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 <ul> 
 <li aria-level="1">The notion of creating a supranational currency poses a particularly complex challenge, as it necessitates agreement among a diverse range of parties.</li> 
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 <li aria-level="1">According to a report by the World Gold Council, China acquired 102 tonnes of gold, while Russia acquired 31.1 tonnes in the last six months.&nbsp;</li> 
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 According to the Bank of Russia’s Governor, the current establishment of a common currency within the <a href="https://www.crypto-news-flash.com/brics-nations-to-introduce-gold-backed-currency-fueling-speculation-of-dollar-challenge-bitcoin-keeps-a-close-eye/#google_vignette" target="_blank" rel="noopener noreferrer nofollow">BRICS nations </a>encounters significant obstacles and disagreements. Despite being a significant monetary advancement, this initiative poses substantial difficulties, requiring consensus among multiple parties involved. 
 During the<a href="https://forumspb.com/en/" target="_blank" rel="noopener noreferrer nofollow"> Financial Congress </a>in St. Petersburg, Elvira Nabiullina, the Governor of Russia’s Central Bank, voiced her concerns regarding establishing a shared currency among the BRICS nations. Nabiullina acknowledged the importance of discussing the concept of a unified BRICS currency. However, she also emphasized the significant hurdles to be overcome for its implementation. 
 The notion of creating a supranational currency poses a particularly complex challenge, as it necessitates agreement among a diverse range of parties. Nabiullina clarified that this task is far from simple and requires substantial effort. 
 Consequently, the current focus remains on improving bilateral transactions using national currencies and enhancing the infrastructure connecting the BRICS nations’ payment systems. These efforts aim to address the immediate needs of businesses, reflecting the priorities at hand. 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 There You Go – It’s Official 
 ‘BRICS planning to introduce new trading currency backed by gold at August summit’ 
 ‘Gold standard will be a great benefit to strengthening single currency’ 
 ‘41 countries have applied for BRICS-membership’ 
 Source: RT / Russian Embassy <a href="https://t.co/zmqOKiXlsa" rel="noopener noreferrer nofollow">pic.twitter.com/zmqOKiXlsa</a> 
 — Willem Middelkoop (@wmiddelkoop) <a href="https://twitter.com/wmiddelkoop/status/1677309719436832768?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 7, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 The upcoming BRICS<a href="https://www.crypto-news-flash.com/brics-nations-to-introduce-gold-backed-currency-fueling-speculation-of-dollar-challenge-bitcoin-keeps-a-close-eye/#google_vignette" target="_blank" rel="noopener noreferrer nofollow"> leaders’ summit </a>in South Africa, scheduled from August 22-24, is expected to focus extensively on the controversial BRICS currency initiative, which has recently been a subject of intense debate. 
 <h3 id="span-style-font-weight-400-implications-for-the-u-s-dollar-gold-as-collateral-and-the-threat-to-its-position-span">Implications for the U.S. Dollar: Gold as Collateral and the Threat to its Position</h3> 
 The potential introduction of a <a href="https://www.crypto-news-flash.com/goldcoin-review-a-gold-backed-stablecoin/" target="_blank" rel="noopener noreferrer nofollow">gold-backed </a>BRICS currency, currently under development, has prompted the bloc’s five member nations to actively accumulate gold reserves. Over the past 18 months, the BRICS countries have significantly increased their gold purchases as part of their strategy to reduce reliance on the U.S. dollar.&nbsp; 
 According to a report by the <a href="https://www.gold.org/goldhub/gold-focus/2023/04/central-banks-show-little-sign-buyer-fatigue-february" target="_blank" rel="noopener noreferrer nofollow">World Gold Council</a>, China acquired 102 tonnes of gold, while Russia acquired 31.1 tonnes in the last six months. Additionally, after more than a year, India added 2.8 tonnes of gold to its reserves in 2023, with the possibility of further additions by year-end. 
 The shift towards gold as a backing for the BRICS currency presents a potential threat to the position of the U.S. dollar, as gold could replace the dollar as collateral. The BRICS alliance may increasingly rely on gold and eventually eliminate dependence on the U.S. dollar. If more countries join the bloc, the new BRICS currency could emerge as the preferred option for cross-border transactions. 
 <h3 id="span-style-font-weight-400-what-will-this-mean-for-bitcoin-span">What Will This Mean For Bitcoin</h3> 
 In recent weeks, Bitcoin has experienced a resurgence in strength following a challenging year in 2022. This recent upswing can be attributed to the emergence of multiple filings for Spot Bitcoin ETFs. Prominent asset management firms such as Fidelity and BlackRock have actively sought approval from the US Securities and Exchange Commission (SEC) to establish the first-ever ETF of this kind.&nbsp; 
 The growing discussions surrounding the BRICS gold-backed currency have further implications for the <a href="https://www.crypto-news-flash.com/breaking-news-brics-launches-game-changing-gold-backed-currency-dethroning-the-dollar/" target="_blank" rel="noopener noreferrer nofollow">diminishing value of the US dollar</a>, ultimately enhancing the value of Bitcoin as an alternative currency. As these two distinct realities unfold concurrently, we expect Bitcoin to witness a rise in its overall market importance. 
 Although Bitcoin does not have a direct connection to the BRICS or the US dollar, its developments undeniably influence it. If the SEC grants approval for a Spot Bitcoin ETF and the BRICS nations continue advancing their currency initiatives, it is highly likely that Bitcoin will experience substantial growth. Consequently, Bitcoin stands to benefit greatly from the declining value of the US dollar while simultaneously experiencing its increasing value. 
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BRICS Nations Gold-Backed Currency Emerges as Potential Dollar Rival but faces implementation challenges- Bitcoin in the Spotlight

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