The creation of a BRICS currency will be one of the main topics up for discussion when the group of five emerging nations – Brazil, Russia, India, China and South Africa — meet in Johannesburg in August, South African officials said this week.

Russia has been spearheading the push for the creation of a joint currency, and Brazil has also thrown its support behind the idea. China, too, is in favor of challenging what its ministry of foreign affairs calls U.S. “dollar hegemony.”

South Africa’s Foreign Minister Naledi Pandor has said a move away from the dollar could empower other countries, but also noted the project is challenging: “It’s a matter we must discuss and discuss properly. I don’t think we should always assume the idea will work, because economics is very difficult, and you have to have regard to all countries.”

https://www.voanews.com/a/common-currency-on-agenda-for-south-african-brics-summit/7090756.html