The BRICS alliance is planning a new currency that will be backed by gold and other commodities such as rare earth elements and fertile soil in an attempt to further dislodge the global hegemony of the dollar as the world’s reserve currency.
Various news reports say that Alexander Babakov made comments at the St. Petersburg International Economic Forum event in New Delhi, India, saying “The transition to settlements in national currencies is the first step”, according to local reports.
“The next is to facilitate the circulation of digital currency or any other fundamentally new form of currency in the near future.”
The next BRICS Summit is scheduled to meet in South Africa in August.
The announcement comes as new research shows that the five leading emerging economies combined account for roughly 31.5% of the global GDP.
In comparison, the combined GPD of the G7 countries has fallen to roughly 30% which is more evidence that shows the weakening dollar.
Babakov is the State Duma Deputy Chairman and was indicted in 2022 by Federal Prosecutors in the United States for attempting to influence Washington politicians and was one of the prominent Russia politicians linked to the Panama Papers showing ownership of a BVI holding company that owns luxury houses and apartments in Paris and London.
