The BRICS gold-backed currency is a proposed currency by the BRICS nations as an alternative to the US dollar. The currency could potentially be backed by the countries’ gold reserves.
The new currency’s mission is to dedollarise global trade, though how the currency would work isn’t established yet. It has been suggested that it would be a blockchain-based payment system, making it a type of gold-backed cryptocurrency.
BRICS is an intergovernmental organization that was formed to build a more multipolar global financial system and reduce reliance on the U.S. dollar. The BRICS name is an acronym of the original member countries (Brazil, Russia, India, China, and later South Africa).
The bloc has since expanded to include Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. Sometimes the acronym BRICS+ (or BRICS Plus) is used to describe the expanded bloc, though BRICS is more commonly used to represent the group.
Links and resources
BRICS
Wikipedia: BRICS
Dedollarisation
Wikipedia: Dedollarisation
News archive of the BRICS gold-backed currency
2025
How would a new BRICS currency affect the US dollar? – [18/03/25]
“The BRICS nations are interested in creating a new currency to compete with the US dollar, and recently announced plans for a blockchain-based payment system. Learn about the developments thus far and how investors can prepare for the possibility.”
Shared Brics money: a basket currency or a basket case? – [18/02/25]
“Eight questions for proponents of a Brics common currency.”
2024
Gold-backed digital currency could be a game-changer for Brics – [20/12/24]
BRICS de-dollarization: New digital currency, gold, and Bitcoin all on the table – [26/10/24]
“Among the various topics relating to de-dollarization included the potential creation of a new multi-currency system or “basket system,” which would be comprised of the currencies of member states and monetary metals, such as gold.”
BRICS summit sparks fresh gold rally amid de-dollarization talks – [22/10/24]
“BRICS nations hold over 20% of global gold reserves, fueling speculation of a gold-backed currency to rival the U.S. dollar.”
Will the new BRICS currency supercharge gold prices? – [24/10/24]
“But perhaps the most bullish catalyst of all – is the De-Dollarization Movement, which officially entered a new phase after Russian President Vladimir Putin unveiled plans for a new Gold-backed BRICS currency at the 16th Annual BRICS Summit this week.”
Gold-backed currency on the horizon? – [29/08/24]
“One of BRICS’ top goals is to develop a currency that’s independent of the dollar. The currency is expected to leverage blockchain technology and be at least partially backed by gold. To be clear, even if BRICS does agree on a common currency, it probably would take some time for significant de-dollarization to occur.”
Is BRICS about to announce a gold-backed currency? – [26/08/24]
“Could a gold-backed BRICS currency that is actually useful for trade be more appealing to speculators and those who still believe in both hard money and electronic cash?”
BRICS: New gold-backed currency gains steam & challenges the US dollar – [23/08/24]
BRICS: Analyst says gold-backed currency can threaten US dollar – [20/07/24]
“With the BRICS economic alliance working to develop its own native currency, one analyst has stated that a gold-backed asset would work well in threatening the US dollar. Amid the bloc’s de-dollarization plans, there are questions surrounding the alliance ability to have a currency able to replace the greenback.”
Gold Digger: Breakaway BRICS on bullion binge, pushing new gold-backed currency – [28/06/24]
“Gold’s the winner as the BRICS alliance accelerates plans to develop a new currency based on bullion to rival the US dollar as the global reserve standard.”
2023
Could a BRICS currency be backed by gold? – [20/11/23]
“The BRICS nations didn’t end up announcing a new currency at their meeting this year. But Jim Rickards believes it’s still in the cards — and it could be backed by gold.”
BRICS nations stockpiling gold to support new currency – [06/09/23]
BRICS gold-backed currency talk gains traction; could upend global finance – [24/08/23]
A common BRICS currency is sometime away, but we do know its name – [23/08/23]
“A BRICS currency is on the longer-term agenda, but not until certain development points have been passed. This article explains the route.”
Gold-backed BRICS currency will be ‘very hard’ to deliver: Lyn Alden – [22/08/23]
“A common currency would be challenging for Brazil, Russia, India, China and South Africa to initiate and maintain, but it could have an impact on Bitcoin, investment strategist Lyn Alden says.”
No BRICS currency announcement planned, but over 40 nations want to join: SA senior diplomat – [21/07/23]
“Anil Sooklal, South Africa’s ambassador to BRICS, told reporters on Thursday that more than 40 countries have indicated an interest in joining the bloc of major developing economies, but there is no gold-backed currency announcement planned for next month’s summit.”
BRICS planning to replace US Dollar with new trading currency backed by gold: report – [10/07/23]
BRICS’ next move: A return to a gold standard? – [10/07/23]
“The next step for the BRICS countries could be the introduction of a new gold-backed currency”.
BRICS gold-backed common currency a shock to global fiat money system, says economist, as Russia confirms launch in August – [08/07/23]
“Brazil, Russia, India, China and South Africa, a coalition of nations going by the moniker BRICS, is set to introduce a new currency backed by gold, Russian English news channel RT reported.”
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