A group of economically-aligned nations known as BRICS is reportedly hammering out the details on a new currency designed to drop dependence on the US dollar.
South African Ambassador to China Siyabonga Cyprian Cwele says BRICS members will meet this month to discuss the specifics, reports the Chinese state-backed Global Times.
On the agenda is a debate on whether a digital currency would effectively facilitate global trade and settlement while reducing the risk of sanctions.
“The BRICS are advancing the progress of its common currency, while actively promoting the use of local currencies from member states to reduce the risks of solely relying on the US dollar…
Cwele stressed the importance of supporting the use of local currencies with open financial data sharing, while looking into digital currencies as ways to explore multiple and stable mechanisms for trade and settlement to reduce the risks such as sanction by just relying on a singular currency.”
The push for a new currency comes amid a period of expansion for BRICS, which stands for Brazil, Russia, India, China and South Africa.
Last year, the organization added Saudi Arabia, Iran, Ethiopia, Egypt and the United Arab Emirates.
And according to Cwele, more than 20 additional countries have now “expressed an interest” in joining.
Cwele says BRICS leaders are working to create new guidelines for adding additional countries that are non-discriminatory and address issues aside from economics.
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