What is The Unit? BRICS Unveils Its Grand Plan for a New Gold-Backed Financial System
What is The Unit? BRICS Unveils Its Grand Plan for a New Gold-Backed Financial System
On May 17, 2024 By Awake-In-3D
The Unit’s structure, anchored in gold and BRICS+ currencies, provides for de-dollarization, along with a stable and decentralized monetary framework.
In This Article:
Introduction to the BRICS+ Unit
Addressing Global Financial and Payment Issues
Economic and Political Benefits
Technological Features and Adoption Prospects
In 2024, the global financial landscape is poised for a significant transformation with the introduction of a groundbreaking concept: it’s called the Unit.
A boring and unremarkable name, but it makes total sense and it’s financial implications will be profound.
Proposed by the financial services and investments working group of the BRICS+ Business Council, the Unit aims to establish a decentralized monetary ecosystem.
Expected to become official BRICS+ policy by 2025, the Unit seeks to address critical geoeconomic issues, particularly the global crisis of trust in existing monetary frameworks.
Introduction to the BRICS+ Unit
The Unit, conceptualized by Alexey Subbotin, founder of Arkhangelsk Capital Management, is designed to tackle the inherent flaws of centralized monetary systems established over 80 years ago at Bretton Woods.
This financial sovereignty is particularly appealing to countries seeking an alternative to the current centralized, dollar-based systems.
These flaws include chronic deficits, speculative bubbles, politically motivated sanctions, and a lack of fair arbitration.
The Unit proposes a reliable, quick, and economically efficient solution for cross-border payments, functioning as a new form of international currency issued in a decentralized manner and regulated at the national level.
Addressing Global Financial and Payment Issues
The current global financial system faces numerous challenges, including speculative bubbles and politically motivated sanctions.
The Unit aims to address these issues by providing a decentralized monetary framework that is both reliable and efficient for cross-border payments.
By doing so, it tackles the root problems of chronic deficits and lack of fair arbitration, offering a solution that can restore trust in the global financial system.
Economic and Political Benefits
The Unit offers numerous benefits, particularly for the Global Majority, by providing a form of apolitical money. It aims to harmonize trade and financial flows, maintaining independence from political pressures.
This financial sovereignty is particularly appealing to countries seeking an alternative to the current centralized systems. The Unit’s structure, anchored in gold (40%) and BRICS+ currencies (60%), provides a stable and trustworthy monetary framework.
Technological Features and Adoption Prospects
Technologically, the Unit is designed to be compatible with both traditional banking operations and the newest forms of digital banking.
It aims to upend unfair pricing in commodity trading by establishing the Eurasian Mercantile Exchange, where trading and settlement can be conducted in this new currency.
This approach facilitates the development of new financial products for foreign direct investment (FDI), bridging trade flows and capital.
The Unit employs distributed ledger technology to ensure transparency and prevent capital controls or exchange rate manipulation.
This technology allows connections to all open decentralized exchanges (DEX) and digital platforms operated by both commercial and central banks worldwide.
The end goal is for everyone to use the Unit for accounting, bookkeeping, pricing, settling, paying, saving, and investing.
Implementation Timeline and Adoption Prospects
The BRICS Business Council has already backed the Unit, and it is on the agenda for the upcoming ministerial meeting in Russia.
The roadmap for its adoption will be discussed at the BRICS+ summit in October 2024 in Kazan.
With the potential for implementation as early as 2025, the Unit presents a feasible technical solution for creating a globally recognized payment and trade system immune to political pressure.
The Bottom Line
The Unit represents a groundbreaking approach to addressing the shortcomings of current centralized monetary systems.
By offering a decentralized, apolitical currency, it promises economic and political benefits for the Global Majority. Its technological innovations and potential for wide-scale adoption position it as a key player in the future of global finance.
Stay tuned! More articles on all of this, and what it means are coming soon.
Supporting article: The coming of a BRICS decentralized monetary system.
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