The idea of having a regulated cryptocurrency has been mooted several times by political leaders across the globe. In fact, many countries have already started working on it.. For instanceRecently, the Brazilian President, Lula da Silva, recently added a new dialog to this context. He said that BRICS, a group of five nations (Brazil, Russia, India, China, and South Africa), should have its common currency.
He said this after attending the G7 meeting in Hiroshima. And at the time when many nations are looking for an alternative to thee of US dollar for international transactions, this statement is quite notable. The Brazilian President went on to enumerate the benefits of a common currency, which will free us from the dependence onof the US dollar.
While shedding light on the developments on this front, he said that Brazil is strengthening its economic ties with China to make this vision to materialize this vision. However, this stance isgoes in contrast with that of many G7 nations that are cautious about their relationships with China.
Notably, this wasn’t the first time when President Lula expressed interest in BRICS currency. About a month ago, he spokeexpressed aired about the same idea. In his statement given atin the meeting, he questioned about the supremacy of the dollar. He emphasized on having a common crypto asset to deal with finance and trade relations among the BRICS nations and between Brazil and China.
On the other hand, South African Foreign Minister Naledi Pandor said that it’s a matter that must be discussed at length.
