Deputy Chairman of the State Duma Babakov: a single BRICS exchange will allow us to move away from the dollar
If a single exchange of the BRICS countries is created, this will allow the countries included in this association to move away from the dollar, conduct settlements in national currencies, and maybe even create their own settlement mechanism based on the blockchain and a single virtual currency. This was stated by Deputy Chairman of the State Duma Alexander Babakov. He is quoted RIA Novosti.
As a result, dependence on currency fluctuations will decrease and the financial sovereignty of the countries included in this association will be strengthened.
The parliamentarian noted that today trade in raw materials goes through third countries and exchanges, which results in numerous costs and increased delivery times. The BRICS Single Exchange will solve these problems, which is especially important for goods such as hydrocarbons, metals and agricultural products.
Related materials:
Babakov added that a special clearing center may also appear, which will ensure coordination of settlements and offset of obligations.
At the end of June 2024, the BRICS states supported the idea of forming a grain exchange.
As for the single BRICS currency, as the Foreign Ministry stated, it is currently difficult to talk about the prospects and timing of its appearance. However, issues of creating independent payment and settlement mechanisms that are resistant to sanctions pressure are being studied.
#conditions #creating #single #BRICS #currency #named