BRICS Currency to Debut in 2023, Says Russian Official

A top Russian official said that a BRICS currency deal is likely to be reached sometime this year. In particular, the head of the State Duma Committee on the Financial Market made sure that an alternative currency to the US dollar would be agreed upon at some point in 2023.

After Russia put sanctions in place after its invasion of Ukraine, the BRICS countries have been at the forefront of attempts to move away from the dollar. Also, the group has been looking for ways to settle foreign trade without using US dollars.

BRICS Currency Agreement Expected This Year

Anatoly Aksakov, head of the State Duma’s Committee on the Financial Market, says that a BRICS currency deal is likely to happen this year. Bitcoin News says that Aksakov also talked about de-dollarization with the Parliamentary Newspaper of the Federal Assembly of the Russian Federation.

Aksakov said he was sure that Brazil, Russia, India, China, and South Africa had already talked about making a BRICS currency. So, even though negotiations are still in their early stages, a deal is likely in 2023. A change that should worry people who want the US dollar to do well.

The group is also trying to add more countries to its group. In particular, it was said that more than 19 countries have sent bids to join the group. It looks like one of the things that will be talked about at the BRICS meeting this summer will be expansion. A meeting that seems extremely important.

On the other hand, how talks about a new currency start will be very important. Over the past few months, macroeconomic forces have made the US dollar less important. Since the Chinese yuan is already becoming more popular, the speed of these negotiations will probably rely on how well the countries can work together.