Alleged Brics 100 note exposes possible bloc common currency

The Brics’ new common currency was again the target of rumors, with the publication of an image of a symbolic banknote of the bloc’s future currency. Featuring the flags of the founding Brics countries (Brazil, Russia, India, China and South Africa), the note was distributed on social media after its release.

The revelation came from an official profile of a new BRICS member, Iran, which was accepted as a new member at the last summit in August 2023.

According to the statement, a Russian ambassador handed the note to members of the UAE.

The Brics note is still symbolic, but already triggers warnings

During the last Brics summit, members discussed the proposal to create a common currency so that the bloc’s countries could conduct their transactions with the new currency.

The new members would also have access to the currency, but publicly there was no official announcement that the rulers had closed the question of what the currency would look like. In his speech, Brazil’s President Lula stated that the BRICS currency would give the bloc strength.

This is because member states move billions of dollars every year, but they can no longer depend on the North American currency, the Brazilian president stated.

With this, the information on the new BRICS note raises alarm bells that governments may have already started producing the new currency, although it may only work via the internet, with paper money being only symbolic.

“Russian Ambassador unveils BRICS note. The Russian Ambassador to South Africa unveiled a BRICS 100 coin at a ceremony at the UAE Embassy in Pretoria and presented it to the UAE Ambassador.

The current president of the BRICS bank, Dilma Rousseff, former president of Brazil, has neither confirmed the bloc’s creation of banknotes nor commented publicly on the matter.

China’s president does not appear at the G20 event, raising tension with the G7

China, also a member of the BRICS, saw its President Xi Jinping absent from the latest G20 meeting, which started on Saturday (9) and ended on Sunday (10). The meeting, held in India, did not include the Chinese president and for many it is a clear sign that he is in tension with the G7 member states.

China is considered one of the most important powers in emerging markets and is a country that supports Russia, which has faced embargoes after its invasion of Ukraine.

It is not yet clear whether the Brics and its possible new currency have any link to geopolitical tensions, but a new currency emerging on the global market could threaten the dollar’s sovereignty.

Source: Live Coins