BRICS nations have shown interest in the possibility of developing a gold-backed digital currency as part of efforts to reduce reliance on the U.S. dollar in international trade. This topic is explored in an article by Alexej Jordanov, Content Architect at Goldrepublic, titled “Gold-backed digital currency could be a game-changer for BRICS.” It was published on Friday by the Official Monetary and Financial Institutions Forum (OMFIF).

Jordanov discussed how geopolitical shifts, including Russia’s exclusion from the SWIFT payment network, have contributed to the bloc’s exploration of alternative settlement systems. The proposed single currency, if pursued, could be pegged to gold and a basket of BRICS currencies, with distributed ledger technology (DLT) providing transparency and security. U.S. President-elect Donald Trump has stated that he may impose 100% tariffs on BRICS nations if they introduce a currency that challenges the dollar’s dominance. It remains to be seen whether this stance will lead to specific action after Trump’s inauguration. Jordanov explained:

For the BRICS group, a gold-backed digital currency could make a big deference. Lower transaction costs and reduced exchange rate volatility are among the tangible benefits.

BRICS countries collectively account for 40% of the global population and generate over 30% of the world’s GDP, slightly surpassing the G7, he detailed. Despite this economic strength, the dollar continues to dominate global trade, with BRICS currencies playing a smaller role. Intra-BRICS trade, which has increased by 56% since 2017, accounted for 37% of total transactions within the bloc in 2022. Jordanov suggests that if a gold-backed currency were implemented, it could reduce transaction fees and exchange rate risks.

The article outlines how this system could work, with Jordanov stating:

By tokenising gold reserves, each digital unit would be backed by tangible assets stored in secure vaults, with regular audits ensuring accountability. Smart contracts could dynamically adjust currency weightings, reflecting trade patterns and economic conditions.

“This would enable real-time settlements, reduce delays and foster trust among participants. Such a system might even attract nations outside the bloc seeking alternatives to dollar-dominated networks, potentially increasing the Brics bloc’s global trade share beyond its current 18%,” he noted.

Jordanov pointed out that the BRICS nations collectively hold 5,700 tonnes of gold, representing 16% of global reserves, compared to the G7’s 17,500 tonnes, or 49%. While Jordanov acknowledges the potential benefits, he also highlights the challenges, stating that “some potential benefits of a gold-backed digital currency are discernible, but implementation will not be straightforward. Effective coordination among BRICS nations is required, alongside investments in technological infrastructure. Geopolitical obstacles, including potential sanctions and tariffs, add further complexity. Nevertheless, with its strategic gold reserves and economic clout, the BRICS group is likely to continue advancing ideas to reshape global finance and offer an alternative to the dollar-centric order.”

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