Explained | Spotlight on potential BRICS currency as pushback against US dollar grows
The de-dollarisation, the movement to reduce other countries' reliance on the greenback, among the emerging economies of the BRICS economic group is yet to reach a 'common currency' breakthrough. The de-dollarisation movement, however, is currently morphing into a growing number of countries ditching the dollar and choosing to trade in their own currencies instead. But despite an official clarification, the Russian embassy in Kenya said in a tweet, "The BRICS countries are planning to introduce a new trading currency, which will be backed by gold."