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BRICS CAN INTRODUCE A SINGLE CURRENCY BACKED BY REAL RESOURCES!
Deputy Chairman of the State Duma said that the BRICS single currency could be backed by real resources
According to Alexander Babakov, these can be, for example, rare earth metals and land
The BRICS countries can create a new currency that will be backed not by gold but by real resources, including land and rare earth metals. This was announced to journalists on Thursday by Deputy Chairman of the State Duma Alexander Babakov on the sidelines of the Russian-Indian Business Forum in New Delhi.
"Most likely, this will be done," Babakov said, answering the question whether the BRICS countries can start printing a single currency.
"Neither the euro nor the dollar is backed by anything, and our countries can do what was destroyed by the Bretton Woods system," the Deputy Chairman of the State Duma pointed out.
The backing of the new currency, he said, could be more than just gold. "Economists are discussing the list of goods in demand on the market, and rightly so." And this is not only gold. "There are resources," Babakov explained. According to him, it can be, for example, rare earth metals or land.
In June 2022, Russian President Vladimir Putin said that the BRICS countries are working on the issue of creating an international reserve currency based on national currencies. The Brazilian President, Luiz Inacio Lula da Silva, also spoke out in support of this idea.
https://tass.ru/ekonomika/17410843/amp
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