BRICS’ gold-backed currency will benefit Iran in the short run.
But how are they going to make sure all 5 BRICS nations will keep being honest about how much gold they have?
Gold has an extensive monetary history and it clearly shows that even when it was a bearer asset it was eventually always manipulated (gold in coins was mixed with other metals).
When it was the guarantor of paper-money (a gold-backed currency) it was even easier to manipulate. And it always was…
What do you think is going to happen to this BRICS currency?