{"id":263043,"date":"2024-05-27T12:00:14","date_gmt":"2024-05-27T11:00:14","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=263043"},"modified":"2024-05-25T10:20:39","modified_gmt":"2024-05-25T09:20:39","slug":"and-now-brics-eyes-creation-of-a-central-bank-for-currency-issue","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2024\/05\/and-now-brics-eyes-creation-of-a-central-bank-for-currency-issue\/","title":{"rendered":"And Now, BRICS Eyes Creation of a Central Bank for Currency Issue"},"content":{"rendered":"

\"\"<\/a><\/p>\n

24 May 2024 –<\/em> China, with backing from Russia and South Africa, is planning an onslaught on the mighty dollar by introducing a new currency to be issued by a proposed BRICS central bank that would combine the strengths of the respective currencies of the five countries in the economic forum.<\/p>\n

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The development follows an earlier proposal by Russia and China for setting up of an independent BRICS payment system using digital and blockchain technologies, as part of a move to end the dominance of US dollar in global payment system.<\/p>\n

Besides Russia, China and South Africa, the BRICS bloc of countries include Brazil and India.<\/p>\n

Reports citing sources at the BRICS-sponsored New Development Bank (NDB) said the forum is now looking at the prospects of creating a central bank for BRICS that would eventually be issuing a common currency for member countries of the forum.<\/p>\n

Chinese state-backed newspaper Global Times in a report on Saturday quoted South African Ambassador to China Siyabonga Cyprian Cwele as saying that member countries of BRICS will be meeting this month to discuss the proposal in detail.<\/p>\n

The report also said the agenda of the meeting is a discussion on the effectiveness and reliability of a digital currency in facilitating global trade and settlement and minimising the risk of sanctions.<\/p>\n

While Russia\u2019s deputy foreign minister Sergei Ryabkov recently noted that the creation of a central bank is key to issuing a common BRCIS currency, Russia has not officially made its stance clear.<\/p>\n

Ryabkov was replying to a question posed by news agency RIA Novosti about the status of the proposal for a BRICS common currency.<\/p>\n

The BRICS forum has been discussing the common currency proposal as part of its de-dollarisation efforts for quite some time, there is a lack of consensus among member nations over such a common currency.<\/p>\n

Neither India, nor Brazil has so far made any comments on the BRICS plan for a digital currency or the proposal for a central bank.<\/p>\n

__________________________________________________<\/p>\n<\/div>\n

Source: www.domain-b.com<\/a><\/em><\/div>\n
<\/div>\n
Go to Original – infobrics.org<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

24 May 2024 – China, with backing from Russia and South Africa, is introducing a new currency to be issued by a proposed BRICS Central Bank that would combine the strengths of the respective currencies of the five BRICS countries in the economic forum.<\/p>\n","protected":false},"author":4,"featured_media":115386,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[180],"tags":[239,3311,244,354,562,3041,278,1218,339],"class_list":["post-263043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brics","tag-brics","tag-brics-central-bank","tag-china","tag-economics","tag-finance","tag-new-development-bank","tag-russia","tag-south-africa","tag-trade"],"_links":{"self":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/263043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/comments?post=263043"}],"version-history":[{"count":1,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/263043\/revisions"}],"predecessor-version":[{"id":263047,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/263043\/revisions\/263047"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/media\/115386"}],"wp:attachment":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/media?parent=263043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/categories?post=263043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/tags?post=263043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}