UpdatesJul 11, 2023

The BRICS is taking action to replace the USD with a new trading currency backed by gold

A group of developing countries have plans to create a new global currency.

The BRICS, which includes countries such as Brazil, Russia, India, China, and since 2011 also South Africa, have plans to attack the supremacy of the US dollar in the near future. They want to do this by launching a new trading currency, which is to be based on the most popular mineral resources.

The BRICS wants to attack the USD through a new currency

According to the latest media reports, a popular group of developing countries has a clear plan to challenge the dominance of the US dollar. The BRICS anticipates that the plan will come into force soon. Currently, this group is conducting intensive preparations for the implementation of a new trading currency, the foundations of which are to be linked to gold.

At this point, it should be borne in mind that the king among precious metals defined the US dollar more than 100 years ago. According to information disclosed by investigative journalists, the new currency is to be presented in August this year as part of the 15th BRICS summit to be held in South Africa.

“The BRICS bloc countries are planning to introduce a new trading currency that will most likely be backed by gold. More and more counties have recently expressed a strong desire to join the BRICS group,” the Russian Embassy in Kenya recently announced.

Unlike the US dollar, which is currently secured by credit, the new currency developed by the BRICS is expected to become a much more solid alternative through its strong foundations.

BRICS in the process of preparing a new currency

It is worth adding that in early July this year, Leslie Maasdorp, who currently serves as CFO of the New BRICS Development Bank, informed the public that the BRICS economic coalition has "medium and long-term" ambitions aimed at creating a new global currency.

In addition, however, the same official added that the BRICS at this stage is not yet ready to establish a new currency that would realistically compete with the US dollar.

In June of this year, a high-ranking Russian official shared information that allegedly around 20 countries were lining up to join the BRICS.