Gold & Oil to back new Digital Currency, BRICS

By Shanieka Smith

Staff Writer

Discussions surrounding a collaboration involving Brazil, Russia, India, China, and South Africa to create a new currency have been on the lips of people right around the world. The currency, to be named BRICS, is a proposed alternative to the US Dollar.

The digital currency was first brought up in 2010 but recently resurfaced in 2022 as leaders from the five nations started to discuss the prospect.  The plan would be to back the currency with commodities like gold and oil.

As an alternative, BRICS would be designed to provide greater stability and independence from the US dollar.  Some financial experts believe the currency would eventually challenge the power of the US dollar as the world’s reserve currency.

There is some hesitation as financial experts and economists argue the feasibility of BRICS.  Also of concern is whether an agreement on policy can be made between these five different nations.

To date, no final decision has been made but as the global economy changes, the possibility becomes more actualized.

During a Business Forum between India and Russia in New Delhi last week, Deputy Chairman of Russia’s State Duma Alexander Babakov said the BRICS nations will reveal more at a summit in August.

These claims have not yet been confirmed by the BRICS leaders.