BRICS Gold Settlement Architecture Opens Door to Dollar-Free Trade
The BRICS alliance is reshaping global trade dynamics with its gold-backed settlement system, now operational across eleven member nations with 22 additional countries in the application pipeline. Shanghai Gold Exchange International spearheads the infrastructure, featuring vaults in Saudi Arabia and conversion hubs in Singapore and Malaysia.
Russia's 2017 pilot program set the precedent, exchanging yuan for oil with blockchain-verified gold convertibility in Shanghai. "This isn't just about bypassing the dollar," observes a Singapore-based commodities trader, "it's about rewriting the rules of monetary trust."
The network's expansion coincides with growing institutional interest in gold-pegged digital assets, though none of the major cryptocurrencies are directly involved in the current framework. Market analysts note increased volatility in stablecoin markets as the system gains traction.
