by Nathan Dewaele
published on Tuesday, July 11, 2023 at 08:15 AM •
4 min reading
Russia has confirmed that the BRICS countries, the country bloc of Brazil, Russia, India, China and South Africa, have plans to once again use a currency tied to the value of gold. Independent analysts believe that the country bloc is taking effective steps in this direction.
Why is this important?
Due to shifts in the geopolitical scene, several countries are taking steps to conduct their trade in a currency other than the dollar. For example, some countries have already agreed to conduct their bilateral trade in a different currency. The BRICS are looking to expand this into a multilateral system.
In the news: back to the gold standard as in the Bretton Woods system?
It was Russia at its own embassy in Kenya news brought: “The BRICS countries are planning to introduce a new trading currency, which will be backed by gold.”
This again pushes the dollar a little more to the side. The country bloc’s plan is expected to take more shape at the next BRICS meeting in South Africa next month. Leslie Maasdorp, the CF
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2023-07-11 06:15:56
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