BRICS & Gold: Shifting Global Demand Away From the US Dollar

The BRICS nations are actively exploring strategies to reduce their reliance on the US dollar in international trade. A key component of this involves leveraging gold and innovative technologies like blockchain.

Challenging US Dollar Dominance: The strategy adopted by the BRICS embodies a significant opposition to the monetary dominance exerted by the United States. By backing their new currency with gold, the BRICS alliance is challenging the dominance of the US dollar in global trade. This shift not only diversifies their reserves but signals a move towards a multipolar financial world.

Gold's Role in the BRICS Strategy: With the BRICS member states representing a substantial portion of the world’s population and GDP, their move away from the US dollar could have far-reaching consequences. Through gold, these nations demonstrate a commitment to alternative financial mechanisms. Hace 4 días No dollars are needed. Gold is just on demand, verified by blockchain. That’s right. Old money meets new tech.

mBridge and Blockchain Integration: BRICS countries are actively exploring and utilizing blockchain technology. Using blockchain and a system called mBridge, BRICS countries are creating a more transparent and efficient system for international transactions, reducing the need for intermediaries and potentially lowering transaction costs. This integration of old and new – gold and blockchain – is central to their plan.

Implications for the Global Economy: The BRICS's move away from the US dollar could reshape global financial flows and trade relationships. While the US dollar remains a dominant force, the increasing use of alternative currencies and gold-backed systems could erode its influence over time. The long-term impact will depend on the successful implementation and wider adoption of these strategies.