Close Menu
  • Crypto News
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Trending

TON Launches UAE Residency Program via Crypto Staking as Token Sees Price Breakout

July 7, 2025

Bitcoin Treasury Activity Explodes with 8,400 BTC Added in One Week

July 7, 2025

Vitalik Buterin proposes to cap gas usage per Ethereum transaction to boost zkVM compatibility, security

July 7, 2025

Ripple CTO Reveals How Many Bitcoins He Has Mined

July 6, 2025

100% Gas Burn, NFT Staking, and Interstellar Roadmap

July 6, 2025
Facebook X (Twitter) Instagram
  • Advertise
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianoru Русскийes Españolzh-CN 简体中文hi हिन्दीja 日本語
Crypto Observer
  • Crypto News

    Bulls vs. Bears: Institutions Pile Up BTC But Price Doesn’t go up, Why?

    July 6, 2025

    Analysts Predict Rally Alongside Real-World Adoption

    July 6, 2025

    Ethereum Price to Hit $6K This Year? Analysts Make Bold Call

    July 6, 2025

    Ethereum Ready For Explosive Breakout, Analyst Says $5,791 Is The Minimum Target

    July 6, 2025

    Bitcoin Exchange Outflows Continue To Rise: Investor Confidence At An All-Time High?

    July 6, 2025
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi
Facebook X (Twitter) Instagram
Crypto Observer
Home » Markets » Will BRICS currency be backed by crypto or gold?
Markets

Will BRICS currency be backed by crypto or gold?

Crypto Observer StaffBy Crypto Observer StaffNovember 27, 2023No Comments3 Mins Read
Facebook Twitter Pinterest Reddit Telegram Email LinkedIn Tumblr
Share
Facebook Twitter LinkedIn Pinterest Email

As the BRICS nations continue to strengthen their economic alliance, there’s growing anticipation around the possible introduction of a BRICS currency at the 2024 annual summit.

With the alliance’s expansion to include six more countries this year, speculation is rife about whether the new currency will be a digital asset or a gold-backed alternative, signaling a significant shift in the global financial landscape.

Exploring the Digital vs. Gold Debate

The BRICS bloc, now expanded to include powerhouses like Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia, faces a pivotal decision in choosing the foundation for its potential currency.

While Argentina’s participation remains uncertain, the inclusion of these nations has broadened the alliance’s economic footprint, making the currency choice even more consequential.

On one hand, there’s the possibility of a gold-backed currency. Such a currency wouldn’t necessitate a unified fiscal policy or bond market among the BRICS nations, offering a stable and universally recognized value pegged to gold.

This approach would provide a fixed value for the currency, grounded in a tangible asset with historical financial significance. On the other hand, the digitalization of currency presents an innovative alternative.

The BRICS nations, particularly China with its successful implementation of the digital yuan, have shown considerable interest in leveraging blockchain technology to connect local currencies.

The digital yuan’s role in settling significant oil deals illustrates its potential as a model for a BRICS digital currency. This approach could offer modernization and efficiency in transactions, aligning with the global trend towards digital currencies.

A Currency for the Future: BRICS’s Pivotal Choice

As 2024 approaches, the world watches to see which direction the BRICS bloc will take. A digital BRICS currency could harness the power of blockchain technology, offering a cutting-edge solution that aligns with the digitization of global finance.

This option could facilitate seamless cross-border transactions, enhancing trade and economic integration among the member nations.

Alternatively, a gold-backed BRICS currency could provide a stable and reliable store of value, especially appealing in times of global economic uncertainty.

Gold has long been a safe-haven asset, and its use as a backing for the BRICS currency could instill confidence among investors and member nations alike.

Regardless of the choice, the introduction of a BRICS currency represents a bold step towards de-dollarization, challenging the dominance of the US dollar in international trade and finance.

This move could significantly alter the dynamics of global trade and currency markets, ushering in a new era of financial cooperation among these emerging economic powers.

In conclusion, the BRICS nations stand at a crossroads, with the decision on their currency’s backing set to make waves in the international financial community.

Whether opting for a digital currency leveraging the latest in blockchain technology or a gold-backed currency rooted in traditional financial stability, the BRICS currency will undoubtedly be a landmark development in the global economic narrative.

As discussions continue and the 2024 summit draws near, the world eagerly awaits this momentous decision, which could redefine the future of global finance.

Read the full article here

Fintech
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin, Dogecoin, XRP Rise as Bessent Hints at Trade Deals Before Liberation Day Tariff Deadline

July 6, 2025

The Altcoin That Earned the Most Decentralized Application Revenue in the Last Three Months Has Been Revealed – It Made a Big Difference

July 6, 2025

The Watch List for the New Week’s Macroeconomic Outlook Has Been Published

July 6, 2025

US Dollar May Weaken as Stablecoin Regulations Reshape Global Finance

July 6, 2025
Add A Comment

Leave A Reply Cancel Reply

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Top Posts

TON Launches UAE Residency Program via Crypto Staking as Token Sees Price Breakout

July 7, 2025

Bitcoin Treasury Activity Explodes with 8,400 BTC Added in One Week

July 7, 2025

Vitalik Buterin proposes to cap gas usage per Ethereum transaction to boost zkVM compatibility, security

July 7, 2025
Advertisement
Demo

Crypto Observer is your one-stop website for the latest crypto news and updates, follow us now to get the news that matters to you.

Facebook X (Twitter) Instagram
Crypto News

Analysts Predict Rally Alongside Real-World Adoption

July 6, 2025

Ethereum Price to Hit $6K This Year? Analysts Make Bold Call

July 6, 2025

Ethereum Ready For Explosive Breakout, Analyst Says $5,791 Is The Minimum Target

July 6, 2025
Get Informed

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Facebook X (Twitter)
  • Privacy Policy
  • Terms of use
  • Advertise with us | Publishing
  • Contact us
  • Crypto News – Press release
  • Newsletter sign up
  • Markets
  • Altcoins
  • Bitcoin
  • Crypto News
  • DeFi
  • Ethereum
  • Technology
  • Blockchain
  • AI
  • NFT
  • Thanks for joining us
© 2025 Crypto Observer. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.