BRICS discusses "UNIT": a basket of 40% gold and 60% currencies to reduce dependence on the dollar
The transition from the symbolic R5 banknote to a more applied idea, the UNIT settlement instrument, is being discussed at the BRICS site. According to the description, it should rely on a basket of 40% gold and 60% BRICS+ currencies and work through a digital platform. But this is not yet a “new currency”, but a concept: success rests on management rules, clearing, compliance and market confidence. Let's look at what this can mean for settlements, contracts and logistics in foreign economic act