Mental note to read up on later:
BRICS want to replace the USD. What does that mean? How does it work?
The BRICS “de-dollarization coalition” countries, Brazil, Russia, India, China and South Africa, represent 41% of the global population. They have started to use currency swaps to bypass dollar system.
He (Putin) intends to organize the BRICS countries (Brazil, Russia, India, China, and South Africa, and others) into a unified economic bloc rooted in asset-backed currencies such as metals-backed crypto tokens, with Bitcoin and other cryptocurrencies as a bridge.
Last week, Algeria officially submitted its application to join BRICS. Could BRICS de-dollarize the world financial system?
If accepted, the new proposed BRICS members would create an entity with a GDP 30% larger than the United States, over 50% of the global population and in control of 60% of global gas reserves.