BRICS launches UNIT payments tool, backed by gold and member countries’ currencies
The BRICS countries' goal is to end the hegemony of the US dollar in the global financial and trade system. To that end, they have launched UNIT, a payment unit backed by gold and a pool of currencies from the member countries
The BRICS group recently launched UNIT, a payment unit backed by gold and a basket of member countries’ currencies. This is a further step towards ending the hegemony of the US dollar in the global financial system.
The group stated that UNIT is “a mixed-backed exchange unit, 40 % gold and 60 % a basket of member countries’ currencies.”
The new scheme will pave the way for more than 30 countries to trade commodities such as precious metals, energy, and raw materials without going through traditional platforms and settlement mechanisms dominated by the West.
UNIT offers a more secure and resilient alternative to US sanctions.
M.Pino
Source: noticias24hrs
(Reference image source: Ian Taylor on Unsplash)
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