Reportedly, the BRICS nations are working on a new global currency that will replace the US dollar

Reportedly, the BRICS nations are working on a new global currency that will replace the US dollar

New research suggests that a group of fiscally similar countries is working on plans to launch a new currency that would lessen the world’s reliance on the US dollar and the euro.

According to the Russian official news agency Sputnik, the BRICS (a group of emerging economies) are looking into the feasibility of creating such a currency.

According to Alexander Babakov, the vice chairman of the State Duma, the new dollar alternative could be backed by gold, additional rare earth metals, or something else altogether.

“The first stage is to move toward settlements in national currencies.” The next step will be to facilitate the use of digital or some other completely novel type of currency.

I expect an announcement of this project’s readiness to be made at the upcoming BRICS Summit. Projects of this nature are currently in progress.

The announcement comes after Reuters claimed that China had completed its first LNG trade denominated in yuan rather than the dollar.

The BRICS group of nations includes Brazil, Russia, India, China, and South Africa.

According to reports, many more countries than just Saudi Arabia, Argentina, Iran, Indonesia, Turkey, and Egypt are interested in joining the coalition.

There will be a BRICS meeting on August 22nd in South Africa.