<div class="watcher-guru"> 
 <p>Reports are rife that the BRICS alliance is working on creating a new currency to settle global trade that could be backed by gold. BRICS members China, Russia, and India are accumulating gold on a large scale in FY 22–23 and FY 23–24. China purchased 21 tonnes of gold to its reserves in June 2023. Moreover, the Central Banks of the BRICS countries are the top buyers of gold this year, indicating that the alliance could be using the precious metal as backing for a new currency.</p> 
 <p><strong>Also Read: </strong><strong><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: 85% of The World’s Population Ready Ditch U.S. Dollar</strong></p> 
 <p>Andy Schectman, President of Miles Franklin, told Kitco News that there are chances of the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> launching a new currency backed by <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a>. Even if <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> is not used as backing, the alliance could work towards the formation of a new currency. <strong>“I do believe that <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> will issue a common settlement currency, and it will be backed by something,” </strong>he said.</p> 
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 <p>Schectman stressed that a BRICS currency is inevitable and could be launched in a few months or years. <strong>“It’s coming. Whether or not it is a gold-backed currency that is introduced in a few weeks or a few months, or next year,”</strong> he said.</p> 
 <p><strong>Also Read: Will U.S. Economy Be Impacted if BRICS Trade In Local Currencies?</strong></p> 
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 <p>He called the new currency could represent a larger section of the global population as they begin to ditch the U.S. dollar. <strong>“To me, the alliance that is being built represents the majority of the human population,” </strong>said Schectman.</p> 
 <h2 class="wp-block-heading" id="h-brics-gold-backed-currency-talks-at-the-summit">BRICS: Gold-Backed Currency Talks At the Summit?</h2> 
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  <img decoding="async" width="1024" height="768" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="brics nations flags gold" class="wp-image-86854 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp.webp 550w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp.webp 800w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp 1024w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp 300w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp 768w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp 380w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp 550w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp 800w" data-eio="j"> 
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   <img decoding="async" width="1024" height="768" src="https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp" alt="brics nations flags gold" class="wp-image-86854" srcset="https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp 1024w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp 300w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp 768w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp 380w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp 550w, https://cdn.thebittimes.com/images/2023/08/12/b982d8219b2037e023f6ced34815b508.webp 800w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: VCG / ChinaDaily.com.cn 
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 <p>South Africa’s <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Ambassador Anil Sooklal recently revealed that <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> will not discuss the formation of a new currency. <strong>“There’s never been talk of a <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> currency, it’s not on the agenda. What we have said and continue to deepen is trading in local currencies and settlement in local currencies.”</strong></p> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: Over 40 Countries Ready To Join the Alliance</strong></p> 
 <p>Sooklal also <strong>exclusively said to Watcher Guru</strong> that the alliance will discuss trading in local currencies at the summit. <strong>“Discussion focuses on deepening use of local currencies,”</strong> he said. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> is an acronym for Brazil, Russia, India, China, and South Africa. The upcoming summit will be held on August 22 to 24 in Johannesburg.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>BRICS Currency</li> 
  <li>GOLD</li> 
  <li>US DOLLAR</li> 
 </ul> 
</div>

BRICS: A New Gold-Backed Currency For Trade Could Be Coming

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