• South African BRICS ambassador Anil Sooklal dispelled rumours that the economic bloc is considering a gold-backed currency.
• India’s Foreign Secretary Vinay Mohan Kwatra stated that BRICS nations are not focusing on having a common currency.
• S. Jaishankar, India’s Minister of External Affairs, also clarified that the notion of a shared currency among BRICS nations is not being deliberated.
BRICS Nations Not Considering Gold-Backed Currency
Officials from BRICS nations have confirmed that the economic bloc is not considering a gold-backed common currency, South Africa’s BRICS Ambassador, Anil Sooklal stating that the bloc has no intention of challenging the USD. India’s Foreign Secretary and Minister of External Affairs have both clarified this point as well, emphasizing that there is no discussion underway regarding a unified currency for the BRICS countries.
Focus on Trade Within National Currencies
India’s Foreign Secretary Vinay Mohan Kwatra has said that substantive discussions within BRICS have focused on how to increase trade in respective national currencies – different from common currency concept – indicating lack of focus on creating one shared unit.
BRICS Summit Agenda Does Not Include Common Currency Discussion
The forthcoming BRICS summit will take place from August 22 to 24 in Johannesburg hosted by South Africa but there won’t be any discussion related to establishing a unified currency for the member states as it isn’t included in its agenda.
De-Dollarization Not On The Agenda
Despite talk about de-dollarization and some analysts believing that such unified currency could surpass USD to become global dominant, there has been no active work towards it by BRIC members nor will it be discussed at this year’s summit.
BTC As USD Alternative?
While de-dollarization may still seem far off for now, with leaders from all over discussing need for alternatives to US dollar like Bitcoin (BTC), adoption may begin sooner than expected..