The information had been behind the scenes for several months, but it finally gradually spread. The BRICS have serious ambitions to create a new global currency that can challenge the US dollar. After reflections and discussions, the coalition would finally be ready to realize its dream. Indeed, the BRICS could unveil their new currency very soon. All eyes are on the coalition, which could upend the global hierarchy with its currency.
A new currency to overshadow the dollar?
The idea of a common currency for the BRICS countries had emerged for several months. It crystallized over the days and the project would now be on the way to being carried out. Bitcoin News reveals that the BRICS are planning to announce their new single currency at their summit scheduled for next month.
This is a currency that will be backed by gold and could threaten the dollar’s global reserve status. Experts predict that the gold standard will be of great use for this currency. Everything suggests that this new currency could create a major monetary upheaval.
Indeed, the BRICS, pioneers of the dedollarization movement, have always expressed the desire to divest themselves of the dollar. The coalition will therefore bet on this currency to redistribute the cards and create a new world economic order.
The BRICS: when the coalition grows in power
The BRICS have become a strong group, a great power and a coalition to be relied upon for global governance. China, Brazil, Russia and India represent 40% of the world’s population. China and Russia are also formidable military powers with their nuclear arsenals. The BRICS also have many resources and represent 28% of the world’s GDP.
With these strengths, the group attracts covetousness. Many countries have already shown interest. Nations such as Argentina, Saudi Arabia, the United Arab Emirates, Indonesia, Algeria and Iran have also applied for membership. The group has indeed recorded an unprecedented wave of applications and is now working to sort them out.
Recently, US Treasury Secretary Janet Yellen said there was nothing to worry about the dollar. With the materialization of the BRICS single currency project, the dollar could quickly find itself in the hot seat.
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