In an unprecedented transfer that threatens to redefine the dynamics of worldwide commerce and financial stability, the BRICS nations reportedly plan to launch a brand new buying and selling foreign money, backed by gold, at their upcoming summit in August in Johannesburg, South Africa, in accordance with Russia’s International Ministry.
The choice, reported by RT Information, marks a daring transfer away from the US dollar, the world’s present world reserve foreign money.
The BRICS group, an affiliation of 5 main rising nationwide economies comprising Brazil, Russia, India, China, and South Africa, has captured the world’s consideration with this plan. Over forty-one international locations have expressed curiosity in becoming a member of the BRICS initiative and adopting the brand new foreign money, highlighting the rising discontent with the US greenback’s world dominance, because of Joe Biden.
In line with Russia’s International Ministry, if African nations additionally present enthusiasm for this gold-backed foreign money, BRICS membership growth might be a key dialogue level on the upcoming Russia-Africa summit this yr.
Russia’s embassy in Kenya posted the next assertion on Twitter:
“The BRICS international locations are planning to introduce a brand new buying and selling foreign money, which can be backed by gold. Increasingly more counties lately specific need to affix BRICS,” the embassy wrote.
The BRICS international locations are planning to introduce a brand new buying and selling foreign money, which can be backed by gold.
Increasingly more counties lately specific need to affix BRICS.https://t.co/lMKTd4FlnT
— Russian Embassy in Kenya/Посольство России в Кении (@russembkenya) July 3, 2023
This transfer in the direction of de-dollarization symbolizes a possible finish to the US greenback’s reign as the worldwide reserve foreign money. The impacts of this shift will undoubtedly unfold within the coming months, hinting on the finish of an period of US dominance and the start of a brand new period of financial stability and prosperity for BRICS nations.