State Duma Deputy Chairman Babakov: BRICS countries want to ensure the circulation of digital money
NEW DELHI, 30 March – RIA Novosti. State Duma Deputy Chairman Alexander Babakov said that the BRICS countries are working on a new currency and can present ideas for the development of this currency at the union leaders’ summit to be held in South Africa this year.
“The transition to settlement in national currencies is the first step. The next step is to circulate a digital or other form of a fundamentally new currency in the near future. I think (at the leaders’ summit – ed.) BRICS will declare its readiness to implement this process, such work continues,” he said.
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He also did not rule out that a single currency could appear in the BRICS.
“Quite possible. Neither the euro nor the dollar is backed by anything, and our countries can do what the Bretton Woods system has destroyed,” said the State Duma Vice-President.
According to him, this currency can be supported not only by gold, but also by other groups of goods, in particular rare earth metals and earth.
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