BRICS launch gold-backed cryptocurrency to replace the dollar

The BRICS group has launched a working prototype of a gold-backed trade currency known as the “Unit”, as the world’s leading emerging markets search for a way to ditch the dollar, the Institute for Economic Strategies of the Russian Academy of Sciences (IRIAS) reported on December 4.

The Unit is a digital trade instrument backed by a reserve basket composed of 40% physical gold and 60% BRICS national currencies, equally weighted between the Brazilian real, Chinese yuan, Indian rupee, Russian ruble, and South African rand. The pilot was initiated IRIAS which issued 100 Units on October 31, each initially pegged to 1 gram of gold.