Bitcoin’s Time to Shine: BRICS Nations Plan to Replace US Dollar with Gold-Backed Trading Currency, Fueling Bitcoin’s Potential

By GODFREY BENJAMIN — 11 July 2023

• Members of the BRICS alliance are set to introduce a Gold-backed token as alternative to the US Dollar.
• The move from these alliance can have a significant upside for Bitcoin.

Countries within the BRICS alliance (Brazil, Russia, India, China, and South Africa) are planning the release of a gold-backed digital currency that could contest the dominance of the United States dollar in global settlements.

The launch is expected to be unveiled during the 15th BRICS Summit in Johannesburg, South Africa which is to be held in August. The initiative has received support from many other countries that are interested in joining the economic alliance.

Precisely, the Russian Embassy in Kenya has equally released a tweet to promote the new development. The initiative is also supported by Alexander Babakov, Deputy Chairman of the State Duma who recently highlighted the practical and promising nature of digital payments.

For a long time and across many nations, there has been a strong motivation to dethrone the U.S. dollar in global markets. The fear of weaponization through the imposition of sanctions has made many nations quite resentful towards the dollar.

This Dollar antagonism gave rise to a renewed pursuit by members of the BRICS alliance to find alternative options for cross-border payments which would mitigate the effect of such sanctions. Leslie Maasdrop, the Vice President of the New Development Bank pointed out that the BRICS alliance is made up of countries that each have emerging markets that have different economies with very unique features.

Ultimately, member nations of the BRICS are pushing efforts to boost their financial sovereignty and insulate themselves from the impact of Western sanctions.

Article written by Godfrey Benjamin, and posted on the Crypto News Flash website.

Article reposted on Markethive by Jeffrey Sloe