This could help challenge the dollar and the current fiat system, Chris Hart has told RT
The New Development Bank is helping to multilateralize the world of finances, Chris Hart, executive chair of the Impact Investment Group, told RT.
According to Hart, a future BRICS common currency would potentially take global finances away from a specific power group based in Western countries.
He explained that the Shanghai-based lender involves a number of very powerful economies, including Russia, Brazil, India and China, which are currently becoming the biggest economies on Earth, overtaking the G7 group.
“There’s a certain economic muscle behind it,” Hart told RT on the sidelines of the BRICS summit in Johannesburg.
The economist highlighted that economically successful states such as Saudi Arabia are also interested in joining the BRICS bank, potentially making the organization more powerful and significant in the global financial system.
“The bank becomes a major institutional squad of economically powerful backers,” he said, adding that the lender provides a wide range of opportunities for reducing the costs and complications of cross-border trade.