There has been plenty of talk about a potential BRICS bloc currency for much of the year, but one statement raised the possibility that the currency could be preparing to launch at the 2024 summit. Indeed, the bloc made headlines at the previous summit , announcing its expansion into six countries. Could a similar groundbreaking announcement be made during next year’s festivities?
Russian economist Sergei Glazyev recently discussed the inevitability of the BRICS currency. Additionally, he discussed the political challenges of his eventual arrival. He went on to say that all but two nations support it as they discuss Russia’s chairmanship at next year’s summit, with a potential currency agreement possible sooner.
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Will the BRICS currency appear in 2024?
For much of the past year, the BRICS economic alliance has been discussing a potential alternative currency. Indeed, talk of both expansion and alternative currency has dominated the news cycle. Now, when one of them comes to an end, the other could appear next year.
Russian economist Sergei Glazyev recently discussed the biggest challenges facing the asset’s implementation. In particular, he stated that the BRICS currency could be prepared for launch at the upcoming 2024 summit.
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“We only need political will, because technically this currency is almost ready,” Glazyev said. “To introduce this currency, we need the political consent of the BRICS countries, three of which have already expressed their support for the idea of \u200b\u200bthe introduction of a new currency through their heads of state.”
Additionally, Glazyev said that the bloc is waiting for the reactions of China and India regarding the introduction of the currency. Moreover, he said: “Russia, as the presiding country next year, could convene an international conference to sign an agreement on the introduction of such a new currency for international settlements.”
The implementation of BRICS Pay certainly represents a new step in connection with the emergence of the BRICS currency. The financial system provides a clear path to an integrated and alliance-wide alternative currency. Conversely, next year could bring huge changes in the area of eventual emergence of this currency.
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