Russian President Vladimir Putin is in India for an official visit, holding talks with Prime Minister Narendra Modi. The two world leaders are discussing trade, policies, and signing agreements benefiting their regions. During a press conference, Putin was asked about an update on the formation of a BRICS currency.

BRICS Currency New Update: Here’s What Putin Said

Putin confirmed that the BRICS alliance is not in a hurry to launch a common currency. He provided an example of Europe, where every country was forced to integrate and trade in a common currency, causing social and financial imbalance. The 10-member bloc wants to avoid such a mistake and be ready when the time is right, he said.

The Russian President assured that BRICS is not in a hurry to launch a new common currency. “There is no rush, and by avoiding haste, you can avoid many grave mistakes,” he said. Citing the Eurozone’s example again, he stressed, “You can’t simply impose a shared system when the underlying structures aren’t aligned,” he added.

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Putin said that the alliance must approach the formation of the BRICS currency “very carefully.” He also added that the launch is not an immediate goal for the bloc. The 10-member group is taking the formation slowly as it requires more groundwork to bring the currency to reality.

Therefore, the BRICS currency might take time to see the light of day. The alliance is currently managing to survive the trade wars and tariffs imposed by the US. Keeping their economy afloat during the time of crisis needs their immediate attention.

Moreover, the unpleasant foreign policy of the White House has made emerging economies come together. This helps the BRICS bloc the most, as many countries will be willing to accept the new currency to break away from the dominance and the bullying nature of the US dollar.