Aside from speculation there hasn’t been official confirmation by any BRICS nations that they will either issue a new currency backed by gold or peg their currencies to gold anytime soon. Although it’s likely discussions are going on among BRICS nations to create a new currency, no agreement has been reached and policy makers are denying the new currency is soon to be launched. Current talk about a new currency—suggesting a gold standard will be implemented in August at the next BRICS summit—should be treated with skepticism. Image: Free SVG Attention for alliances such as the BRICS (Brazil, Russia, India, China, and South Africa) has increased since February 2022, when Russia invaded Ukraine, the West seized Russia’s dollar assets, and global tensions reached a crescendo. The BRICS, among other countries, have an interest in de-dollarization and have become more vocal about it , though easier said than done. No […]
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