BRICS nations announced a new currency designed to replace the dollar.The creation of this new gold and commodity backed currency will be discussed at the BRICS summit this August.
BT’s Kei Pritsker explains how this new currency could overturn the hegemony of the US dollar.
My understanding of the proposed “BRICS currency” is that it would be more of a Keynes-inspired bancor currency setup used in some kind of international bank (alternative to IMF, ect) to facilitate easier balance of payments settlement. As opposed to being a physical currency used in day to day life.
I could also be way off the mark here, don’t think there is a lot of concrete info on this yet. Ideally we hear more at the upcoming summit.