The EEC proposed to develop settlements in digital national currencies
The development of international settlements in digital national currencies is a very promising direction. This was stated by Sergey Glazyev, Minister for Integration and Macroeconomics of the Eurasian Economic Commission (EEC), at the session “Greater Eurasia: Drivers of Formation of an Alternative International Monetary and Financial System” of the Eastern Economic Forum (EEF).
The session discussed the global monetary and financial system. According to the economist, the current system is unfair and vulnerable.
Glazyev noted that the world is already abandoning the dollar and the euro as world currencies. Earlier, the EAC proposed the introduction of a new world settlement currency that would be linked to the national currencies of member countries and a basket of exchange-traded commodities.
“The model that we have developed with our colleagues leads to high sustainability precisely because one of its foundations is a basket of exchange-traded goods that we produce and consume,” he explained.
Glazyev emphasised that further development of settlements in national currencies in digital form is a very promising direction in the future.
According to him, almost all leading countries have now started creating digital analogues of their currencies.
“If the leading countries of the world or at least the BRICS countries agree that they allocate certain quotas of their national currencies in digital form, then on the digital exchanges a few hundred brokers will bring these currencies to an equilibrium ratio and we could use them. I think this will happen,” the EEC Minister said.
Recall, EEF-2023 is held in Vladivostok from 10 to 13 September. Participants discuss the creation of a new economic model of the world, modernisation of the energy sector, urban renovation and economic development under sanctions.
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