The BRICS countries could soon launch a viable alternative to the U.S. dollar, Russia confirmed this week.
What Happened: Brazil, Russia, India, China and South Africa, a coalition of nations going by the moniker BRICS, is set to introduce a new currency backed by gold, Russian English news channel RT reported.
An official announcement in this regard will be made at the bloc’s summit in Johannesburg, South Africa, in August. “With the growing initiative, more and more countries are lining-up to join the group,” RT said.
Willem MiddelKoop, a former journalist, tweeted that 41 countries have applied for BRICS-membership.