In an unprecedented move that threatens to redefine the dynamics of international trade and economic stability, the BRICS nations reportedly plan to launch a new trading currency, backed by gold, at their upcoming summit in August in Johannesburg, South Africa, according to Russia’s Foreign Ministry.
The decision, reported by RT News, marks a bold move away from the US dollar, the world’s current global reserve currency.
The BRICS group, an association of five major emerging national economies comprising Brazil, Russia, India, China, and South Africa, has captured the world’s attention with this plan. Over forty-one countries have expressed interest in joining the BRICS initiative and adopting the new currency, highlighting the growing discontent with the US dollar’s global dominance, thanks to Joe Biden.
According to Russia’s Foreign Ministry, if African nations also show enthusiasm for this gold-backed currency, BRICS membership expansion could be a key discussion point at the upcoming Russia-Africa summit this year.
Russia’s embassy in Kenya posted the following statement on Twitter:
“The BRICS countries are planning to introduce a new trading currency, which will be backed by gold. More and more counties recently express desire to join BRICS,” the embassy wrote.
The BRICS countries are planning to introduce a new trading currency, which will be backed by gold.
More and more counties recently express desire to join BRICS.https://t.co/lMKTd4FlnT
— Russian Embassy in Kenya/Посольство России в Кении (@russembkenya) July 3, 2023
This move towards de-dollarization symbolizes a potential end to the US dollar’s reign as the global reserve currency. The impacts of this shift will undoubtedly unfold in the coming months, hinting at the end of an era of US dominance and the beginning of a new era of economic stability and prosperity for BRICS nations.
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