BRICS Challenges Dollar: New Global Currency on the Horizon?

BRICS Challenges Dollar


IMPORTANT POINTS:

  • New BRICS Currency: Robert Kiyosaki proposes that the BRICS countries are planning to launch a new gold-backed currency to compete against the US dollar.
  • Global De-Dollarization: With France and 36 other countries possibly joining the cause, this new currency could be a strategic move to reduce the dominance of the dollar.
  • BRICS Summit 2023: Despite Kiyosaki’s claims, African Ambassador Anil Sooklal has denied that the introduction of a new currency is on the agenda of the upcoming BRICS Summit in South Africa.

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Renowned personal finance author Robert Kiyosaki, famous for his bestseller “Rich Dad Poor Dad,” has come up with an intriguing theory. According to Kiyosaki, several nations, which could even include France, a longtime ally of the United States, are collaborating to develop a new gold-backed currency that could compete with the dollar in international trade.

With his 2.4 million Twitter followers as his audience, Kiyosaki suggests that the group of countries known as BRICS (Brazil, Russia, India, China, and South Africa) is leading this alleged movement. In a recent tweet, he mentioned the upcoming 15th BRICS Summit in South Africa, to be held on August 22-24, as the potential setting for this revelation.

Kiyosaki writes: “Gang warfare: Approximately 41 nations, possibly even France, unite in South Africa on August 22, 2023 to de-dollarize the world. Proposal: BRICS nations will launch ‘bric’, their money. One bric = one ounce of gold = $3,000. Goodbye, USA.”

Kiyosaki’s proposal follows reports suggesting that the BRICS bloc countries may be planning a new currency to rival the US dollar. However, there is some skepticism about the idea. African Ambassador Anil Sooklal has stated that the idea of ​​launching a new currency will not be discussed during the upcoming summit.

Sooklal states: “There has never been talk of a BRICS currency. It’s not on the agenda.”

However, Leslie Maasdorp, the chief financial officer of the BRICS New Development Bank, previously noted that the bloc has “medium- and long-term” ambitions to create a new global currency to challenge the US dollar.

It is clear that the creation of a new global currency represents a significant challenge. The countries involved should agree on key aspects such as regulation, the currency base and the determination of exchange rates. Furthermore, a BRICS currency could encounter resistance from countries and global institutions that want to maintain the status quo.

For now, it remains to be seen how this situation will play out and whether the BRICS nations will move forward with this new currency. If they do, they could significantly alter the global economy and the balance of economic power among nations.