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Conflicting details about BRICS discussing the formation of a new currency are reported a month before the summit. South Africa’s BRICS ambassador Anil Sooklal was the first to indicate that BRICS could launch a new currency in August. The Ambassador later backtracked on his statements saying that BRICS currency is not on the agenda in the next summit. However, Russia’s Deputy Prime Minister Alexei Overchuk said in the latest interview that BRICS could discuss launching a new currency in August. Also Read: 74 Countries Ready To Attend BRICS Summit In August BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The summit will be held in Johannesburg on August 22 to 24. The leaders of all nations will attend the summit, except Russian President Vladimir Putin will be virtually present. Putin faces arrest if he steps foot in South Africa for war crimes against Ukraine BRICS Could Discuss Formation of New Currency At Next Summit, Says Russian Dep...

BRICS nations are advancing to create a new currency sidelining the U.S. dollar on the international stage. The dollar’s global reserve status could be challenged when the new currency launches and threaten America’s economy. Therefore, the U.S. dollar stands at a pivotal point in a make-or-break situation for its global existence. A total of 25 countries have shown interest in joining BRICS and accepting the new currency for cross-border transactions. Also Read: What Happens if Saudi Arabia Accepts BRICS Currency? BRICS Currency: What Does It Offer That the U.S. Dollar Doesn’t? Source: Unsplash The first thing that the U.S. dollar doesn’t offer to the world is security. The U.S. dollar comes with a risk of debt, as the United States could default on its $31.46 trillion federal debt. A debt default could create havoc not only in America but in all countries holding billions of dollars in reserve. The debt default could destabilize developing nations’ economies making local b...

A growing number of countries are showing interest to join the BRICS alliance and accept the new currency. BRICS could soon become BRICS + as the South African ambassador, Anil Sooklal hinted that the alliance could expand this year. The decision to allow other countries to join the bloc could be taken at the next summit in August in South Africa. Sooklal confirmed that more than a dozen countries have formally and informally applied to join BRICS , according to Bloomberg. Also Read: Will BRICS Bring Down the U.S. Dollar & Should You Be Concerned? The alliance would become stronger after expansion as their GDPs would race ahead of the U.S. and other Western powers. This could put the dollar and the Euro on the back foot as developing nations might end reliance on the USD. Therefore, BRICS stands in a better position to usher in a new global financial order than at any time before. 30 Countries Are Now Interested In BRICS Currency Source: Global Times According to...