An economic alliance of nations known as BRICS is reportedly preparing to introduce a new currency that’s designed to dethrone the US dollar.
According to RT, the new trading currency of BRICS will be backed by gold, a standard that used to define the US dollar over 100 years ago.
The currency is set to be unveiled in August during the 15th BRICS Summit in South Africa.
“BRICS is set to introduce a new currency backed by gold, in contrast to the credit-backed US dollar, with the decision coming a month ahead of the bloc’s summit in Johannesburg. With the growing initiative, more and more countries are lining up to join the group.”Â
Russia’s embassy in Kenya has sent out a viral tweet touting the development.
“The BRICS countries are planning to introduce a new trading currency, which will be backed by gold. More and more counties recently express a desire to join BRICS.”Â
Earlier this month, the chief financial officer of the BRICS New Development Bank, Leslie Maasdorp, reportedly said that the economic coalition has “medium to long-term” ambitions to create a new global currency and challenge the supremacy of the US dollar.
At the time, however, Maasdorp said that BRICS was not yet prepared to establish a currency that would compete against the US dollar.
Last month, a senior Russian official reportedly said that about 20 nations are lining up to join BRICS, which is currently made up of Brazil, Russia, India, China and South Africa.
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