Russia,China,Indian,South Africa(BRICS)and many other countries are moving away from US Dollars.

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 According to  the report gathered from The  Duma’s Deputy Chairman, Alexander Babakov recently revealed that the BRICS countries are working on the development of a new form of currency. The nations involved may pitch ideas related to the objective during its upcoming summit in South Africa.

The first step of the transition is to the settlements in national currencies. The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest future.BRICS’ next summit is set to take place in August this year.

 Notably, O’Neill has served as the former Chief Economist at Goldman Sachs and coined the acronym BRIC. Currently, Brazil, Russia, India, China, and South Africa are a part of BRICS, but a host of other nations intend to join it.

Jim O’Neill recently indicated that a group of countries should expand and work to counter the dollar’s dominance

In fact, even O’Neill has urged the bloc to expand. However, he opined that they should apply strict criteria to ensure the addition of new members continues to strengthen their collective goals. If the bloc expands to include other “emerging nations with persistent surpluses,” a globally fairer, multi-currency global system could emerge, O’Neill said. Furthermore, he urged the BRICS to focus on climate finance, improving healthcare, and boosting trade.


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