The BRICS member countries will move to the creation of a new currency after the implementation of the project on settlements in national monetary units, Deputy Chairman of the State Duma Alexander Babakov believes. As RIA Novosti reported the day before, the deputy expressed this idea during the joint Russian-Indian business forum “Cooperation for Development and Growth”.
“The transition to settlements in national currencies is the first step. The next step is to ensure the circulation of a digital or other form of a fundamentally new currency in the near future. I think that at the [BRICS summit] it will be announced that they are ready to implement this process, such work is underway,” he said.
Babakov noted that this will be a fundamentally new currency, backed by both gold and other rare earth metals, land or other groups of goods.
“Neither the euro nor the dollar are secured by anything, and our countries can do what was destroyed by the Bretton Woods system,” the State Duma representative added.
The material was collected and processed by Sofia Chernopyatova.
