Yes, a BRICS Currency Was Announced. No, It Hasn’t Launched
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- เผยแพร่เมื่อ 4 พ.ค. 2024
- Our last video about the announcement of an official BRICS currency generated a lot of questions. Today we’re clarifying some of the finer details and diving a little deeper into the topic. You’ll also find one of the sources we’ve referenced in this description so you can read the interview transcript that has been used by many to report on this topic, including us.
When Russia first stated in 2023 that BRICS would create a new currency, multiple other nations and their representatives denied it, creating an atmosphere of speculation. Sergei Glazyev, a prominent Russian economist, joined an interview where he made it clear a BRICS currency is in development and almost complete. This information slowly trickled out to western media and was the first known confirmation that a BRICS Currency is in development, not a theoretical concept. While the payment system is said to be blockchain based, the currency itself is still a mystery. We don’t know for sure if it will be backed by gold, but it is implied. Glazyev states that one thing this new currency will be based on is “a basket of exchange-traded commodities.” This statement, along with BRICS nations buying gold at an exceptional rate, makes us believe gold could be included in that basket.
While we know more than we knew a year ago, we still know very little about the actual currency. Again, there is no official launch date set, but speculation abounds that a common currency with final approval would be introduced to the world and named during the next BRICS Summit in Kazan, Russia between October 22-24th. We will follow any updates closely and be ready to pass the information on to you.
Sergei Glazyev Interview ► tvbrics.com/en/news/sergey-gl...
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The reason this subject is kept under wraps is that if they were to admit publicly that gold is going to be the basis of the BRICS currency, then the price of gold would rise and the central banks who are preparing for the new currency by buying gold would have to pay a higher price. Non-BRICS countries also keep this subject out of the mass media because, since the 70's, they have been trying to suppress the price of gold in order to keep their currencies more credible.
How do you suppress the price of gold? Just asking
Price suppression needs to end!!!
Lol there are gold backed stablecoins now that can be traded directly for physical gold. They are way too late to the party, as always.
@@alemdevp2048by printing more fiat to make gold undervalued
Just my guess 🤔
@@alemdevp2048 By trading gold to buyers without giving them gold, in short the gold ETF bonds.
Thank you for the information. Brics is more of a big deal then people realize and I am glad its getting out there.
There is a lot of hilarious propaganda videos on TH-cam about how BRICS is fake because China and India dont love each other :D
I guess concept of world where countries have to settle things down by negotiations is alien to people used to world order where USA can tell any country what to do. (Some of this videos was from Poles for whatever reason)
It's interesting, china has been accelerating the sale of it's US treasuries and buying gold on the world markets, particularly via the comex and using western price manipulations against itself to take delivery of physical at cheaper rates. Consequently , the comex is being bled dry of both its gold and silver reserves. China has been acquiring gold for a long time. It also has the largest domestic gold mining operation in the world. It therefore sits on massive undeclared reserves. It has also acquired the London Metal Exchange a little while ago, which is being used as a platform to acquire massive reserves of vital base metals such as copper & aluminium etc. it is also buying cheap oil from the Russians and Iranians to substantially boost strategic reserves. When the twin basket of currency/ commodity BRICS currency kicks off, china will be very well placed, as wil be the Russians. If Saudi joins BRICS as well as Iran, then all the key players will be sitting on huge reserves of precious metals, other metals and commodities, including oil. The current reserve currency will become toast and BRICS will slip into the driving seat. Then, the fun will begin. War, anyone ?
Iran is already member of BRICS .Well it’s time for change
chinea also bans private export of its own gold
Murica as well as their allies will probably cook up wars and another world tragedy to stop it.
It's not that I dislike Americans but the government of america is just too much for them to stay on top.
China selling US Treasuries and buying gold:
Accuracy: China has been reducing its holdings of US Treasuries and increasing its gold reserves. This strategy is often seen as a diversification move to reduce reliance on the US dollar and mitigate risks associated with it.
Misleading aspects: The statement suggests an accelerated or massive sell-off which might overstate the pace and impact. While China has been diversifying its reserves, it hasn't drastically dumped US Treasuries.
