICS summit in South Africa, scheduled to take place in August.
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Reducing their reliance on the US dollar
The idea of creating a new currency form comes as the BRICS countries aim to strengthen their economic cooperation and reduce their reliance on the US dollar as a global reserve currency. It is believed that a new currency could potentially facilitate trade among the member countries and help to stabilize their economies.
While the exact details of the proposed new currency are yet to be disclosed, it is expected that the BRICS summit in South Africa will shed more light on this topic. The creation of a new currency form by the BRICS group could have significant implications for the global financial system and the future of international trade.
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