BRICS Plans Gold-Backed Currency to Challenge US Dollar

BRICS Plans Gold-Backed Currency to Challenge US Dollar

BRICS, the economic alliance of Brazil, Russia, India, China, and South Africa, aims to launch a new currency backed by gold as a countermeasure to the US dollar. This potential common currency could herald a new financial era for the alliance, forming a cornerstone for further developments. The upcoming summit in 2024 is expected to clarify policies designed to challenge the dominance of the US dollar.

Reports indicate that BRICS is considering backing their new currency with gold rather than the US dollar or other local currencies. This strategy aims to return to the gold standard, promoting a multipolar world for all trade and transactions. The World Gold Council has noted that BRICS has been the largest buyer of gold since 2022, accumulating significant reserves of the precious metal.

Economist Thorsten Polleit commented on the impact of a new BRICS currency backed by gold, saying,

“A new international transaction unit, backed by gold, sounds like good money – and it could be, first and foremost, a major challenge to the US dollar’s hegemony.”

A gold-backed BRICS currency could significantly alter the financial landscape, potentially undermining the US dollar’s global dominance. Developing countries might start moving away from the US dollar, opting for the new currency for cross-border transactions.

This development could strengthen BRICS and other emerging economies, further marginalizing the US dollar.

Regarding the specifics of the BRICS gold-backed currency, the upcoming summit in October is anticipated to provide detailed information. Additionally, the 16th summit in the Kazan region of Russia is expected to be pivotal in answering key questions about this significant financial shift.

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Written by Siphiwe Dlamini

Name: Siphiwe Dlamini
Location: Johannesburg, South Africa
Occupation: Journalist and Political Analyst

Siphiwe Dlamini is a dynamic and passionate journalist and political analyst based in Johannesburg, South Africa. With a unique blend of academic expertise and practical experience, Siphiwe has established himself as a trusted voice in the field of journalism, particularly in political reporting and analysis.

Siphiwe holds a Bachelor's degree in Journalism, where he honed his skills in investigative reporting, news writing, and multimedia storytelling. Additionally, he pursued a degree in Political Science, deepening his understanding of political systems, international relations, and policy analysis. This interdisciplinary educational background equips him with a comprehensive understanding of the socio-political landscape, enabling him to provide insightful commentary on current affairs.

Throughout his career, Siphiwe has demonstrated a commitment to journalistic integrity and a relentless pursuit of truth. He has worked for several prominent media outlets, including leading newspapers, television networks, and online platforms. His reporting has covered a wide range of topics, from domestic politics and social issues to international affairs and human rights.

Siphiwe's journalistic endeavors have taken him to the frontlines of major events, where he has provided on-the-ground coverage and in-depth analysis. His ability to contextualize complex political developments and communicate them effectively to diverse audiences has earned him recognition and respect within the industry.

Beyond his work in traditional media, Siphiwe is also actively engaged in public discourse, participating in panel discussions, debates, and academic conferences. He is committed to promoting transparency, accountability, and democratic values through his journalism.

As a political analyst, Siphiwe possesses a keen analytical mind and a nuanced understanding of political dynamics. He is adept at dissecting political rhetoric, evaluating policy proposals, and forecasting future trends. His insightful commentary helps citizens navigate the complexities of governance and make informed decisions about their collective future.

Siphiwe's expertise extends beyond mere reporting; he is also deeply involved in advocacy efforts aimed at promoting press freedom, defending human rights, and fostering democratic governance. Through his work, he strives to amplify marginalized voices, hold power to account, and contribute to the advancement of a more just and equitable society.

In his pursuit of excellence, Siphiwe remains dedicated to upholding the highest standards of journalism and serving as a catalyst for positive change in his community and beyond. With his unwavering commitment to truth, integrity, and social justice, he continues to inspire and empower others to engage critically with the world around them.


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