According to a prominent Russian legislator, world leaders have formally begun working on an accord to develop a new global currency that does not use the US dollar.
Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, is discussing BRICS attempts to create an alternative currency to the USD.
Brazil, Russia, India, China, and South Africa are members of the BRICS alliance of strategically allied states.
At a conference organized by Russia’s Parliamentary Newspaper, Aksakov stated that negotiations on how the new currency will function are now underway, and that an agreement could be reached by the end of the year.
The mechanisms of the new BRICS currency have not been finalized. However, it is expected to be backed by gold and possibly other precious metals and assets.
According to Aksakov, American sanctions have gone too far, politicizing the dollar and causing a shift away from America’s global currency dominance.
“By linking its economy and currency to politics, the United States is effectively undermining its dominance.”
I am confident that the dollar’s share of global trade will continue to fall.”
BRICS appears to be on the verge of a significant expansion.
According to South Africa’s BRICS ambassador, Anil Sooklal, 19 more countries are interested in joining the group.