“The Masonry Empire: A Foundation of Unity”

The BRICS nations, which include Brazil, Russia, India, China, and South Africa, are indeed exploring the creation of a new reserve currency.

This potential currency would be backed by a basket of their respective currencies and is aimed at asserting economic independence and competing with the US dollar’s dominance in the international financial system[^1].

As of the latest updates in 2024, the development of this new currency is still under review and has not been officially established.

The idea was discussed during the 14th BRICS Summit in mid-2022, and further support was expressed by Brazilian President Luiz Inacio Lula da Silva in April 2023[^1].

However, there is no immediate plan to create a BRICS currency as it remains a medium to long-term ambition[^1].

The establishment of such a currency could potentially impact the US dollar by leading to a decline in its demand, which would have significant implications for the US and global economies[^1].

For more detailed information, you can refer to the full article here.

(1) How Would a New BRICS Currency Affect the US Dollar? (Updated 2024). https://investingnews.com/brics-currency/.
(2) How Would a New BRICS Currency Affect the US Dollar? (Updated 2024). https://investingnews.com/brics-currency/.
(3) What is BRICS? Group of world leaders that considered making a new …. https://www.cbsnews.com/news/what-is-brics-group-of-world-leaders-that-considered-making-a-new-currency-meet-to-discuss-economy/.
(4) Dollar Dominance: Russia, China Set to Develop New Reserve Currency. https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-china-rouble-yuan-brics-reserve-currency-imf-2022-6.
(5) How much is the BRICS currency likely to be worth? – The South African. https://www.thesouthafrican.com/news/how-much-is-the-brics-currency-likely-to-be-worth-breaking-22-august-2023/.
(6) What the new BRICS currency could mean for Canada: David Collins for …. https://macdonaldlaurier.ca/what-the-new-brics-currency-could-mean-for-canada-david-collins-for-inside-policy/.