The five countries that form BRICS will soon discuss the possibility of creating a common currency.
Brazil, Russia. India, China, and south Africa plan to discuss this currency at their upcoming group meeting this August. This new currency would be used for all transactions between the BRICS countries and pegged to the Euro to make conversion easier.
The idea is to build a powerful and independent alliance to counterbalance the United States.
Russian foreign minister Sergey Lavrov made the announcement saying quote “serious, self-respecting countries are well aware of what is at stake, they see the incompetence of the ‘masters’ of the current international monetary and financial system, and want to create their own mechanisms to ensure sustainable development, which will be protected from outside dictates.”
Unlike fiat money, the potential new BRICS currency would be backed by real assets and resources – including human, natural resources, and raw materials.
