Talks of a new BRICS currency are gaining significant traction amongst the bloc. BRICS recently confirmed the development of the currency, more updates are expected to come at the upcoming 2024 summit. BRICS has continued to embrace its competition with the West as it seeks increased de-dollarization policies. Now that the bloc is formulating the US dollar’s greatest challenger yet: will it come this October?
Both Russia and Iran confirmed collaboration on a BRICS currency project in May 2024. Rumors about the development of the new currency began before the 2023 Annual Summit. The arrival of the currency would certainly bring monumental changes to global finance. Furthermore, the US is fully aware of the alliance’s recent developments and has sent out warnings about the future of its native dollar currency. The US Dollar has been the leading global reserve currency for decades. However, the launch of BRICS Currency could over time become a worthy adversary, with plenty of support behind it.
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Will BRICS Launch Its Currency At the October 2024 Summit
While rumors are flying about the perspective launch date of the BRICS Currency, there is speculation that it will launch as soon as October. While updates are expected to be revealed at the October summit, there has already been some confirmation that the currency may take a lot longer to develop. According to a BRICS representative from India, the bloc is working to have the BRICS Currency ready in the next 3-4 years, by 2027.
The director of the BRICS Institute in New Delhi, Binod Singh Ajatshatru, revealed this development last week. According to him, an October 2024 launch date is a bit too optimistic, as the US Dollar is still the superior currency worldwide. “The dollar is still dominant,” he said. “To get rid of [the] dollar, we have to show some strong economic growth. If Russia, India, and China keep growing fast, maybe by 2027 we [will] have a common currency.”
Additionally, the creation of the BRICS Pay system has only facilitated greater intrigue in the bloc’s currency release date. While 2027 is a rough estimate by the Indian representative, many expect more information regarding the currency to come at the bloc’s upcoming summit this Fall.
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Another topic slated for discussion at the October summit is the potential for further expansion of the bloc. Dozens of new countries are interested in joining BRICS and may receive invites to the summit this fall. In addition, with the bloc in its final stages of de-dollarization, updates on BRICS currency would put another stamp on the alliance’s growth.
