An financial alliance of countries generally known as BRICS is reportedly getting ready to introduce a brand new foreign money that’s designed to dethrone the US greenback.
Based on RT, the brand new buying and selling foreign money of BRICS might be backed by gold, a typical that used to outline the US greenback over 100 years in the past.
The foreign money is about to be unveiled in August throughout the fifteenth BRICS Summit in South Africa.
“BRICS is about to introduce a brand new foreign money backed by gold, in distinction to the credit-backed US greenback, with the choice coming a month forward of the bloc’s summit in Johannesburg. With the rising initiative, increasingly more nations are lining as much as be part of the group.”
Russia’s embassy in Kenya has despatched out a viral tweet touting the event.
“The BRICS nations are planning to introduce a brand new buying and selling foreign money, which might be backed by gold. Increasingly more counties just lately specific a want to affix BRICS.”
Earlier this month, the chief monetary officer of the BRICS New Improvement Financial institution, Leslie Maasdorp, reportedly stated that the financial coalition has “medium to long-term” ambitions to create a brand new international foreign money and problem the supremacy of the US greenback.
On the time, nevertheless, Maasdorp stated that BRICS was not but ready to determine a foreign money that might compete towards the US greenback.
Final month, a senior Russian official reportedly stated that about 20 nations are lining as much as be part of BRICS, which is at the moment made up of Brazil, Russia, India, China and South Africa.
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