OREANDA-NEWS  The emergence of a single BRICS currency is possible, but only in the long term: its creation and successful functioning as an alternative to the dollar requires greater financial and trade integration from the participants of the association than now, experts interviewed by RIA Novosti believe.

Discussions on the emergence of a single payment instrument for BRICS members have been going on for several years. For example, there were suggestions that such a currency could be backed not only by gold, but also by other groups of goods, in particular, rare earth metals and land. The complexity of its creation draws the attention of not only the expert community, but also the authorities: thus, according to Deputy Foreign Minister Alexander Pankin, the main difficulty lies in the specifics of national legislation.

"In the long term, the creation of a single BRICS currency is possible and economically feasible. But in the current conditions, with China's economic hegemony and internal problems within the group, with a small turnover and different levels of involvement in world trade, such an instrument is unlikely to interest all participants. But the creation of such a currency also implies compliance with a certain fiscal and payment discipline," emphasizes Andrey Stolyarov, Associate Professor at the Higher School of Economics.