Ryabkov made a major announcement that the idea of a BRICS currency to challenge the US dollar has not been shelved. However, he explained that the alliance is facing challenges in the implementation of the upcoming currency. Despite the obstacles, Ryabkov revealed that the currency formation will be decided in the upcoming BRICS summit in October.
“I would not say that this idea (BRICS currency) has been shelved,” said Ryabkov. “But this does not mean that this idea has been postponed,” he said. Ryabkov revealed that the bloc aims to provide an update on BRICS currency in less than a year.
He confirmed that the formation of a BRICS currency will be kick-started faster than expected. “Quite bold, quite innovative scheme in this area will be worked out. And in a future that is not calculated in years and decades, but much faster,” he said.
The Minister also revealed that the alliance is planning to settle cross-border payments through digital currencies. “We are currently conducting consultations and negotiations with many friendly countries and BRICS countries on cross-border payments through digital currencies,” he summed it up.
The move helps them to cut ties with the US dollar and make local currencies a part of all trade. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.
