BRICS currency: The time for US dollar is over!

Are the BRICS nations on the verge of revolutionizing the global financial system with their own currency, and could this new venture challenge the hegemony of the US dollar? What does this mean for international trade and the global economy? In today’s deep dive, we’ll explore the motivations behind the BRICS countries’ push for a new currency, examine whether it could be backed by gold, and discuss the varied stances of its member states on this groundbreaking initiative. In this video we will cover Motivations Behind the BRICS Currency, Potential Gold Backing, Challenges in Implementation, Impact on the Global Financial System, and Member States’ Stance. Before we dive deeper, would you mind showing some love by hitting the like button? It really helps us reach more amazing viewers like you. A huge thank you for your support! In 2024, the BRICS nations, are actively considering the launch of their own currency. This initiative is driven by a variety of motivations, including a desire to reduce reliance on the US dollar and the euro, to better serve their own economic interests, and to respond to global financial upheavals and assertive foreign policies by the US. The idea, while supported by some BRICS leaders, faces several challenges due to the economic, political, and geographic disparities among the member countries. The concept of a BRICS currency was discussed at the BRICS summit, with different leaders expressing varying levels of interest and commitment to moving away from the dollar for trade between member countries. However, the establishment of such a currency would require significant preparation, including the creation of a banking and fiscal union, macroeconomic convergence, and a central banking system.