The BRICS alliance has taken a step towards challenging the US dollar’s dominance by unveiling a prototype of its highly anticipated currency at the ongoing summit in Kazan, Russia. Russian President Vladimir Putin was seen holding a mock-up of the “BRICS bill,” featuring the flags of the five member nations – Brazil, Russia, India, China, and South Africa – interconnected in a circle.
The displayed currency note has a value of 100 and showcases additional flags on its reverse side, likely representing countries interested in joining the alliance, such as Mexico, Egypt, Nigeria, and Bahrain.
As Putin held the new BRICS bill in his hand, it became clear that the group’s intent is not only to shift economic power but also to challenge the dominance of the US dollar in global trade.
Chinese President Xi Jinping emphasized the urgent need for reform in the international financial architecture, highlighting BRICS’ crucial role in promoting a new system that reflects the shifting global economic balance of power.
Jinping said, “There is an urgent need to reform the international financial architecture,”. “BRICS must play a leading role in promoting a new system that better reflects the profound changes in the international economic balance of power,” he added.
The blockchain-based BRICS pay system has always been viewed as a key de-dollarization development. For the bloc, it presents a chance to circumvent Western financial infrastructure like the SWIFT payment platform. Therefore, presents a key opportunity for nations within the group to promote the use of their currencies for trade.
The BRICS bloc has enjoyed unprecedented growth over the last two years. It has sought to increase its presence on a global scale and disrupt the West’s dominant run. Throughout the last year, it has increased its de-dollarization efforts to lessen overall reliance on the US dollar. The new BRICS currency will be the next key step in establishing a world where USD isn’t the supreme leader.
“Quasi-money” was printed by “someone from ours — either from the Chamber of Commerce and Industry (Chamber of Commerce and Industry. — Ed.), or someone else,” it symbolizes “the common work that is being done within the framework of BRICS,” Peskov added.
Recall, on October 17-18, at the BRICS Business Council in Moscow presented a system for non-cash payment by QR code for foreigners BRICS Pay
The BRICS currency is expected to be backed by gold, the precious metal currently establishing new highs in value. According to reports, the new currency will consist of a backing of 40% gold and 60% tied to local currencies. The regional currencies could involve the Chinese yuan, Russian ruble, and Indian rupee, among other member’s legal tenders.
Peoplesmind
