The 15th BRICS summit in August this year ended on a high note as the alliance inducted six new countries into the bloc. The induction of new countries is historic, as the group decided on expansion after more than a decade. The expansion comes at a time when BRICS is working on the formation of a new currency to challenge the US dollar. In the latest update, Russia’s former advisor to the President and economist-turned-politician, Sergey Glazyev, made a huge announcement on the formation of the upcoming BRICS currency.
Sergey’s statements indicate that BRICS is serious about launching a new currency to take on the US dollar. Going by Russia’s economist comments, the new BRICS currency might be launched during the 16th summit in 2024.
Sergey made a huge announcement by confirming that the BRICS currency is already in the works. He confirmed that the new BRICS currency is almost ready for launch and needs fine-tuning before its release. The BRICS currency is “almost ready” and needs “political consent,” he said.
The development will lead to a paradigm shift in the global financial sector threatening the existence of the US dollar. Read here to know how many sectors in the US will be affected if BRICS completely stops using the dollar.
