{"id":20427,"date":"2023-04-30T22:20:25","date_gmt":"2023-04-30T22:20:25","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/russian-official-expects-agreement-on-brics-currency-this-year-economics-bitcoin-news\/"},"modified":"2023-04-30T22:20:25","modified_gmt":"2023-04-30T22:20:25","slug":"russian-official-expects-agreement-on-brics-currency-this-year-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/russian-official-expects-agreement-on-brics-currency-this-year-economics-bitcoin-news\/","title":{"rendered":"Russian Official Expects Agreement on BRICS Currency This Year \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

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. \u201cBy linking its economy and currency to politics, the U.S. is practically undermining the foundations of its dominance,\u201d said the Russian official.<\/strong><\/p>\n

Agreement on BRICS Currency Could Be Reached in 2023, Says Russian Official<\/h2>\n

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.<\/p>\n

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:<\/p>\n

\n

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.<\/p>\n<\/blockquote>\n

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).<\/p>\n

Aksakov further stated that while the negotiations are at an early stage, an agreement can be reached in 2023.<\/p>\n

The BRICS nations have been ramping up their de-dollarization efforts and are currently working to create a common currency<\/a> 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<\/a> at the next leaders\u2019 summit in August.<\/p>\n

The economic bloc is also pushing to expand its global influence<\/a>. A Russian official said this week that Russia is actively discussing BRICS expansion<\/a> with member countries. So far, 19 nations<\/a> have either applied to join the group or have expressed interest to join. However, multiple people have warned that a BRICS currency will erode<\/a> the U.S. dollar\u2019s dominance.<\/p>\n

Do you think the BRICS currency will undermine the U.S. dollar\u2019s dominance? Let us know in the comments section below.<\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\nKevin Helms <\/h6>\n

\nA 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.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: 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<\/a> 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.<\/p>\n<\/div>\n

\n