COMEX manipulation and depletion:
Accuracy: There have been claims of price manipulation in precious metals markets, and COMEX (a major commodities exchange) does see physical gold deliveries.
Misleading aspects: The idea that China is using price manipulations to acquire gold at cheaper rates and that COMEX is being "bled dry" may be exaggerated. While there are deliveries, COMEX has not been depleted to the extent implied.
China's domestic gold mining and reserves:
Accuracy: China is the world's largest gold producer and likely holds significant undisclosed reserves.
Misleading aspects: While China does have large reserves, the extent and secrecy implied might be overstated.
Acquisition of the London Metal Exchange (LME):
Accuracy: Hong Kong Exchanges and Clearing, a Chinese entity, acquired LME in 2012.
Misleading aspects: The statement might exaggerate the strategic use of LME solely for Chinese interests in acquiring massive reserves of metals.
Purchasing cheap oil from Russia and Iran:
Accuracy: China has increased its oil purchases from Russia and Iran, benefiting from discounted prices.
Misleading aspects: While true, the strategic reserves aspect may be somewhat overstated.
BRICS currency and strategic positioning:
Accuracy: There are discussions within BRICS about creating a new currency backed by commodities, and countries like Russia and China are positioning themselves strategically.
Misleading aspects: The comment suggests an imminent and dramatic shift that could disrupt global currency dominance. While significant, such changes are complex and take time, and the complete displacement of the US dollar is uncertain.
War implications:
Misleading aspects: Predicting war based on economic maneuvers is speculative and sensationalist. While geopolitical tensions exist, such statements are more opinion than fact.
In summary, the comment mixes accurate observations with speculative and potentially exaggerated claims. While China is making strategic economic moves, the implications are more nuanced and less apocalyptic than suggested.
@@EmptyShadoowin summary, your comment written with an LLM/AI without access to live data has no basis in facts.
I appreciate the caution you use in your statements. Yes, something' must be cooking in the planning and budgeting departments of many ministries of commerce and the like. Glad you have your ears to the ground, separating static from the signal. Keep up the good works. You'll be doing a lot of service to the rising Global South.
The new payment system is not actually a blockchain, it is an interoperable distributed ledger, that uses a neutral international bridge currency. Every country is going to use it for international settlement, as well as it's other functions.
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I wonder if ZiG is a trial set up to run before this year's BRICS summit, to see how well it fairs. If it succeeds a gold-backed digital currency might be on the cards, if it fails at least they have the BRICS Pay system as a replacement for SWIFT.
If the currency deploys on the blockchain, that makes sense because they can get it into people's hands around the world instantly with the push of a button.
With the amount of countries that are taking interest in BRICS, if it launches on a blockchain that anyone can purchase, I think I might buy some. I have a feeling we may see BRICS gain in value compared to USD at a fast pace as countries/people adopt it. Hopefully the gov doesn't ban US citizens from owning it.
I am willing to leave the u.s for it
Ban is very likely, based on how much anything Russian USA is banned in recent years
They’ll ban it.
Lol they will 100% ban it for US citizens.
I wonder what the price of gold is going to do now?
I ask the same question. I’d say if you’re replacing dollars with it now it will be a big plus. I just wonder how we sell years down the road when they or if have us a a cbdc.
It depends on which exchange you'll be allowed to look at. If it's the western exchanges, it'll be low. If it is the non western exchanges, it'll be high.
If Huawei and Tiktok are nearly banned in Western countries, any app supporting transactions in a BRICS currency would be also. But it could be very popular in countries outside the US sphere of influence. Which will be great for Huawei. The US has forced them to develop their own hardware and operating system, so it won't be possible to control what apps run on those devices.
I'm curious to know what the potential of the new BRICS currency is - and the impact it could have on the price of precious metals, Gold and silver in particular.
Well, they're also working on developing an alternative metals market that will "fairly price" metals to benefit the producer nations rather than the financialized nations. So, likely, metals are going to trend toward their real market prices over the next half dozen years or so. London may get de-metalized along the way.
