BRICS Currency: The End Of Dollar? Where To Buy BRICS?

November 03, 2024

BRICS Currency: The End Of Dollar? Where To Buy BRICS? 

An illustration featuring founding nations of BRICS with the possibility of new currency launch based on blockchain technology

The BRICS Summit 2024 held from October 22-24 in Kazan, Russia, has sparked a debate about whether its new currency would replace the dollar and eventually cause an end to the “Dollar Domination." But wait, there’s just so much information floating around the web making you overwhelmed, and you just don’t know where to look for.

Do not worry. We’ve got you covered. This article covers all the important aspects that you need to know about BRICS—from its formation to its current member countries, from its currency note speculation to how you can buy one. Everything is explained in simple language.

 

Table of Contents 

 

What is BRICS? 

BRICS stands for Brazil, Russia, India, China, and South Africa. It is an intergovernmental organization formed with the aim to promote economic activities among its members and to reduce their dependency on the western nations.

 

Formation of BRICS: Founding Members 

The term BRIC was originally coined by Jim O’Neill, then-chairman of Goldman Sachs Asset Management, in 2001, speculating how these four emerging economies—Brazil, Russia, India, and China—would dominate the world economy in the upcoming years.

In June 2009, these four countries actually held a meet at Yekaterinburg, Russia, and formed BRIC. Later in 2011, South Africa too joined the bloc, leading to the formation of the present-day BRICS.

 

BRICS Current Partner Countries 

Apart from Brazil, Russia, India, China, and South Africa, four more countries have joined the bloc in 2024: Iran, Egypt, Ethiopia, and the UAE, thus making it a nine-member organization.

Argentina and Saudi Arabia were also expected to join this year. However, Argentina has officially withdrawn its application because of the newly elected government that promised to do so once in power. And for Saudi Arabia, it has still not reached any final decision.

Meanwhile, around 50 more countries have expressed their willingness to join BRICS, such as Turkey, Pakistan, Bangladesh, North Korea, Venezuela, Ghana, Nigeria, Vietnam, and others. However, Asia and Africa together account for almost 90% of the countries who are willing to join BRICS.

 

BRICS Summit 2024: Key Highlights 

The BRICS Summit 2024, held under the theme “Strengthening Multilateralism for Just Global Development and Security, has certain key points to be noted that are as follows:

 

1)  Adoption of Local Currencies 

One of the key goals of the BRICS is to end their dependency on the US Dollar and rather adopt their own domestic currencies for the trade activities taking place between two countries.

This may help in reducing the dominance that the dollar has right now. On the other hand, it may act as a protection for the growing economies from US sanctions, thus reducing economic instability. 

 

2) Accepting New Members 

With the official inclusion of Iran, Egypt, Ethiopia, and the UAE in the BRICS 2024 Summit and several other countries showing their interest in joining the bloc, it is pretty self-explanatory that BRICS has its arms open for emerging economies that want to become its part.

 

3) Promoting Domestic Economies 

Quite similar to adopting local currencies, BRICS aims to encourage economic and trade activities among its members and reduce their dependency from the west as much as possible.

This may, in the future, result in domination of the world economy as more and more countries join BRICS and adopt this practice to increase trade with each other rather than trading with the USA.

 

4) Infrastructure Support to BRICS Members 

A separate budget would be allocated to facilitate infrastructure development in the countries that are BRICS, especially the growing economies that require support and foreign investments.

 

5) Launch of BRICS’s Own Currency 

There is massive speculation going around that sometime in the future, BRICS may launch its own currency, which can be used for trading activities among its members. This would act as an alternative to the US dollar.

Recently, an image went viral on the internet featuring a BRICS banknote. However, it was later clarified to be created for demonstration purposes by enthusiasts and was not an official currency note.

As of now, countries are willing to trade in their local currencies in order to end their dependency on the dollar.

 

BRICS Settlement System—BRICS Pay 

BRICS Pay is nothing but a new payment system proposed to facilitate financial transactions among its member countries. This new payment system would use blockchain technology to ensure decentralization.

These are some of the salient features of BRICS Pay:

 

  1) Reduced Dollar Dependency 

The proposed BRICS Pay would enable its member countries to use the new payment system to trade in their local currencies, thus reducing their dependency on the dollar.

 

 2) Cost Effective 

This new payment system is expected to reduce the transaction costs to a greater extent than what it costs now, making it cost-effective.

 

3) Shock Proof 

As countries start using BRICS Pay to trade in their domestic currencies, this would help reduce the effect of the volatility of the dollar, making their economies shockproof.

 

4) Secure & Transparent 

The proposed BRICS Pay will be made using blockchain technology, reducing the risk of unauthorized access and fraudulent activities, making it both secure and transparent at the same time.

 

BRICS Banknote 

During the BRICS Summit 2024, an image showing a BRICS currency note went viral. It featured cultural symbols and landmarks of its founding members, such as India’s Taj Mahal and Russia’s Kremlin. The banknote featured the flags of all the initial five BRICS members, together making up a circle.

However, we want to let you know that this was not an official currency. It was just a mock-up designed by enthusiasts to symbolize the bloc’s shared vision rather than an active replacement of the dollar.

 

Can You Buy BRICS Currency? 

As already discussed, there is no official BRICS currency as of now. Hence, there is no question of buying it either. However, there has been an unofficial cryptocurrency lately called “BRICS Chain” that can be bought.

 

Where To Buy BRICS Chain? 

Currently, BRICS tokens can be traded on crypto exchanges such as LATOKEN and P2B. However, remember that this is just an unofficial crypto currency, which does not have any backing from official BRICS members.

 

The Bottom Line 

The BRICS Summit 2024 remains a fairly successful event focused on increasing trade activities among its members in their local currencies. By doing this, the bloc aims to reduce their dependency on the western nations and create a powerful Global South Alliance.

 

FAQs 


1) What is BRICS in full form?

BRICS is an acronym for Brazil, Russia, India, China, and South Africa.

 

2) Is Mexico a part of BRICS?

No, Mexico is not a part of BRICS.

 

3) Is Pakistan a part of BRICS?

No, Pakistan is not a part of BRICS.

 

4) How much is 1 BRICS in USD?

The BRICS Chain crypto currency is worth ~ $295 as of November 2, 2024.

 

5) How much is 1 BRICS in INR?

The BRICS Chain crypto currency is worth ~ 24,800 INR as of 2nd Nov 2024.

 

6) How much is 1 BRICS in PKR?

The BRICS Chain crypto currency is worth ~ 82,000 PKR as of November 2, 2024.

 

7) Where to buy BRICS currency?

The BRICS Chain crypto currency can be traded on crypto exchanges such as LATOKEN and P2B.

 

Tags

Post a Comment

0 Comments

Post a Comment