BRICS countries planning new gold-backed currency

As tensions with Russia and China escalate, the so-called BRICS countries (Brazil, Russia, India, China, and South Africa) are preparing to strike a blow against U.S. dollar hegemony.

Last week, the Russian Embassy in Kenya declared, “The BRICS countries are planning to introduce a new trading currency, which will be backed by gold.” analysts expect BRICS to continue to pursue de-dollarization and for gold to play a role in that process.

A more specific framework for a gold-backed BRICS currency could be announced during the BRICS summit being held next month in South Africa.