Creation of BRICS Currency to Rival US Dollar Is ‘Inevitable,’ Analysts Say

Analysts say this week’s summit of the BRICS countries—Brazil, Russia, India, China and South Africa—in Johannesburg will herald the creation of a gold-backed currency to rival the U.S. dollar. BRICS wants freedom from traditional, “Western-dominated structures” such as the International Monetary Fund and the World Bank.

A man talks on a mobile phone as he walks past a view of a reflection on a window of another man staring at the sea in front of the national flags of the on the the BRICS (China, India, Russia, South Africa, Brazil) countries during the BRICS Foreign Ministers Meeting in Cape Town, on June 02, 2023. Foreign ministers from BRICS -- a five-nations bloc including Brazil, Russia, India, China and South Africa -- were meeting in Cape Town on Thursday and Friday. The talks came ahead of a heads of state summit in August, which is proving problematic for the host, South Africa, due to the possible attendance of Russian President Vladimir Putin, who is the target of an International Criminal Court (ICC) arrest warrant, stemming from Russia's invasion of Ukraine. (Photo by RODGER BOSCH / AFP) Photo by RODGER BOSCH/AFP via Getty Images

JOHANNESBURG—The possible establishment of a currency to rival the U.S. dollar won’t be discussed at the 15th summit of the BRICS countries that begins in Johannesburg on Aug. 22, South African government officials have told The Epoch Times.

However, this week’s meeting will herald the first step toward the establishment of a gold-backed BRICS currency designed to end what the bloc terms “U.S. dominance of global finance structures,” according to some analysts.