BRICS prepares to launch gold-backed settlement
The BRICS group is approaching the completion of a framework for a digital settlement token based on blockchain technology, aimed at facilitating cross-border payments among member countries without the need for a unified currency. The token will be backed by 40% gold and 60% a basket of local currencies, while maintaining each country's sovereignty over its monetary policies. The project seeks to reduce reliance on the dollar, improve the efficiency of financial settlements, and provide an alternative to traditional settlement networks, amid regulatory, technical, and political challenges.
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