BRICS Gold-Backed Currency Faces Mounting Challenges Ahead of Launch
The BRICS alliance's ambitious plan for a gold-backed currency unit is encountering significant roadblocks. Technical infrastructure gaps, coordination failures among member states, and growing skepticism about the project's viability threaten to derail the initiative. Pilot programs have failed to resolve fundamental issues, while verification mechanisms for the Gold peg remain problematic.
Russia's surprising reversal on dollar abandonment—with Vladimir Putin stating in November 2024 that Moscow wouldn't seek to ditch the USD—has undermined confidence in the project. India continues to oppose the common currency concept outright, fearing US trade retaliation. China maintains strategic silence despite controlling the bloc's largest gold reserves.
