The BRICS alliance, made up of Brazil, Russia, India, China, and South Africa, is reportedly working on creating its own currency, according to State Duma Deputy Chairman Alexander Babakov. Speaking at an event in India, Babakov stressed the importance of both nations working towards a new medium for payments, adding that digital payments could be the most promising and viable. He also said the currency could benefit China, other BRICS members, and not the West. Babakov postulated that the new currency would be secured by gold and other commodities such as rare-earth elements. The move comes as China and Brazil reached a deal to trade in their own currencies, distancing themselves from the US dollar as the intermediary. (Cointelegraph)