The BRICS alliance is looking at the creation of an innovative currency, with plans to share proposals on its establishment at the forthcoming summit in South Africa, according to Alexander Babakov, deputy chairman of Russia's parliament, the State Duma.
According to Babakov, speaking at the St. Petersburg International Economic Forum event in New Delhi, India, on Thursday, the plan is to transition to using domestic currencies in transactions and then introduce and circulate a digital or alternative form of a groundbreaking currency in the near future.
Babakov anticipates that the BRICS leaders summit will reveal a readiness to implement this initiative, with work on the project ongoing, according to news agency Sputnik.
Babakov did not dismiss the possibility of a unified currency that could be used among the BRICS nations.
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The proposed currency would be backed not only by gold but also by other assets, including rare-earth elements or even land.
The BRICS association comprises the world's most prominent emerging economies, including Brazil, Russia, India, China, and South Africa.
Several nations, such as Argentina, Iran, Indonesia, Turkey, Saudi Arabia, and Egypt, have expressed their intention to become part of this economic bloc.