BRICS Gold-Backed Currency to Launch at 2024 Summit?
BRICS aims to launch a new currency that will be backed by gold as a counter to the US dollar. A common currency will make the alliance usher into a new financial era and become a cornerstone for further developments. The upcoming summit in 2024 will shed more light on the policies that are aimed to topple the US dollar. Also Read: BRICS Outperforms the US: Becomes Top Exporter of Copper Reports suggest that BRICS could back their new currency with gold and not the US dollar or other local currencies. The alliance aims to get back to the gold standard and maintain a multipolar world for all trade and transactions. The World Gold Council reported that BRICS has been the largest buyer of gold since 2022 and is accumulating tonnes worth of the precious metal in the reserves. Also Read: BRICS De-Dollarization Agenda Fails: US Dollar Supremacy Intact BRICS: A New Gold-Backed Currency Could Be Announced in 2024 Summit? Source: Watcher Guru The formation of a new BRICS currency backed b...