BRICS Gold-Backed Currency to Launch at 2024 Summit
Vinod Dsouza The global financial landscape is on the brink of a monumental shift as the BRICS nations—Brazil, Russia, India, China, and South Africa—prepare to launch a gold-backed currency at the upcoming 2024 BRICS Summit. This initiative, aimed at reducing dependence on the U.S. dollar and promoting economic stability, has the potential to reshape international trade and finance. The Genesis of a New Currency The idea of a gold-backed currency has been in discussions for several years within the BRICS coalition. The group, representing some of the world's fastest-growing economies, has long sought to challenge the dominance of the U.S. dollar in global trade. By backing their new currency with gold, BRICS aims to ensure stability and build confidence among international investors and trading partners. The move is seen as a response to the volatility and unpredictability associated with fiat currencies, particularly in times of economic uncertainty. Gold, historically viewed as...