Yes, a BRICS Currency Was Announced. No, It Hasn’t Launched

Our last video about the announcement of an official BRICS currency generated a lot of questions. Today we’re clarifying some of the finer details and diving a little deeper into the topic. You’ll also find one of the sources we’ve referenced in this description so you can read the interview transcript that has been used by many to report on this topic, including us.

When Russia first stated in 2023 that BRICS would create a new currency, multiple other nations and their representatives denied it, creating an atmosphere of speculation. Sergei Glazyev, a prominent Russian economist, joined an interview where he made it clear a BRICS currency is in development and almost complete. This information slowly trickled out to western media and was the first known confirmation that a BRICS Currency is in development, not a theoretical concept. While the payment system is said to be blockchain based, the currency itself is still a mystery. We don’t know for sure if it will be backed by gold, but it is implied. Glazyev states that one thing this new currency will be based on is “a basket of exchange-traded commodities.” This statement, along with BRICS nations buying gold at an exceptional rate, makes us believe gold could be included in that basket.

While we know more than we knew a year ago, we still know very little about the actual currency. Again, there is no official launch date set, but speculation abounds that a common currency with final approval would be introduced to the world and named during the next BRICS Summit in Kazan, Russia between October 22-24th. We will follow any updates closely and be ready to pass the information on to you.


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[cybair]

The reason this subject is kept under wraps is that if they were to admit publicly that gold is going to be the basis of the BRICS currency, then the price of gold would rise and the central banks who are preparing for the new currency by buying gold would have to pay a higher price. Non-BRICS countries also keep this subject out of the mass media because, since the 70's, they have been trying to suppress the price of gold in order to keep their currencies more credible.

[chrisroberts]

Thank you for the information. Brics is more of a big deal then people realize and I am glad its getting out there.

[Usamak]

I appreciate the caution you use in your statements. Yes, something' must be cooking in the planning and budgeting departments of many ministries of commerce and the like. Glad you have your ears to the ground, separating static from the signal. Keep up the good works. You'll be doing a lot of service to the rising Global South.

[howarddennison]

The new payment system is not actually a blockchain, it is an interoperable distributed ledger, that uses a neutral international bridge currency. Every country is going to use it for international settlement, as well as it's other functions.

[hotandsweaty]

It's interesting, china has been accelerating the sale of it's US treasuries and buying gold on the world markets, particularly via the comex and using western price manipulations against itself to take delivery of physical at cheaper rates. Consequently, the comex is being bled dry of both its gold and silver reserves. China has been acquiring gold for a long time. It also has the largest domestic gold mining operation in the world. It therefore sits on massive undeclared reserves. It has also acquired the London Metal Exchange a little while ago, which is being used as a platform to acquire massive reserves of vital base metals such as copper & aluminium etc. it is also buying cheap oil from the Russians and Iranians to substantially boost strategic reserves. When the twin basket of currency/ commodity BRICS currency kicks off, china will be very well placed, as wil be the Russians. If Saudi joins BRICS as well as Iran, then all the key players will be sitting on huge reserves of precious metals, other metals and commodities, including oil. The current reserve currency will become toast and BRICS will slip into the driving seat. Then, the fun will begin. War, anyone ?

[MadnSad]

Quality presentation. Brief, comprehensive, admitting to gaps in information, and utterly honest.

[JohnD-JohnD]

If the currency deploys on the blockchain, that makes sense because they can get it into people's hands around the world instantly with the push of a button.
With the amount of countries that are taking interest in BRICS, if it launches on a blockchain that anyone can purchase, I think I might buy some. I have a feeling we may see BRICS gain in value compared to USD at a fast pace as countries/people adopt it. Hopefully the gov doesn't ban US citizens from owning it.

[Stoi]

I wonder if ZiG is a trial set up to run before this year's BRICS summit, to see how well it fairs. If it succeeds a gold-backed digital currency might be on the cards, if it fails at least they have the BRICS Pay system as a replacement for SWIFT.

[MrStevemur]

If Huawei and Tiktok are nearly banned in Western countries, any app supporting transactions in a BRICS currency would be also. But it could be very popular in countries outside the US sphere of influence. Which will be great for Huawei. The US has forced them to develop their own hardware and operating system, so it won't be possible to control what apps run on those devices.

[michaelphillips]

I wonder what the price of gold is going to do now?

[KillAWatt]

I'm curious to know what the potential of the new BRICS currency is - and the impact it could have on the price of precious metals, Gold and silver in particular.

[lauradawson]

Interesting. As one of the team, [not associated with Elon Musk] who helped to launch PayPal, it looks like this will be the next step, however there are many challenges to its implementation. However, it is best not to bury our heads in the sand and pretend it is not on the horizon. One of our PayPal team as long ago as 2003, predicted this blockchain economic shift. We'll see how this shakes down. We still need to address the potential of a new pandemic, tariffs, sanctions, and global effects on human populations due to climate events, hunger, health, housing etc.. Plenty of work to be done in the days to come.

[TheDragonRelic]

It’s a good breath of fresh air to watch some thing that’s not anti-Chinese

[Knife_Collector]

Not launched... this is good, as it means people have time to buy more at lower prices, than what metals may be priced at after it is launched.

[davidkrempasky]

"If you fail to plan, you've planned to fail"

[melchzedek]

Which specific currency do any of you think it is? Name?

[DigitalKarlK]

One thing I keep in consideration is that it could be an SDR from the new development bank

[mythbusterthe]

If India continue to be the only obstacle she may faced suspension and even expulsion ftom BRICS.

[JSabh]

You basically described a stablecoin. Plenty of those out, in fact Japan just released the GYEN a yen stablecoin and ZUSD, it's counterpart. If your keen, you'll understand what that means.

[mutantryeff]

A currency on the blockchain for the 'common people' would overload power supplies, computer resources, and be a failure