Brics- A New Currency to be formed to devalue Dollar?

Sara Ali

So, fierce inflation in Pakistan isn’t exactly hidden from all of us. The rise of the dollar is a true nightmare for every Pakistani right now. However, there are countries that are working smartly to achieve de-dollarization. You must be wondering what it is. De-dollarization means that countries are planning to reduce dependence on the US currency as a medium of exchange. In March, while in New Delhi, the Russian Deputy Chairman of the state, Duma that the country is planning on creating a new currency, for cross-border trade. The new currency would be known as BRICS. BRICS new members would include the popular nations, Brazil, Russia, India, China, and South Africa. Many wonders what is BRICS currency backed by.  To enhance their economy, these countries will be using GOLD as a medium to back the new currency. If you are wondering how to invest in BRICS currency, then you certainly can put in money on it and sell it instantly to an exchange. Do you think the value of BRICS would be able to lower Dollar’s value worldwide? I think its high time, that some other country takes over the world and put Dollar in its place.

11:42 AM 03 May, 2023