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Russian Official Expects Agreement on BRICS Currency This Year The chairman of the State Duma Committee on the Financial Market says that an agreement on the BRICS currency can be reached in 2023 as BRICS nations ramp up their de-dollarization efforts to shift away from U.S. dollar reliance. “By linking its economy and currency to politics, the U.S. is practically undermining the foundations of its dominance,” said the Russian official. Agreement on BRICS Currency Could Be Reached in 2023, Says Russian Official Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, discussed BRICS currency and the de-dollarization trend on Wednesday at the press center of Parliamentary Newspaper, the publication of the Federal Assembly of the Russian Federation. Aksakov expects the share of the U.S. dollar in international trade to decline, noting that Americans continuing to destroy the value of the dollar with their own hands shows the whole world that the USD is being used for political purposes. He said: By linking its economy and currency to politics, the U.S. is practically undermining the foundations of its dominance. I am sure that the share of the dollar in world trade will steadily decline. The Russian official added that now there is a search for some kind of collective currencies, emphasizing that a discussion on this topic is already on the agenda of the BRICS countries (Brazil, Russia, India, China, and South Africa). Aksakov further stated that while the negotiations are at an early stage, an agreement can be reached in 2023. The BRICS nations have been ramping up their de-dollarization efforts and are currently working to create a common currency that will reduce their reliance on the U.S. dollar. State Duma Deputy Chairman Alexander Babakov said last month that BRICS currency is expected to be discussed at the next leaders’ summit in August. The economic bloc is also pushing to expand its global influence . A Russian official said this week that Russia is actively discussing BRICS expansion with member countries. So far, 19 nations have either applied to join the group or have expressed interest to join. However, multiple people have warned that a BRICS currency will erode the U.S. dollar’s dominance. Tags in this story Anatoly Aksakov , brics , BRICS currency , BRICS currency dollar , BRICS currency USD , Chairman of the State Duma Committee on the Financial Market , Russia BRICS currency Do you think the BRICS currency will undermine the U.S. dollar’s dominance? Let us know in the comments section below. Kevin Helms A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Robert Kiyosaki Says Regional Banks Are Being Wiped Out — Calls Fed 'Criminal' ECONOMICS | 6 hours ago US Central Bank Expected to Raise Lending Rate by 25bps: Experts Predict Final Hike of 2023 ECONOMICS | 14 hours ago Image Credits : Shutterstock, Pixabay, Wiki Commons Previous article Meme Coin PEPE Surges by 152% This Week, Now the Fifth-Largest Meme Token by Market Cap Next article Robert Kiyosaki Says Regional Banks Are Being Wiped Out — Calls Fed ‘Criminal’ Disclaimer : This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimer Show comments More Popular News In Case You Missed It NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more. Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Economist Predicts the Fed's Response to Inflation Will Push Crypto Higher
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