EARTH CURRENCY - TOWARD A UNIVERSAL CURRENY

universal currency There is no official universal world currency, but the United States Dollar (USD) serves as the de facto global currency. It is the most widely held reserve currency by central banks, accounts for the vast majority of international debt, and is the primary unit of pricing for global commodities like oil.While no single tender is used universally, the global financial system relies on a few major currencies and specialized global assets to manage international trade and reserves:U.S. Dollar (USD): Dominates the global economy, making up nearly 60% of allocated central bank foreign exchange reserves. It acts as the primary medium of exchange for global trade.Euro (EUR): The second most important global currency, utilized by the Eurozone and heavily used in international reserves and foreign exchange transactions. THE WORLD NEEDS A UNNIVERSAL CURRENCY ASAP THE ONLY THING MISSING IS AN APPROPRIATE NAME... The BRICS nations are interested in creating a new currency to compete with the US dollar, and recently announced plans for a blockchain-based payment system. Learn about the developments thus far and how investors can prepare for the possibility. https://investingnews.com/brics-currency/ The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, have had many discussions about establishing a new reserve currency backed by a basket of their respective currencies. The creation of a potentially gold-backed currency, known as the "Unit," as a US dollar alternative is also under consideration by BRICS members. However, whether or not these countries can fully separate themselves from the ruling global currency is up for debate even amongst themselves. A potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 89 percent of all currency trading. Traditionally, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023, one-fifth of oil trades were reportedly made using non-US dollar currencies. Central to this situation is the US trade war with China, as well as US sanctions on China and Russia. Should the BRICS establish a new reserve currency, it would likely significantly impact the US dollar, potentially leading to a decline in demand, or what's known as de-dollarization. In turn, this would have implications for the US and global economies. If BRICS watchers were hoping for more fireworks at the 2025 BRICS meeting held in Brazil this July, they were sorely disappointed. Putin and Chinese President Xi Jinping were not in attendance, and talk of a BRICS currency was much more muted. On top of this, according to Modern Diplomacy, that topic may be even less of a concern at next year's BRICS meeting; it will be held in India, which has sought to distance itself from a move away from the US dollar. It's still too hard to predict if and when a BRICS currency will be released, but it's a good time to look at the potential for a BRICS currency and its possible implications for investors.