BRICS Set to Unveil Gold-Backed Trade Currency at Upcoming Summit
According to a report from state-run RT news, Russia has suggested that BRICS is considering the creation of a gold-backed trade currency.
This news follows the confirmation from the BRICS New Development Bank that there are currently no immediate plans to introduce an alternative currency for the bloc.
However, it is expected that an official announcement regarding a gold-backed trade currency will be made during the upcoming BRICS summit. This development comes just a month before the summit, where discussions on currency plans and expansion are anticipated to be the focal point.
The evolution of BRICS has been an intriguing narrative this year, and the upcoming Johannesburg summit holds immense importance for the bloc. While expansionary efforts will be a significant focus, it remains uncertain whether discussions on an alternative currency will occur.
The New Development Bank of BRICS has expressed that establishing a US dollar alternative for the collective is a long-term objective. Nevertheless, reports indicate that Russia has confirmed the creation of a gold-backed trade currency for BRICS. The official announcement of this currency is expected to be made during the August summit.
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The bloc has long considered the possibility of a BRICS currency as an alternative to the US dollar. However, recent statements have clarified that no immediate plans exist for such a currency. It now seems that there are plans for a trade currency with a potential link to gold.
This move would further the de-dollarization efforts that BRICS has embraced throughout the year. The impact of this development on the bloc’s focus on developing national currencies remains uncertain. BRICS has been actively increasing its reserves of the Chinese yuan, so the role of gold in its participating nations will be of interest, especially in light of anticipated expansion following the summit.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
