BRICS Currency on the Horizon? Putin-Led Initiative May Challenge the US Dollar
Several reports have come up claiming that BRICS countries are planning to launch a currency banknote, which is expected to put pressure on the US dollar. According to EurAsia Daily, at the Kazan summit, Russia President Vladimir Putin was presented with a symbolic 'BRICS bill'. However, the head of the country's Central Bank, Elvira Nabiullina, did not like the idea.
Several reports suggest that BRICS nations are considering introducing a new currency banknote, which could put pressure on the US dollar. According to EurAsia Daily, Russian President Vladimir Putin was presented with a symbolic 'BRICS bill' during the Kazan summit. However, Elvira Nabiullina, head of Russia's Central Bank, reportedly disapproved of the idea.
Putin shared the 'banknote' with other ministers, and photos of him unveiling the currency were shared by Global Eye News on X, formerly known as Twitter. Reports suggest the currency might be called 'the unit.' Earlier this month, The Jerusalem Post claimed the BRICS banknote would be "40% backed by gold and 60% backed by reserves in member currencies." Officials have yet to comment on these rumors.
Social media users shared images of Putin with the banknote, with one user tweeting, "The unveiling of the BRICS currency is a pivotal move toward a more multipolar financial system, aiming to reduce the dollar’s dominance and promote economic sovereignty among member nations."
Russian state-owned Sputnik reported that the note symbolizes collective efforts within the BRICS framework, featuring the flags of the founding nations—Russia, China, India, Brazil, and South Africa—on its front. A closed-door debate on creating a common BRICS currency was reportedly held at the summit.
