{"id":20802,"date":"2023-05-11T10:43:57","date_gmt":"2023-05-11T10:43:57","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/south-african-minister-tells-brics-nations-not-to-rush-decision-on-common-currency-africa-bitcoin-news\/"},"modified":"2023-05-11T10:43:57","modified_gmt":"2023-05-11T10:43:57","slug":"south-african-minister-tells-brics-nations-not-to-rush-decision-on-common-currency-africa-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/south-african-minister-tells-brics-nations-not-to-rush-decision-on-common-currency-africa-bitcoin-news\/","title":{"rendered":"South African Minister Tells BRICS Nations Not to Rush Decision on Common Currency \u2013 Africa Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The South African minister of international relations, Naledi Pandor, has urged Brazil, Russia, India, China and South Africa (BRICS) countries to be wary of making a hurried decision when they meet in August to discuss launching a common currency. Pandor said her country will \u201cnot shy away from discussions\u201d that relate to her country\u2019s national interests. The minister also revealed that South Africa\u2019s debt is primarily denominated in dollars, therefore the country cannot easily ditch the greenback. <\/strong><\/p>\n

Establishing a BRICS Common Currency<\/h2>\n

With just a few months before Brazil, Russia, India, China, and South Africa (BRICS) all converge in Johannesburg to discuss launching a common currency, South Africa\u2019s international relations minister said member states should guard against making a hurried decision. In her remarks<\/a> published by Bloomberg, the minister, Naledi Pandor, said while the calls for an alternative to the greenback are growing, BRICS nations still need to \u201capproach this discussion responsibly.\u201d<\/p>\n

The warning by South Africa\u2019s international relations minister came against the background of rising calls for the establishment of a common currency to be used by BRICS nations. Russia, which has been sanctioned by the U.S. and the European Union, has been leading the calls for the creation of an alternative to the dollar-dominated financial system.<\/p>\n

Although many countries have expressed their willingness to de-dollarize, some experts have said the much anticipated U.S. dollar collapse will not happen anytime soon. Others like Dave Ramsey, a personal finance expert and best-selling author, have claimed<\/a> that BRICS countries lack the muscle to take down the dollar.<\/p>\n

Ditching US Dollar Not Easy<\/h2>\n

However, despite these warnings by mainly pro-U.S. dollar economic commentators, Pandor said<\/a> South Africa will \u201cnot shy away from discussions\u201d that relate to her country\u2019s national interests. Pandor nonetheless acknowledged that the idea of replacing the U.S. dollar with another currency will not be easy.<\/p>\n

\u201cI don\u2019t like preempting BRICS leaders\u2019 discussions. It\u2019s a matter we must discuss and discuss properly. I don\u2019t think we should always assume the idea will work because economics is very difficult and you have to have regard for all countries, especially in a situation of low growth when you are emerging from crises,\u201d Pandor reportedly said.<\/p>\n

The minister also revealed that South Africa\u2019s debt is primarily denominated in dollars hence the country cannot easily ditch the greenback.<\/p>\n

Meanwhile, the South African-based money manager Vestact is also quoted in the report dismissing suggestions that the greenback will be toppled by alternatives like the Chinese yuan. According to the money manager, \u201cno other currency has the recognizability, stability and economic might behind it.\u201d<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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

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