Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
Russian official expects BRICS currency deal this year – Economics Bitcoin News
The chairman of the State Duma’s financial market committee says an agreement on the BRICS currency could be reached in 2023 as BRICS nations step up their de-dollarization efforts to shift away from dependence on the US dollar. “By linking its economy and currency to politics, the US is practically undermining the basis of its dominance,” the Russian official said.
Agreement on BRICS currency could be reached in 2023, Russian official says
Anatoly Aksakov, head of the State Duma Committee on the Financial Market, discussed the BRICS currency and the de-dollarization trend on Wednesday in the press center of the parliamentary newspaper, the publication of the Federal Assembly of the Russian Federation.
Aksakov expects the share of the US dollar in international trade to decline, noting that Americans who continue to destroy the value of the dollar with their own hands are showing the whole world that the dollar is being used for political purposes. He said:
By linking its economy and currency to politics, the US is practically undermining the basis of its dominance. I am sure that the dollar’s share of world trade will steadily decline.
The Russian official added that there is now a search for some kind of collective currencies, stressing that a discussion on this topic is already on the agenda of the BRICS countries (Brazil, Russia, India, China and South Africa).
Aksakov further stated that while negotiations are at an early stage, an agreement could be reached in 2023.
The BRICS nations have stepped up their de-dollarization efforts and are currently working to create a common currency that will reduce their dependence on the US dollar. State Duma Deputy Speaker Alexander Babakov said last month that the BRICS currency is expected to be discussed at the next leaders’ summit in August.
The economic bloc is also pushing to expand its global influence. A Russian official said this week that Russia is actively discussing BRICS expansion with member countries. So far, 19 nations have either applied to join the group or have expressed an interest in joining. However, several people have warned that a BRICS currency would erode the US dollar’s dominance.
Do you think the BRICS currency will undermine the dominance of the US dollar? Let us know in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
