The acronym BRICS stands for the countries of Brazil, Russia, India, China and South Africa.Ī number of additional nations, including Saudi Arabia, Argentina, Iran, Indonesia, Turkey and Egypt, have reportedly expressed interest in joining the alliance. The news comes days after China executed its first liquefied natural gas (LNG) trade using the yuan instead of the dollar, as reported by Reuters. I think that at the coming BRICS Summit, the readiness to realize this project will be announced. The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest future. “The transition to settlements in national currencies is the first step. The new dollar alternative could be backed by gold, additional rare earth metals or something else entirely, says State Duma Deputy Chairman Alexander Babakov.
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