New Currency Mock-Up Unveiled at BRICS Summit
A mock-up of the forthcoming BRICS currency was officially unveiled during the ongoing summit in Kazan, Russia. Russian President Vladimir Putin showcased the prototype of the “BRICS bill,” marking the first public display of this new currency. The design prominently features the flags of the five BRICS nations—Brazil, Russia, India, China, and South Africa—arranged in a circular formation. The displayed bill carries a denomination of 100.
On the reverse side of the note, additional flags are depicted, likely representing countries interested in joining the BRICS alliance, such as Mexico, Egypt, Nigeria, and Bahrain. While the bloc has yet to make a formal announcement regarding the currency’s launch, discussions surrounding it have been ongoing for years.
Xi Jinping’s Historic Announcement
Earlier in the summit, Chinese President Xi Jinping made a significant announcement about the bloc’s new payment system. Speaking to the attendees, he highlighted the importance of this system for countries pursuing a multipolar world. “There is an urgent need to reform the international financial architecture,” Jinping stated. “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.
Key Developments in De-dollarization Efforts
The blockchain-based BRICS Pay system has been regarded as a critical development for de-dollarization within the bloc. It offers an opportunity to bypass Western financial infrastructures like the SWIFT payment platform, allowing member nations to promote the use of their own currencies for trade. Over the past two years, BRICS has experienced significant growth and has been striving to enhance its global presence while challenging Western dominance.
In its ongoing efforts to reduce reliance on the US dollar, the BRICS bloc is set to introduce its new currency as a pivotal step towards a future where the USD is no longer the dominant force in global finance.
Gold-Backed Currency for Stability
Reports indicate that the new BRICS currency will be backed by gold, a precious metal currently reaching new highs in value. The proposed backing structure will consist of 40% gold and 60% tied to local currencies. This means that regional currencies such as the Chinese yuan, Russian ruble, and Indian rupee could play a significant role in the new currency’s value.
