It has been reported that the BRICS nations are in talks to introduce a new digital currency as part of an effort to decrease their reliance on the US dollar. The South African Ambassador to China, Siyabonga Cyprian Cwele, disclosed that discussions regarding this matter will take place during an upcoming meeting among BRICS members.

Transitioning to a Digital Currency for International Trade

The main focus of the discussions will involve exploring the potential benefits of utilizing a digital currency to streamline international trade processes and settlement operations, all while mitigating the risks associated with sanctions. Cwele emphasized the need to promote the use of local currencies within transparent financial systems for a more secure economic environment.