Brazil, Russia, India, China, and South Africa (BRICS) are reportedly working towards developing a unified digital currency. 

According to the Indian outlet The Cradle, Russian diplomat Alexander Babokov said the plan will be discussed at the upcoming BRICS summit in August.

Babokov, the Deputy Chairman of Russian State Duma, said the countries want a currency less reliant on the US dollar. 

“The transition to settlements in national currencies is the first step. The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest future,” Babokov said.

“I think that at the BRICS [leaders’ summit], the readiness to realize this project will be announced, such works are underway,” he added.

Babokov further said the new currency could be a single currency among the BRICS nations and that it would be tied to gold and other “rare earth elements.” 

The Cradle reports that the BRICS is positioned as an alternative to G7 countries — and that several other nations have expressed interest in joining the group.

“Earlier this month, South African Foreign Minister Naledi Pandor revealed that global interest in BRICS is ‘huge,’ adding that she had 12 letters from interested countries on her desk, including the UAE, Egypt, Argentina, Mexico, and Nigeria,” the outlet reports.

In fact, Iran applied to join BRICS last year.

Last week, Russian leader Vladimir Putin and Chinese leader Xi Jinping met in person where Xi was overheard telling Putin that big changes were coming. 

“Change is coming that hasn’t happened in 100 years,” Xi’s translator can be heard saying to Putin.

“And we are driving this change together.” 

“I agree,” Putin said.

Last year, British Prime Minister Rishi Sunak pushed G7 countries to adopt Central Bank Digital Currencies (CBDCs).