BRICS Currency Is Almost Ready, Confirms Economist

Vinod Dsouza
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Source: Watcher Guru

Russian economist Sergey Glazyev made a huge announcement on the development of the upcoming BRICS currency. The soon-to-be-released BRICS currency aims to replace the US dollar as the world’s reserve currency. Glazyev confirmed in a recent interview on Tuesday that the BRICS currency is “almost ready”. He explained that the technicalities of the yet-to-be-launched BRICS currency are put in place and the tools are created.

Also Read: BRICS: Global Power Dynamics Shifting From the West

BRICS has kept all details about the upcoming currency under wraps providing little to no information to the West. The new currency is expected to challenge the US dollar in the international markets. The alliance is advancing in convincing developing countries to begin using the new currency for global trade and ditch the US dollar.

Russian Economist Confirms BRICS Currency Is ‘Almost Ready’

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Glazyev confirmed that the BRICS currency is “almost ready” and needs “political consent” from all the group members before release. “Technically this currency is almost ready,” he said and continued, “the software and mathematical tools have been created.”

Also Read: BRICS: India Projected to Outperform 2 G7 Countries by 2030

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,” he said.

If the BRICS currency grows stronger and gets accepted by many countries, the US dollar will be in jeopardy. BRICS could suffocate the US dollar by dimming its demand and supply in the global markets. The consequences of the world not using the US dollar would be catastrophic to the American economy. Read here to know how many sectors in the US will collapse if BRICS stops using the dollar for trade.

Also Read: BRICS Becoming Richer Than G7

However, he did not specify a tentative date on when the new currency would be launched. According to reports, the new currency might be released during the next summit in Russia. Until then, the alliance could fine-tune the currency building the right infrastructure and support for its launch.