Countries in the BRICS are creating a new currency to compete with the US dollar
Central issues:
- The countries of the BRICS are looking into creating a new currency that could revolutionize the global financial system and replace the US dollar.
- The currency could be backed by a variety of things, like gold and soil or rare earth elements.
BRICS countries, which are composed of Brazil, Russia, India, China, and South Africa, are reportedly exploring the creation of a new currency.
Alexander Babakov, the Deputy Chairman of the State Duma, said that the countries involved might present concepts related to the goal at the upcoming summit in South Africa. The money might be upheld by a scope of wares, including gold and intriguing earth components or soil.
Babakov says that the first step in creating a new currency is switching to settlements in national currencies. The issuance of a brand-new currency will be the next step. As an alternative to the US dollar, this new currency has the potential to change the global financial system forever.
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Recently, Jim O’Neill, a former Chief Economist at Goldman Sachs who came up with the acronym BRIC, stated that a group of nations ought to expand and work to combat the dominance of the dollar. His remarks come at a time when many nations are looking for alternatives to reduce their reliance on the dollar and the US dollar is increasingly being challenged by other currencies.
This new currency’s creation will be significant, and it may alter the balance of power in the global financial system. As the world turns out to be progressively multipolar, the ascent of new monetary forms upheld by arising economies like BRICS could give an option in contrast to the customary Western-ruled monetary framework.
The participating nations may present their ideas regarding the creation of this new currency at the upcoming BRICS summit, which is scheduled for August of this year. It is evident that the BRICS countries are taking steps to reduce their reliance on the US dollar and establish a more equitable and fair financial system, but it remains to be seen how this will affect the global financial system.
