BRICS is reportedly planning to launch a banknote (AP and Twitter)
Photo : AP
Several reports have come up claiming that BRICS countries are planning to launch a currency banknote, which is expected to put pressure on the US dollar. According to EurAsia Daily, at the Kazan summit, Russia President Vladimir Putin was presented with a symbolic ‘BRICS bill’. However, the head of the country’s Central Bank, Elvira Nabiullina, did not like the idea.
The report adds that Putin, after being presented with the ‘banknote’, showed it to other ministers. Photos of the Russian President unveiling the currency was posted by Global Eye News on X, platform formerly known as Twitter.
Reports say that the note could be called ‘the unit’. Earlier this month, The Jerusalem Post reported that the BRICS banknote will be ‘40% backed by gold and 60% backed by reserves in member currencies’. Officials have not reacted to the rumors yet.
Several social media users posted photos of Putin with the banknote. “The unveiling of the BRICS currency is a pivotal move toward a more multipolar financial system, aiming to diminish the dollar’s influence and promote greater economic sovereignty among member countries,” one prson tweeted.
According to Russian state-owned news agency Sputnik, the note ‘represents the collective work being carried out within the BRICS framework’. The outlet adds that the flags of the BRICS founding countries – Russia, China, India, Brazil, and South Africa – can be seen on the front of the note.
“A debate the on creating a common BRICS currency was held behind closed doors at the summit today,” the agency tweeted.
