BRICS Economic Alliance Plans to Introduce Gold-Backed Currency to Rival US Dollar
According to a recent report by RT, the BRICS nations, a prominent economic alliance, are making preparations to launch a new currency aimed at challenging the supremacy of the US dollar.
In a move reminiscent of the historical gold standard, the proposed trading currency of BRICS will be backed by gold. This initiative aims to redefine the global financial landscape and diminish reliance on the US dollar.
The currency’s unveiling is scheduled to take place during the 15th BRICS Summit, slated for August in South Africa. The introduction of this gold-backed currency serves as a significant milestone for the alliance.
In anticipation of the forthcoming summit in Johannesburg, BRICS has made remarkable progress with its plans to introduce an alternative currency. The decision to adopt a gold-backed system stands in stark contrast to the credit-based foundation of the US dollar. This move has garnered interest from numerous countries, with an increasing number expressing their desire to join the BRICS bloc.
The news has gained considerable traction, with the Russian embassy in Kenya even posting a viral tweet highlighting the development. The message emphasized that BRICS countries are forging ahead with the introduction of a trading currency supported by gold. Furthermore, it mentioned the growing enthusiasm among nations seeking to join the alliance.
Leslie Maasdorp, the chief financial officer of the BRICS New Development Bank, recently revealed the alliance’s medium to long-term ambitions to create a new global currency and challenge the dominance of the US dollar. However, Maasdorp clarified that BRICS is not yet fully prepared to establish a currency that would directly compete against the US dollar.
Notably, reports suggest that around 20 nations are currently expressing interest in joining BRICS, which currently consists of Brazil, Russia, India, China, and South Africa. This influx of potential new members signifies the alliance’s growing influence and appeal in the international economic arena.
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