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Russia is seeking to challenge the dominance of the U.S. dollar as the world’s de facto currency by urging countries in the BRICS alliance to explore the creation of their own trade currency.
State Duma Deputy Chairman Alexander Babakov made the disclosure in India at the two-day St. Petersburg International Economic Forum. Speaking with attendees of the conference, Babakov stated that India and Russia should take the lead in forming a financial relationship to ultimately create a new common currency.
“Our goal should be focused on writing new rules in the financial sphere in order to enable the use of an already common currency,” said Babakov. “It doesn’t matter whether it’s a digital ruble, a digital rupee, a digital yuan, or some other currency. But this currency must follow the laws of our respective nations.”
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