The BRICS alliance is working towards the formation of a common currency for trade settlements to sideline the US dollar. Russian Deputy Foreign Minister, Sergey Ryabkov confirmed that the currency is on the table and will be a reality soon. He explained that the bloc is working on payment-clearing mechanisms, which will also include insurance systems for goods and cargo.
He stressed that the BRICS common currency is real and will be unveiled to the world becoming an alternative option to the US dollar. “Not only it exists. It is not hypothetical,” Ryabkov said during a press conference when asked if the currency is a real idea.
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BRICS Common Currency Will Include Safety Features
Source: Cryptopolitian.com
The Russian diplomat revealed that the BRICS common currency will include a variety of options to safeguard its users. The safety mechanisms include: clearing mechanisms, insurance systems, and insurance for the movement of goods and cargo, among other features. Things have moved forward and a real alternative to the US dollar has emerged through the BRICS common currency.
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Ryabkov said that once the BRICS common currency is launched, other developing countries will begin settling cross-border transactions with it. “Moreover, the others would join as well. This plan is now on the table and that will be implemented is not a pattern for dollar substitution in all settlements. It is a pattern for creating an additional circuit for work in conditions when the main and well-known to all dollar channel is failing for reasons beyond the control of BRICS.”
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“I would like to add: that the financial pattern as such for all its importance is not enough for the system to function properly. We also need clearing mechanisms, we are also working on them – transaction insurance systems, including insurance for the movement of goods and cargoes, which would also not depend on harmful external influences,” the Deputy Foreign Minister noted on the BRICS common currency.
