The idea of a “BRICS currency” has been circulating in the media, sparking speculation about its potential impact on the global financial landscape. However, Kremlin spokesman Dmitry Peskov has clarified that this proposed currency would not be a direct competitor to the US dollar, but rather a means of facilitating mutual investment within the BRICS group.

For those unfamiliar, BRICS stands for Brazil, Russia, India, China, and South Africa – five emerging economies that have been gaining significant influence in the world economy. These countries have been discussing the possibility of creating a joint currency for years, with the goal of reducing their dependence on the US dollar and promoting trade and investment among themselves.

But Peskov’s statement makes it clear that this currency would not be a threat to the US dollar’s status as the world’s reserve currency. Instead, it would serve as a tool for the BRICS countries to strengthen their economic ties and promote mutual investment. This could potentially lead to increased trade and economic growth within the group, as well as provide a hedge against the volatility of the US dollar.

Some experts have also pointed out that a BRICS currency could potentially challenge the dominance of the US dollar in international trade and finance. However, Peskov’s comments suggest that this is not the primary goal of the proposed currency. Rather, it is seen as a means of promoting cooperation and economic development within the BRICS group.

It is worth noting that the idea of a BRICS currency is still in its early stages and there are many challenges and obstacles that would need to be overcome before it becomes a reality. But with the growing economic power and influence of these five countries, it is certainly a development worth keeping an eye on. Only time will tell if a “BRICS currency” will become a reality and how it will impact the global financial landscape.