The BRICS+ financial bloc may accept a new decentralized money system as early as 2025 which could be a game-changer for the world financial system.
Writing for Russian outlet Sputnik, acclaimed author Pepe Escobar highlights a potential new system BRICS could soon adopt called The UNIT. The UNIT “proposes a reliable, quick and economically efficient solution for cross-border payments. The – transactional – Unit is a game-changer as a new form of international currency that can be issued in a de-centralized way, and then recognized and regulated at national level,” Escobar says.
He claims it “has already been discussed by the financial services and investments working group set up by the BRICS+ Business Council and has a serious shot at becoming official BRICS+ policy as early as in 2025.”
The Unit is a new hybrid currency network that is neither a cryptocurrency nor a stablecoin, but a decentralized token pegged in local currencies and gold. “With UNIT Token, you can freely buy, sell, and use apolitical money for payments through any open payment and clearing system,” the website says.
The creators behind UNIT boast of four main things it provides that other currencies cannot:
- UNIT offers an apolitical form of money that is not influenced by any political agenda, ensuring stability and neutrality.
- UNIT can be used as a currency for payments via any open payment and clearing system, providing flexibility and convenience.
- UNIT can be freely bought, sold, and used as a currency worldwide, enabling seamless cross-border transactions.
- UNIT ecosystem operates on a decentralized network, ensuring transparency and security for all transactions.
Furthermore, the group provides their manifesto for the UNIT:
UNIT ecosystem offers people around the world apolitical money that can be freely bought and sold or used as currency for payments via any open payment and clearing system.
What if the FRS refuses to honor its obligations as it did three times during the past century? What if introduction of centralized digital currencies goes awry? Does your common sense or formal ESG framework require you to have a reserve parachute?
UNIT is the currency of a new monetary ecosystem proposed as the solution to the basic lack of TRUST problem stemming from global use of fiat centralized monetary instruments for valuation and settlement of trade and capital flows
UNIT tokens are not subject to any capital controls or price manipulation
The integrity of the UNIT ecosystem is preserved by blockchain-based node synchronization and elimination of the need to re-balance gold holdings between UNIT nodes, thus minimizing costs and risks
Join us today and invest in new monetary infrastructure that is our UNIT ecosystem!
Moreover, a uniqueness to UNIT is that the token is tethered in 40% gold and 60% of BRICS+ currencies, and can be readily converted to physical gold, according to their whitepaper. However, the group notes that “since its value is not directly derived from the basket of underlying assets and by design, there no mechanism for reverse conversion of the UNIT into the basket of underlying assets.” They add, “After an initial period, the market value of UNIT tokens is expected to become primarily a function of supply and demand, not of the value of the underlying basket.”
New UNIT tokens can be emitted (or “minted,” the terms used interchangeably in this document) at UNIT nodes in exchange for depositing assets corresponding to the current value of the UNIT reserve basket, measured in gold. Minting is decentralized and is performed according to the UNIT governance rule-book, in the absence of constant coordination among issuers of the underlying currencies.
The integrity of the UNIT ecosystem is preserved by blockchain-based node synchronization and elimination of the need to re-balance gold holdings between UNIT nodes, thus minimizing costs and risks. UNIT tokens are not subject to any capital controls or price manipulation. They can be freely bought and sold or used as currency for payments via any open payment and clearing system.
In addition to the intended use of the UNIT as a currency for traditional and alternative payment systems, resilience of the UNIT ecosystem is further enhanced by a secure proprietary UNIT payment protocol designed to transact with UNIT tokens, which will be open for access in line with the UNIT rule-book.
The white paper states in the abstract
Besides being offered as a great currency option for the BRICS block, UNIT also seeks to attract the Eurasian Economic Union and Western and Central African nations.
With all things considered, Escobar claims UNIT “has already received backing by the BRICS Business Council and is on the agenda at the crucial ministerial meeting in Russia next month, which will work out the road map for the summit next October in Kazan.” That means UNIT could in theory be adopted as soon as early 2025, he asserts.
Top Russian economist Sergey Glazyev disclosed in an email the potential use the UNIT could bring:
I have been following the development of Unit for more than a year and can confirm that Unit offers a very timely, feasible solution. It is academically sound, technologically innovative and at the same time complementary to the existing banking infrastructure.
Launching it under the auspices of an UN institution gives Unit legitimacy, which the current Bretton Woods framework is clearly lacking. Recent actions by the US administration and loud silence from IMF clearly indicate the need for change.
A decentralized approach to emission of potential global trade currency, whose intrinsic value is anchored in physical gold and BRICS+ currencies, makes Unit the most promising of several approaches being considered. It balances political priorities of all participants, while helping each sovereign economy develop along its optimal path.
The New Development Bank (NDB) and BRICS+ shall embrace the concept of Unit and help it to become the pinnacle of the new emerging global financial infrastructure, free from malign political interferences while focused instead on fair trade and sustainable economic growth.
Discussions On A Common Currency
BRICS has indicated before that they are interested in creating their own currency over a year ago. Last year there was a lot of speculation the BRICS delegates would unveil this new currency during their meeting in August, but Chief Financial Officer Leslie Maasdorp put those ambitions to rest at the time. “The development of anything alternative is more a medium to long term ambition. There is no suggestion right now to creates a BRICS currency,” he stated.
More recently last month, Ledger Insights reported that Russia’s Deputy Foreign Minister Sergei Ryabkov said that ‘a common currency is not a current priority,’ but did reveal that it would be possible to move very quickly and implied that one could perhaps be less than a year away
Governor of the Bank of Russia Elvira Nabiullina has previously spoken about the complexities of creating a unified BRICS currency.
