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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