The world is going back to asset backed currencies such as gold. Gold and silver prices are manipulated, and are currently under valued, not for too much longer though, I suspect.
Interesting. As one of the team, [not associated with Elon Musk] who helped to launch PayPal, it looks like this will be the next step, however there are many challenges to its implementation. However, it is best not to bury our heads in the sand and pretend it is not on the horizon. One of our PayPal team as long ago as 2003, predicted this blockchain economic shift. We'll see how this shakes down. We still need to address the potential of a new pandemic, tariffs, sanctions, and global effects on human populations due to climate events, hunger, health, housing etc.. Plenty of work to be done in the days to come.
Excellent video.
If India continue to be the only obstacle she may faced suspension and even expulsion ftom BRICS.
Not launched... this is good, as it means people have time to buy more at lower prices, than what metals may be priced at after it is launched.
Pack your bags swift banks
Great insights ❤
Thank you.
One thing I keep in consideration is that it could be an SDR from the new development bank
Which specific currency do any of you think it is? Name?
It’s a good breath of fresh air to watch some thing that’s not anti-Chinese
A currency on the blockchain for the 'common people' would overload power supplies, computer resources, and be a failure
You mention everyone's currencies are fluctuating constantly, but that's just in relation to the dollar. Is it not?
"If you fail to plan, you've planned to fail"
Bitcoin not old centralised rocks. Thanks but no thanks.
What if anyone, anywhere with physical gold could deposit their gold in a local depository followed by staking that to the gold supply that supports BRICS monetary financial system. Win, win?
Gold doesn’t have a yield and when it does it’s traded or leant so it’s not your gold anymore. Possession is 9/10’s of the law
Where can I transfer funds?
BRICS could be and is most likely the savior of the world
😂
Man made disaster to fix another man made up disaster.
Lol
That's a good one...almost fell off my chair
With the banks failing in the US, Printing crazily which started during COVID, Unreasonable sanctions like my way or highway, NATO loosing credibility in Afghanistan, Ukraine and Middle east can bring BRICS closer and bigger. BRICS currency does require political will like EU nations having one currency.
You basically described a stablecoin. Plenty of those out, in fact Japan just released the GYEN a yen stablecoin and ZUSD, it's counterpart. If your keen, you'll understand what that means.
what does it mean? in other words a CBDC?
Answer this: Are Central Banks going through Basil 3 End Game? It’s ok, you can tell us.
At 00:43 what's going on with North Somalia?
It's going to be digital currency with a backing of gold and rare minerals, so as for now BRICS countries are doing their best buying large ammount of gold also preparing its' rare earth deposit for output and valued. Most likely BRICS will expand to involve countries with more gold backed currencies or large reserve to rare metals or minerals to support the BRICS currency.
I bet the block chain ledger will be Ripples
I guess you are sitting on a lot of Ripples! Why would BRICS use an American made coin??🤣🤣
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right now for international payments it is easier to use Western Union! LOL> i tried with a regular bank , it was a disaster, employees who did not know what they are doing ,and money was "lost".
GOLD IS THE WORD
Other countries know usd is going to be left behind. They are at the moment exchanging usd to gold cause it will hold a ratio to other goods that usd will not.
Cbdc for the common people!!!
How absorbent will the BRICS currency be?
Really very little information is in this video. A BRICS 'currency' or means of exchange is being worked on, and may (or may not) be implemented. Any gold backing is unknown at this point, and any other commodity backing is also unknown. Suggestions that it may be gold-backed are just conjecture at this point. Someone needs to actually figure out what (if anything) is going on with Brics exchange (currency) mechanism. However, as of now, the public truly has essentially no knowledge of what will actually happen on this issue.
America 🇺🇸 loves 🥰 Hyper Inflation 💸 and will continue to print money 💵 and lower interest rates until the US 🇺🇸 Dollar 💵 collapses ! The American 🇺🇸 Government loves 🥰 Hyper Inflation 💸 so much they want the prices of everything to rise until the US 🇺🇸 Dollar 💵 is worth nothing ! Print ! Print ! Print ! Ha ! Ha ! Ha ! Hilarious 🤣
Recently African countries have been repatriating their gold reserves from the West back to Africa. Is this related and if so, how?
