The BRICS group had before stated that it was seeking to create a shared payment network in order to reduce dependency on the Western banking system. Now, Putin has declared they are planning a new global reserve currency for the BRICS.
The BRICS nations—Brazil, Russia, India, China, and South Africa—are presently trying to establish a new global reserve currency, according to President Vladimir Putin on Wednesday.
At the BRICS business forum, he remarked, “The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out.”
The member states are also creating trustworthy substitute channels for cross-border payments, according to the Russian president.
The group had before stated that it was seeking to create a shared payment network in order to reduce dependency on the Western banking system. Additionally, the BRICS nations have increased the use of domestic currencies in cross-border trade.