The BRICS alliance (Brazil, Russia, India, China, and South Africa) is reportedly planning to introduce a new currency banknote, potentially named “the unit.” Although the currency has not been officially launched yet, there are serious discussions underway, indicating a significant move towards reducing reliance on the US dollar.
During the historic BRICS summit in Kazan, Russian President Vladimir Putin unveiled a symbolic banknote for the proposed currency. The introduction of “the unit” is seen as a step towards de-dollarization, aiming to lessen the dominance of the dollar in global trade. Putin presented the banknote to Russian ministers, marking the alliance’s intention to explore new financial strategies.
A key point in the BRICS declaration at the summit was the push for using local currencies to enhance trade among member nations. This aligns with the proposal of “the unit,” which could help in achieving the goal of increased economic independence. Discussions also included private talks between Putin and Chinese President Xi Jinping, emphasizing the strategic importance of strengthening economic ties within the bloc.
Additionally, the BRICS alliance has expanded by officially adding Nigeria as a partner country, further increasing its global influence. With Nigeria’s inclusion, the alliance aims to boost collaboration among emerging economies, opening up more trade opportunities.
The Kazan summit highlighted BRICS’ commitment to reshaping the global economic landscape. By promoting local currencies and potentially launching “the unit,” the bloc seeks to create a more balanced and multipolar world financial system.
