Russian President Vladimir Putin just received a mock-up of the highly anticipated “BRICS bill” at the BRICS summit in Kazan, Russia. This mock-up is a significant step towards the potential launch of a new BRICS currency, which has been in discussion for years.
The BRICS bill features the flags of the five BRICS nations – Brazil, Russia, India, China, and South Africa – connected in a circle. Interestingly, the flip side of the note showcases flags of other countries that might join BRICS, including Mexico, Egypt, Nigeria, and Bahrain.
The BRICS currency aims to reduce dependence on the US dollar and promote economic integration among member nations. It’s expected to be backed by a basket of currencies from the participating countries, with some reports suggesting a 40% gold backing.
The BRICS Currency will weaken standing of the US dollar as a global reserve currency,
strengthened economic ties among BRICS nations and De-Dollarization will mitigate risks associated with global volatility.
The launch of the BRICS currency is still uncertain, but experts believe it could significantly impact the US dollar’s dominance and potentially lead to a decline in its value.