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Reports are rife that the BRICS alliance is working on creating a new currency to settle global trade that could be backed by gold. BRICS members China, Russia, and India are accumulating gold on a large scale in FY 22–23 and FY 23–24. China purchased 21 tonnes of gold to its reserves in June 2023. Moreover, the Central Banks of the BRICS countries are the top buyers of gold this year, indicating that the alliance could be using the precious metal as backing for a new currency. Also Read: BRICS : 85% of The World’s Population Ready Ditch U.S. Dollar Andy Schectman, President of Miles Franklin, told Kitco News that there are chances of the BRICS launching a new currency backed by GOLD . Even if GOLD is not used as backing, the alliance could work towards the formation of a new currency. “I do believe that BRICS will issue a common settlement currency, and it will be backed by something,” he said. Schectman stressed that a BRICS currency is inevitable and could be...

Belarus is looking to join the BRICS alliance to sideline the U.S. dollar for international transactions. The Eastern European wants to accept the BRICS currency for cross-border trade ending reliance on the dollar. This gives Belarus wider options to strengthen ties with developing nations and be a part of the new economic boom. Belarus President Alexander Lukashenko has also suggested plans to create a new economic union with zero restrictions. Also Read: What Happens if Saudi Arabia Accepts BRICS Currency? Lukashenko suggested that barrier-less trade among BRICS countries similar to how the European Union operates could bring in a revolution in global transactions. “The creation of a comprehensive economic union remains our priority,” he emphasized. “There should be no barriers and no restrictions at all. This is a basic principle for building our union, and we must reach this target as soon as possible.” Belarus: The Tale of Sanctions & BRICS Currency to th...

BRICS countries are looking to launch a new currency to replace the U.S. dollar for global trade. The development will introduce a new tender in the international markets and compete with other existing currencies. The foreign exchange markets come with volatility and the BRICS currency stabilizing in the robust industry might take time. Therefore, the potential exchange rate is thrown in the wind with uncertainties of its value gaining or losing power. Also Read: BRICS: 10 Asian Countries Agree to Ditch The U.S. Dollar Why BRICS Currency Will Not Replace U.S. Dollar Source: smestreet.in New countries accepting the BRICS currency for import and export comes with a risk as the tender’s value offers no stability. Introducing a new currency in the markets could disrupt the existing financial conditions dominated by the dollar . The BRICS currency will take on global leaders like the Euro, Pound, and Yen. Competing with existing yet strong currencies is a challenge as BRICS nations...

BRICS is receiving formal applications from several countries around the world showing interest in joining the alliance. A handful of nations from the Middle East are looking to enter BRICS and trade in the new and yet-to-be-decided currency. The shift comes after the bloc of five nations collectively decided to trade in their native currency and sideline the U.S. dollar. Countries in the Middle East are ready to drop the dollar from international trade settlements and push the new tender globally. Also Read: Egypt Looking To Join BRICS & Accept the New Global Currency The Middle Eastern nations that are ready to join the BRICS alliance are Saudi Arabia, the United Arab Emirates, Bahrain, Egypt, and Algeria. Iran is also trying to enter the bloc as the nation is plagued with sanctions pressed by the U.S. The countries are rich in oil and send millions of barrels to the U.S. and across the globe every day. If the Middle Eastern nations join BRICS , they could dismi...