The 15th BRICS summit in August this year ended on a high note as the alliance inducted six new countries into the bloc. The induction of new countries is historic, as the group decided on expansion after more than a decade. The expansion comes at a time when BRICS is working on the formation of a new currency to challenge the US dollar. In the latest update, Russia’s former advisor to the President and economist-turned-politician, Sergey Glazyev, made a huge announcement on the formation of the upcoming BRICS currency.
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Sergey’s statements indicate that BRICS is serious about launching a new currency to take on the US dollar. Going by Russia’s economist comments, the new BRICS currency might be launched during the 16th summit in 2024.
BRICS: Russia’s Politician Makes Big Announcement on Currency Launch
Sergey made a huge announcement by confirming that the BRICS currency is already in the works. He confirmed that the new BRICS currency is almost ready for launch and needs fine-tuning before its release. The BRICS currency is “almost ready” and needs “political consent,” he said.
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The economist added, “In order to launch this currency, we need the political consent of the BRICS countries. Three of which have already expressed their support for the idea of introducing a new currency through their heads of state.”
According to Sergey, three out of five BRICS countries are supporting the currency while two other nations are yet to provide their opinion. If the two countries provide their consent, then the BRICS currency has a chance of being released next year in 2024.
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The development will lead to a paradigm shift in the global financial sector threatening the existence of the US dollar. Read here to know how many sectors in the US will be affected if BRICS completely stops using the dollar.