Brazil’s President Lula Voices Support for BRICS Currency
Brazil’s president, Luiz Inacio Lula da Silva, has expressed support for the creation of a BRICS currency. His statement of support comes as the BRICS bloc is gaining global influence, with 19 countries seeking to join the group.
Brazilian President Lula Supports BRICS Currency Creation
Brazilian President Luiz Inacio Lula da Silva reiterated Wednesday that he supported creating a currency for trading between BRICS countries, Reuters reported. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. In a speech during a trip to Spain, he said without providing further details:
I am in favor of creating, within the BRICS, a trading currency between our countries, just like the Europeans created the euro.
Lula’s support for the creation of a BRICS currency followed his statement urging developing countries to stop using the U.S. dollar and adopt local currencies instead. The Brazilian president said on April 13 during his visit to the New Development Bank in Shanghai, which was established by BRICS countries: “Why can’t an institution like the BRICS bank have a currency to finance trade relations between Brazil and China, between Brazil and all the other BRICS countries? Who decided that the dollar was the (trade) currency after the end of gold parity?”
The BRICS nations have been pushing to gain global influence to counter Western countries’ “destructive actions” as they ramp up their de-dollarization efforts. Anil Sooklal, South Africa’s ambassador to the group, said this week that 13 countries have formally asked to join the BRIC bloc and six have informally asked, emphasizing: “We are getting applications to join every day.”
Other countries, such as Indonesia, have followed the BRICS’ lead to shift away from using the U.S. dollar in trade settlements in favor of local currencies. Lula’s chief adviser on foreign policy, Celso Amorim, recently said China and Brazil could play important roles in building a less centralized world with no hegemony.
Russian Foreign Minister Sergey Lavrov said earlier that the issue of creating a common BRICS currency is expected to be discussed at the leaders’ summit set for the end of August.
Tags in this story Brazil BRICS currency, Brazilian president, brics, BRICS common currency, BRICS currency, Luiz Inacio Lula da Silva, Lula BRICS currency
What do you think about the BRICS creating a currency? Let us know in the comments section below.
Russia Calls for Prevention of ‘Full-Scale World War III’ — Official Warns ‘World Tensions Are White-Hot’ ECONOMICS | 2 hours ago BRICS Currency Will Erode US Dollar’s Dominance, Former White House Economist Warns ECONOMICS | 4 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons
Russia Calls for Prevention of ‘Full-Scale World War III’ — Official Warns ‘World Tensions Are White-Hot’
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimerShow comments
More Popular News
In Case You Missed It
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real … read more.
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Ethereum Foundation’s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether