ZeroFox Intelligence Flash Report - New Gold-Backed Currency Potentially Introduced by BRICS

Product Serial: F-2023-07-20a

TLP:CLEAR

In this flash report, ZeroFox’s Geopolitical Working Group provides updates and analysis around recent news that the BRICS countries (Brazil, Russia, India, China, and South Africa) plan to introduce a new trading currency, which will be backed by gold.

Standing Intelligence Requirements

Geopolitical and Physical GEO

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https://cloud.zerofox.com/intelligence/advisories/14956

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Key Findings

Starting in early July 2023, the ZeroFox Geopolitical Working Group began identifying multiple reports indicating that the BRICS countries plan to introduce a new trading currency, which will be backed by gold. BRICS currently consists of Brazil, Russia, India, China, and South Africa and is an alliance of fast-growing economies established in 2009. There has been speculation that the currency might be introduced during the upcoming BRICS summit, scheduled to take place in South Africa from August 22-24, 2023.