United

<p>BRICS experts are making efforts to deepen ties between member states&#8217; economies and financial markets, with a long-term goal of creating a common currency, according to South Africa&#8217;s ambassador to the organization, Anil Sooklal. Currently, the focus is on expanding the use of <a href="https://www.cryptopolitan.com/brics-currency-could-diminish-power-us-sanctions/" data-type="post" data-id="291366">BRICS national currencies</a> in mutual trade to establish a foundation for the single currency.</p>



<h2 id="national-currencies-to-play-a-greater-role-in-trade-and-investment">National currencies to play a greater role in trade and investment</h2>



<p>In an interview with the Tass news agency, Sooklal explained that the BRICS nations are working on increasing the use of their national currencies not only in trade but also in investments and other transactions. This step is seen as a prerequisite for creating a single BRICS currency. Different scenarios related to trade and currencies are currently being evaluated.</p>



<h2 id="brics-expansion-and-common-currency-discussions-in-upcoming-meetings">BRICS expansion and common currency discussions in upcoming meetings</h2>



<p>BRICS officials from Brazil, Russia, India, China, and South Africa are scheduled to meet in Cape Town in early June, with enlargement being a key focus, as 19 other countries have expressed interest in joining the organization. Additionally, the idea of issuing a common BRICS currency will be discussed at the BRICS leaders&#8217; summit in August.</p>



<p>This move, intended to increase the influence of its current members and bypass Western sanctions, has raised concerns in the United States about the potential undermining of the U.S. dollar&#8217;s dominant role globally.</p>

BRICS bloc prioritizes expanding use of national currency before introducing common currency

목차

Cryptopolitan_News

2023년 5월 1일에 게재된 다른 기사

Inverse Jim Cramer Strategy: Crypto Expert Predicts Banking Crisis Just Beginning

Binance CEO Slams TRON Founder Justin Sun, Warns of Consequences for Sui Token Grab Attempts

April Wrap-Up

Another Corrective Move Imminent for Bitcoin (BTC), Predicts Top Analyst – Here’s His Outlook

Everything You Need to Know About DappRadar, Part 1

Poloniex Agrees to Pay $7.5M Fine For 65K Alleged OFAC Sanctions Violations

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!