BRICS Digital Currency ‘Could Launch in 5-10 Years,’ Experts Claim

cryptonews.com:

Experts in Brazil think BRICS leaders will agree to launch a digital fiat for the bloc at a summit next week.

The experts said the coin could debut in the next five to 10 years.

Per CNN Brasil and Tass, Evandro Caciano, the head of foreign exchange at Trace Finance, claimed that the nations “should leave the meeting with working groups established on the matter.”

Caciano said:

“The conversation should move toward smaller and more technical groups that should tackle the subject. We need countries to be on the same page.”

Milena Araújo, an analyst at the investment service provider Nexgen, was also upbeat about a BRICS-issued digital fiat.

She said that she expected that the event, which takes place in Johannesburg, South Africa, from August 22 to 24, to “initiate discussions” about a shared digital coin.

Araújo said she expected officials to “start with a concrete feasibility plan for the proposal.”

Caciano opined:

“A single digital currency for the bloc is possible if the BRICS bank issued it and became its regulator.”

He added that the process of issuance could be “implemented in stages” and might “take five to 10 years” to complete.

The Trace Finance executive added that the current global economic climate “favors the creation” of BRICS coin, particularly with the United States now “experiencing the worst economic crisis in its history.”

Brazilian President Luiz Inacio Lula da Silva has this year stated that he supports the notion of creating a common currency that would facilitate trade between BRICS countries.

Lula said in April that the coin could replace the US dollar in trade deals between the nations.

BRICS nations have been discussing the launch of a digital token since 2019, and have revised plans as the nations have stepped