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An economic alliance of nations known as BRICS is reportedly preparing to introduce a new currency that’s designed to dethrone the US dollar.<\/p>\n
According to RT, the new trading currency of BRICS will be backed by gold, a standard that used to define the US dollar over 100 years ago.<\/p>\n
The currency is set to be revealed<\/a> in August during the 15th BRICS Summit in South Africa.<\/p>\n \u201cBRICS is set to introduce a new currency backed by gold, in contrast to the credit-backed US dollar, with the decision coming a month ahead of the bloc’s summit in Johannesburg. With the growing initiative, more and more countries are lining up to join the group.” <\/em><\/p>\n Russia’s embassy in Kenya has sent out a viral tweet<\/a> touting the development.<\/p>\n \u201cThe BRICS countries are planning to introduce a new trading currency, which will be backed by gold. More and more counties recently express a desire to join BRICS. <\/em><\/p>\n Earlier this month, the chief financial officer of the BRICS New Development Bank, Leslie Maasdorp, reportedly said<\/a> that the economic coalition has “medium to long-term” ambitions to create a new global currency and challenge the supremacy of the US dollar.<\/p>\n At the time, however, Maasdorp said that BRICS was not yet prepared to establish a currency that would compete against the US dollar.<\/p>\n Last month, a senior Russian official reportedly said<\/a> that about 20 nations are lining up to join BRICS, which is currently made up of Brazil, Russia, India, China and South Africa.<\/p>\n Don’t Miss a Beat SUBSCRIBE<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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