“I would not say that this idea has been shelved.” Ryabkov said. “Although its implementation, as we all understand, involves, among other things, such aspects as the creation of a single issuance center, the creation of a Central Bank that sets a common basic discount rate, as possibilities for borrowing from the Central Bank by the banks of the participating countries.”
[We] agree that today BRICS, which has 15 years behind it and has just doubled in size, is hardly ready for such steps and experiments. But this does not mean that this idea has been postponed. [A] quite bold, quite innovative scheme in this area will be worked out, and in a future that is not calculated in years and decades, but much faster. He said
This past January, Nabiullina revealed during Russian CBDC pilots that the the CBDC platform was designed to support integration with similar foreign solutions. “We are currently conducting consultations and negotiations with many friendly countries and, of course, with the BRICS countries, on cross-border payments through digital currencies.”
However, other recent reports have confirmed that BRICS is collaborating with member states to create a new currency, namely Russia with Iran, one of the newest members admitted last year.
Cited by IntelliNews, Iranian Ambassador to Russia Kazem Jalali at a press conference during the “Russia-Islamic World: KazanForum” on May 16th:
The creation of a new single currency within the framework of the association is what Russia and Iran are working on.
He stated
He added that “more than 60% of bilateral trade is in rubles and rials,” he said, notinf that relations between Russia and Iran are now at the “golden stage.”
BRICS payments were previously touted by Kremlin aide Yury Ushakov in March. She told Russian outlet TASS that a solution has been suggested: rather than a currency, a new blockchain-based payment system will be used called “BRICS Pay”. SEE: BRICS Bloc Launches BRICS Pay, A Contactless Digital Blockchain Payment System To Circumvent US Dollar And Trade CBDCs
Meanwhile, Western nations are rapidly working to debut their own CBDCs and new common currency platforms. SWIFT laid out their intentions for a new CBDC, tokenized platform in March, set to be released in 2025 or 2026.
AUTHOR COMMENTARY
UNIT sounds interesting, but in my honest assessment I don’t see it going far. Unless I missed it, I have not see any other chatter or recognition for this platform. I also simply do not think BRICS will adopt it simply because it’s decentralized and it takes away power from central banks. We can hope and dream all we want, but there seems to be this subtle, nascent propaganda-hopium campaign that BRICS is going to create a currency that returns the world to the ‘glory days’ of financial independence, with a 1:1 gold to currency backing. There is still lacking evidence to substantiate these claims.
But, should UNIT gain more attention and some serious consideration, then I’ll be sure to report on it and reassess then.
Even if a similarly structured framework is adopted, central banks will not allow decentralized currencies of any real magnitude to exist. They must always have their thumbs on it for direct control.
Proverbs 22:7 The rich ruleth over the poor, and the borrower is servant to the lender.
Whether or not BRICS comes out with a common currency, they are at the very least going to keep trading in their local currencies to circumvent the U.S. dollar. The dollar is going away and nearly all Americans save only a relative few know what’s about to happen.
In order to implement the digital IDs, CBDCs and tokenization new financial system the old fiat, dollar system has to go. We are witnessing and living through a controlled-demolition, which is a big reason why nothing in the economic sphere makes sense anymore as the whole is being torn-down and strung along, just long enough so the new one can be implemented in the midst of the controlled chaos.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.
Sounds a bit like the Green Stamps program.
Controlled demolition? Perhaps, but it won’t go like they plan.
I freely admit that I’m not economic or financial genius, but would merely comment that Russia is a craft of Rome, used after WWI & II to punish & get rid of biblical Christian influence & resistance in Eastern Europe & Asia, & to trim the wings of their competitive Romanism in the Orthodox Church. Most assuredly using their papal juden who would not have the man, the Lord Jesus Christ to rule over them, & who have no king but Caesar, in their ‘games’ & strategic crafts…..tho the Jews remain the tail & not the head until the two unite in that coming man of sin to be received by all the world.
–
And even he, that mongrel head, will meet his end as written, though it looks like he takes down Rome & is used to judge the apostate & unbelieving Jews & Jerusalem terribly in his pride & covetous jealousy, before the true Lord& Messiah returns & that happens.
–
Now that it’s (Eastern Orthodox Catholicism) in ecumenical agreement & concordat with Rome proper, it’s being allowed & promoted as a subtle antichrist ‘option’ or counterfeit. ‘Traditional’ values, order & all that, which isn’t enough….see Colossians 2:8 KJB on that one.
–
Rome, who was behind making the U.S. dollar the world currency, always plays both sides, & every side!, to the same ends of destruction, death, thievery, power & control….from behind fronts, ‘curtains’ etc & using cronies & dupes.
–
She & the spirit of the beast she rides always deceive themselves of their ‘superiority’ due to their apparent visible ‘success’, as they attribute their bloody, ill-gotten gain to some ‘front’ or their own genius (reminds you of that wolfish Dave Ramsey thing that Bryan Denlinger recently called out: see Rome’s teeth & hear the hiss of the serpent in that one: cruel, karmic, venomous, self-righteous, mocking while also poisonously ‘positive’….no ‘poor mouth’, humble servant, cross-bearing, patient Christianity there, no sir) …..but they only & always end up manifesting their own sin & that of their cronies & dupes; & fulfilling the word of God, the testimony of Jesus Christ, the spirit of prophecy.
–
Those who spend regular time in the King James Bible, & believing it as written, are less apt to be distracted by their ‘sides’, their black & white sorceries, dialectic games, serpent ‘wisdom’, science falsely so-called, etc. (And, believe me: I’ve been there!) Political & religious games & sophistry, and more apt to see it as it is: thus not becoming puffed up & blinded in pride, or given over to despair. Praising God for his mercy & for sight.