A new cryptocurrency to be created by Russia and its partners will be aimed at undermining the economies of the EU and the US

Alexander Babakov, deputy chairman of the State Duma of the terrorist state, said that the BRICS alliance (Brazil, Russia, India, China and South Africa) is working on creating its own digital currency. The official believes that virtual payments within the association can demonstrate viability and have a long-term perspective. Babakov also noted that a universal BRICS cryptocurrency would be particularly useful for China, as it would weaken the «hegemony of the West.»

«We should focus on introducing new currency ties based on a strategy that does not protect the US dollar or the euro, but rather forms a new currency that can benefit our common goals,» Babakov said. The official also suggested that the new cryptocurrency would be backed by gold and other commodities.

This week, former Goldman Sachs chief economist Jim O’Neill called on the BRICS bloc to expand and challenge the dollar’s dominance. In an article published in the Global Policy magazine, he stated that «the US dollar plays the role of a monopolist in global finance.»

The concept of cryptocurrency is not new to the BRICS. Back in 2019, members of the bloc discussed the creation of a new digital asset and a payment system that would be adapted for this purpose.

In turn, China has long been engaged in the introduction of its own state digital currency. Brazil is also keeping up with its partner and, after legalizing virtual assets, is introducing cryptocurrency into the country’s financial circulation.

It is known that the test launch of the occupying country’s state cryptocurrency is scheduled for April 1. At this stage, they will test the ability to conduct transactions between users, pay for products and services of some companies. The new option will be tested by 13 banks. Next in line is the ability to pay with the digital ruble in trade with China. As a reminder, the terrorist state is disconnected from SWIFT and cannot conduct international transactions under EU sanctions.