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BRICS is looking to create a common currency using GOLD that could challenge the US dollar in the international trade sector. The speculation comes after BRICS countries China, India, and Russia splurged on accumulating GOLD this year. The top buyers of GOLD in 2023 will be the Central Banks of the BRICS countries, according to the World Gold Council. BRICS aims to make their yet-to-be-released currency take on the US dollar and topple it from its global reserve status. This puts the American economy under pressure, as the US will have little means to fund its deficit. Also Read: BRICS: Elon Musk Reveals Why Other Countries Are Ditching US Dollar BRICS Common Currency Could Be Linked To Gold Source: Dailyfx.com Economist Jim Rickards revealed in a recent video conference that the upcoming currency could be linked to GOLD . He stressed that BRICS might not be backed by GOLD but could be “ GOLD -linked” when it’s launched in the global markets. ...

BRICS Currency: A Potential Threat to the Dollar? Get ready for a currency revolution as the BRICS countries consider introducing a unified currency backed by something that’s never been done before! Speculation runs wild about whether it could be gold, rare-earth elements, or even something more unexpected. Whatever it may be, the backing of this potential currency will be crucial to its stability and acceptance in the global economy. In this article, we’ll explore the BRICS currency, what it will be backed by, and the benefits and challenges yet to come. Source: The North Africa Post What is the BRICS currency? The BRICS currency is a hypothetical common currency the BRICS alliance could adopt. The idea behind the BRICS currency is to create a unified and stable currency to foster economic growth and development. A new currency would reduce dependency on the US dollar and other major currencies. Currently, the BRICS countries use their own national currenci...

The BRICS alliance plans to launch a new currency backed by gold, reported RT News a month ahead of the summit. Russia has reportedly briefed the bloc on the importance of pegging the soon-to-be-released currency to gold. The move could make it easier to take on the U.S. dollar and challenge its global reserve status. The next BRICS summit will be held in South Africa in August and the formation of a new currency will be laid out. Also Read: BRICS : India Saves $7 Billion by Ditching U.S. Dollar For Oil Trade BRICS to Back The New Currency With Gold Source: DailyFX.com The yet-to-be-launched BRICS currency could be backed by gold and the bloc of five nations are stockpiling the precious metal. In the last 18 months, the BRICS nations have increased their gold buying expenditure to end reliance on the U.S. dollar. Also Read: 6 New Countries To Join BRICS Alliance in August Summit The World Gold Council published a report saying that China purchased 102 tonnes of gold. ...