BRICS Considers Implementing Gold-Backed Currency and Payment System
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BRICS, the economic bloc consisting of Brazil, Russia, India, China, and South Africa, is reportedly considering announcing a gold-backed currency at its upcoming summit in October 2024. This move could challenge the dominance of the U.S. dollar in global trade and finance as the bloc explores alternative financial structures to reduce dependency on Western economic systems.
BRICS to Explore Crypto and Blockchain for Cross-Border Settlement
Such a development marks a bold step towards financial sovereignty for BRICS nations, potentially offering a more secure and reliable currency for international trade, particularly in an era of increasing economic volatility.
In addition to the gold-backed currency, BRICS is reportedly exploring the use of blockchain technology and cryptocurrencies for cross-border settlements.
This aligns with the bloc’s broader goal of creating a more independent financial infrastructure. Russia, in particular, has been at the forefront of these efforts, initiating steps to implement blockchain and crypto solutions for international transactions.
If the bloc successfully implements a gold-backed currency and embraces blockchain for cross-border transactions, it could reshape the global financial landscape, providing a formidable alternative to the current dollar-centric system.
