Russia talks up prospects of BRICS countries developing new currency

A new world order could be emerging as economic powerhouses increase their efforts to distance themselves from US dollar hegemony.

According to reports, a top Russian official has claimed that the BRICS alliance is working on creating its own currency. BRICS is an acronym for five leading emerging economies: Brazil, Russia, India, China, and South Africa.

State Duma Deputy Chairman Alexander Babakov made the comments at the St. Petersburg International Economic Forum event in New Delhi, India, according to local

In a related development this week, China and Brazil reached a deal to trade in their own currencies. The move will remove the US dollar as the intermediary, further empowering both nations to distance themselves from the world’s reserve currency.

According to reports, the agreement will enable China and the biggest economy in Latin America, Brazil, to conduct their trade and financial transactions directly. Chinese yuan will be exchanged directly for the Brazilian real and vice versa instead of going through the greenback.

China is racing ahead with its CBDC project and crypto adoption in Brazil is growing following the legalization of it as a payment method in the country late last year. Meanwhile, Uncle Sam remains determined to continue its war on crypto as financial regulators tighten the screws on the embryonic industry.

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