The BRICS Summit will take place this summer, where five of the top economies in the world: Brazil; Russia; India; China; and Saudi Arabia will meet. One of the topics on hand, which has been a trending topic for months, is a new currency.
Russia is spearheading the development of a new currency, BRICS. The BRICS nations will use the currency for cross-border trade. These five countries are looking to have this currency overrule the US dollar and become a top currency for buying and trading worldwide.
These foreign governments banding together look to devalue the US dollar. Talks will likely progress throughout this upcoming summit, with other countries outside of BRICS looking to join in. Here’s what you need to know before the Summit.
BRICS Summit: When is it?
The BRICS Summit is scheduled for August 22nd-24th. It will take place in Cape Town, South Africa.
What To Expect At The Upcoming Summit
According to South African President Cyril Ramaphosa, South Africa is chairing the BRICS group of countries in 2023 under the theme, “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism.”
One of the priorities during our chairship is to build a partnership between BRICS and Africa to unlock mutually beneficial opportunities for increased trade, investment and infrastructure development.South African President Cyril Ramaphosa, March 9 National Assembly
A BRICS-issued currency still has a ways to go in development, and holds many questions. With many powerful countries backing it and looking for an alternative to USD, the upcoming BRICS Summit can be a major stepping stone towards De-dollarization.