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The BRICS alliance is looking to create a new currency to challenge the US dollar in global trade. BRICS aims to uproot the US dollar’s supremacy by replacing it with their soon-to-be-released currency. The next BRICS summit will be held in October 2024 in the Kazan region of Russia. While five member countries attend the summit every year, 10 nations will be a part of the bloc next year. The alliance inducted five other countries Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia. Also Read: BRICS : Russian Oil Exports to India Rise 2,200%, Saves Them $7 Billion BRICS Currency To Take Centerstage in The 2024 Summit? Source: thecradle.co The 16th BRICS summit in 2024 could revolve around the creation of a new currency to take on the US dollar. The bloc is advancing in the formation of a new currency that will alter the financial markets as we know it. The paradigm shift will make the US and the West fight to maintain their global supremacy as BRICS convinces other developing ...

The New Development Bank (NDB) is looking to increase its funding in local currencies and not the U.S. dollar. The dollar’s borrowing costs have spiked recently, making the NDB rely on local currencies for lending. The U.S. pressed sanctions against Russia for invading Ukraine, and other countries are unable to borrow loans from the NDB. Since the bank is facing a crisis due to the halt in day-to-day business, BRICS is looking to fundraise and provide fresh loans in local currencies. Also Read: Will U.S. Economy Be Impacted if BRICS Trade In Local Currencies? BRICS Bank Looks To Increase Funding in Local Currency and Not the U.S. Dollar Source: Reuters / Getty Images South Africa’s Finance Minister Enoch Godongwana said on Thursday that the NDB aims to bolster the usage of local currencies by its members. The NDB aims to de-risk the impact of foreign exchange fluctuations and provide loans to countries in local currency. Also Read: BRICS : Over 40 Countries Ready...

The GOLD standard as reserves was the de facto international monetary system from the 1870s to the early 1920s. As the GOLD standard ended, the U.S. dollar took over as the global currency through the Bretton Woods Agreement in 1944. Since then, the U.S. dollar reigned supreme with little to no competition from other currencies. However, the BRICS alliance is reinventing the clock in its quest to take on the U.S. dollar as the global reserve standard through GOLD . Also Read:  BRICS : 130 Countries Move Towards CBDC Currency, US Dollar in Jeopardy The BRICS alliance is aiming to launch a new currency at the next summit in South Africa in August. Amidst the heels of a new global tender, Russia confirmed that the currency would be backed by gold. The development puts the U.S. dollar under pressure as many countries could return to the gold standard of reserves. BRICS Aiming For Gold Standard & Not the U.S. Dollar Source: see.news The soon-to-be-released currenc...