Netizens gauge symbolic BRICS banknote’s possible effect on US dollar

Global leaders including Chinese President Xi Jinping and Indian Prime Minister Narendra Modi are attending the 16th BRICS Summit in Kazan, Russia. The annual event is being held under the theme: “Strengthening Multilateralism for Just Global Development and Security”.

Several media reports suggest that BRICS countries are planning to launch a currency banknote, and that it could put pressure on the US dollar. During the Summit, Russian President Vladimir Putin apparently presented the ‘BRICS bill’ to other ministers.

The symbolic BRICS currency could be called ‘the unit’. Earlier media reports suggested that the banknote is going to be 40% supported by gold and 60% by reserves in member currencies. Officials have not reacted to the rapidly proliferating claims on social media, yet.

Kazan Declaration outlining objectives of BRICS members

Netizens have been speculating about the impact the BRICS currency could have on US dollar. One person posted on X that the unveiling of the symbolic banknote is a pivotal move in the direction of a more multipolar financial system.

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The flags of the BRICS founding countries can be seen on the front of the bill, according to Sputnik. Besides the banknote, the 16th BRICS Summit has noted another substantial milestone in the form of the Kazan Declaration.

The Kazan Declaration outlines the vision and objectives of the BRICS members. This document emphasised the importance of BRICS solidarity and strategic partnerships. The leaders committed to fostering peace and promoting sustainable development globally.