Its long way to go...not when us dollar is there
Trust no man
Does mean, everyone not from America will go back to their countries!? 😮 😊
Can't use BRICs in America. Can't pay your rent here with BRICs
Finally! I hope people who just come here to take will leave us in peace. Finally, no more foreign aid. 🙌
Already
They talk about a "payment system" the word currency was not official, it has been used by people like you and through copy paste gained ground.
I doubt that we are looking at a new currency, perhaps an existing one that must be gold backed for safety.
They should just make the BRIC a cryptocurrency to start.
BRICS is going to fly as well as, well, bricks 🤣🤣🤣
Launch 2025.
gold = war at horizont
BRICS currencies backed by Chinese gold filled with tungsten. Good luck!
Uhhhmm, am i the first to comment?
Brics cryptos is back up by gold......
Get it through your heads: you can't buy anything from America without USD. You'll have to convert your colorful BRICS funny-money into USD if you want to buy American food, stocks, bonds, land and real estate, businesses, weapons, protection, etc. The same is true if you show up with Euros, Swiss Francs, etc.
Mr.Putin,if you are reading this,then please name currency NINO.After first greate slavic emperor Nino Belov,who has created first world empire.
My tulips are prettier, and they're backed by honeybees.
Good time
India will stretch it so far, that by then US has to adopt brics currency 😂
A blockchain is actually a Bitcoin Trojan horse…imo
What’s the brics currency, probably we don’t want it.
BRICS currency will take over. For the dollat Is a time to come time to go. Read history about Currency. Gold silver.
Oh and Onyx Financial has the MetaUSD, thats a gold backed stablecoin...and XCN is married to JPMORGAN so this brics stuff is nonsense. It's too late and will never replace the $.
As a brazilian the situation is quite delicate because we the population support the us government and capitalism, but the government is more pro china and has more communist dictatorial tendencies.
Yet At the same time i dont think brics coin is a bad idea econonically... yet im afraid brasil may direct itself more towards a leftist not-capitalist nation without being under the us knife, wich is horible.
The gov here doesnt really follow any rules anyway, they are just here as the famous "lei para ingles ver" just in an 21century version... ditching the dollar may just be bad for principles and good economically.
Believe me, the US government has dictatorship tendencies also.
If the dollar is backed now soon. It would stop this Monopoly.
Let’s keep our country strong, not brics.
Way too late
Your country is not in Brics, dont worry.You’ll always have your dollar.
First comment 😂
😊 brics rename arabics...
Never happen
If anyone believes BRICS will be better for the world,you dont understand the complexity of the situation.
Thebdestruction of the USD by both corruption and political expendiantency to attack Russia is up ending the western ecomomic order and trust.
Yes it will be better for the world. Currently we have a currency, Dollar, which is used politically by one country, USA, to impose its interests in other country. BRICS currency would not be controlled by a single country to impose unilateral sanctions in other countries.
Much better than being under the US dollar. Most countries right now is suffering/disadvantaged because of the dollar, except for western led countries.
it just allows them to sanction others as they please and prevent growth in forms of punishments.
@@j.raimundosilva2101read the Bible
I just don’t buy into the panic. These sane countries have their own major issues. China is in a border trade war with India…. RUSSIA is at war with Ukraine. Inflation is bad and so is the dollar but I don’t see the dollar collapsing for another 25-75 years. This is just spooky times but nowhere near breaking point. China buys debt from everyone and we will bounce back. Don’t fall for the panic. The pandemic wasn’t that bad, the housing collapse of 2008 wasn’t that bad. And this too shall pass
If so
Why is the US so freaking scared of BRICS?
Why did trump,out of nowhere just say"we wont allow countries to leave the dollar"
Obviously there should be an entity challenging the dollar and so far it is BRICS that we know of
And remember bricks has like 50+ members(might include pontential members)
Brics will use Shiba Inu crypto and Iraq will be involved.
I think its bitcoin. Decentralised