As economic powerhouses increasingly distance themselves from the US dollar hegemony, a new world order may be on the horizon. Recent reports suggest that the BRICS alliance is formulating plans to create their own currency. The BRICS acronym represents the five emerging economies of Brazil, Russia, India, China, and South Africa. Speaking at the St. Petersburg International Economic Forum in New Delhi, India, State Duma Deputy Chairman Alexander Babakov emphasized the significance of digital payments as a promising and practical medium for payments, one that could have a positive impact on China and other BRICS nations.
The currency could serve their shared interests and not those of the West. Babakov also suggested potentially backing the currency with gold and other commodities like rare-earth elements. The new currency would rely on new monetary concepts not aimed at supporting the US dollar or euro.