The BRICS nations (Brazil, Russia, India, China, and South Africa)

The BRICS nations (Brazil, Russia, India, China, and South Africa) have been discussing the creation of a new monetary system to reduce their dependence on the US dollar](https://investingnews.com/brics-currency/). Here are some key points:

1. **New Currency**: The BRICS nations are considering a new currency, potentially backed by a basket of their respective currencies](https://investingnews.com/brics-currency/). This new currency, sometimes referred to as the "Unit," aims to provide an alternative to the US dollar for international trade and reserves](https://investingnews.com/brics-currency/).

2. **De-Dollarization**: The move is part of a broader strategy called **de-dollarization**, which involves reducing the dominance of the US dollar in global markets. This strategy has gained momentum, especially in light of economic sanctions and geopolitical tensions.

3. **Blockchain-Based Payment System**: BRICS nations have announced plans for a blockchain-based payment system to facilitate transactions between member countries and their trading partners](https://investingnews.com/brics-currency/).

4. **Economic Independence**: Establishing a new currency would allow BRICS nations to assert their economic independence and compete with the existing international financial system](https://investingnews.com/brics-currency/).

Would you like to know more about the potential impact of this new currency on the global economy or any specific aspects of the BRICS alliance?