The only sourcing I’ve seen for a gold backed BRICS currency was a weird announcement by the Russian Embassy in Kenya: https://m.investing.com/analysis/brics-co

The only sourcing I’ve seen for a gold backed BRICS currency was a weird announcement by the Russian Embassy in Kenya: https://m.investing.com/analysis/brics-countries-planning-new-goldbacked-currency-200639843 https://m.investing.com/analysis/brics-countries-planning-ne... I would take that with a grain of salt… What I’ve yet to see is an explanation of how a highly tradable, commodity based, international currency won’t crater the local currencies of the BRIC block. Those currencies are notable in that they have greater currency controls than USD (or other western currencies). A liberal highly traded currency will presumably be able to be arbitraged with other liberal currencies (especially if it’s backed by a commodity), if you are Chinese looking to have reserves and you are allowed to use that without restrictions why wouldn’t you? At that point the dramatic capital controls in China fall apart and that doesn’t seem like a good outcome for the Chinese government. If instead, which seems more likely, there are lots of currency controls in place then the BRIC currency is just a photo op…