Sanctions against the BRICS countries, primarily Russia, have largely given a new impetus to the war against the dollar, which has been talked about for many years. In October of this year, details about the BRICS single currency will be revealed, and projects of payment systems and digital currencies are also being implemented, Sabah reports.

The embargo and sanctions imposed primarily against Russia and China have accelerated the formation of an opposing flank or alliance of forces. The BRICS countries, formed by Brazil, Russia, India, China and the Republic of South Africa, are implementing a three-stage move. Thus, a single currency based on gold will be created, a single payment system with the introduction of new technologies will be developed, and digital currencies of central banks will become widespread.

The first step, the creation of a single currency, will allow the association to move to a new financial system, the details of which will be announced at the BRICS summit in Russia, in Kazan, in October 2024.  The increasing scale of the bloc and its intention to issue a single currency based on gold have attracted attention to the gold reserves of the member countries. The BRICS members have a high level of total gold reserves amounting to 6.3 thousand tons, and this figure is constantly increasing

As for payment services, two projects are currently being worked on. One of them is traditional, and the other is based on the blockchain. The Russian Ministry of Finance also recently announced that work is underway on a platform that will allow money transfers between the BRICS countries and ease the effects of Western restrictions.

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