Several years ago, the idea of a new currency for the BRICS nations—Brazil, Russia, India, China, and South Africa—was considered, with the sole intention of boosting economic cooperation and lessen reliance on established reserve currencies like the U.S. dollar and the euro. At the moment, there hasn't been any formal declaration about introducing a new BRICS currency, which once had a deadline date of September 2021.

During the BRICS summit in China in 2010, the concept of a single currency for the group's member countries was first conceived. The goal of this idea was to encourage trade and investment between member nations while also offering a different global currency that would lower the risk of currency exchange and boost financial stability inside the bloc.

Although there was discussion and enthusiasm for the idea, many variables must be carefully considered before a new currency can be effectively implemented. These include the cooperation between member nations, which can be difficult to negotiate and take a lot of time, including economic policies, monetary systems, and fiscal restrictions.

The BRICS nations also have distinct economies with various degrees of development, rates of inflation, and monetary regimes. It can be difficult to harmonize these criteria and reach an agreement among the member countries. Creating a new currency would also require strong political will from the BRICS nations and their cooperation, as well as a strong infrastructure to support its issuance and circulation.

While BRICS work to bring this initiative into reality, it is important to remember that the world economy is dynamic, therefore, may require ample time to come up with a working strategy to pull this off; thus, there is no stipulated time frame for the implementation.

Will Gold back BRICS Currency?

Yes, it will. Gold and real natural resources from the BRICS member nations, ranging from crude oil, natural gas, copper, silver, and other precious metals. It is also important to note that this was the exact template the late Libyan president, Muammar Gaddafi, proposed before the Libyan revolution, which led to his unfortunate death. By backing the new BRICS currency with gold and other natural resources, member countries will be able to add real value to their proposed currency, but not without a negative implication on the U.S. dollar.

This development will drastically reduce and eliminate the U.S. dollar's domination in the global economy. Should this currency be introduced, all BRICS member countries will make it a primary medium of exchange, especially while paying for essential goods like oil and gas and hundreds of other commodities. This process is still under review, and expected to be concluded on August 2023, the next BRICS summit.

Conclusion

Even though the concept of a new BRICS currency has been considered, there isn't a set timetable or release date for its introduction. It is a challenging task that calls for severe deliberation and cooperation among member nations to create and introduce a single currency for the BRICS nations.

（Writer：Wanny）