The 15th BRICS summit in August this year ended on a high note as the alliance inducted six new countries into the bloc. The induction of new countries is historic, as the group decided on expansion after more than a decade. The expansion comes at a time when BRICS is working on the formation of a new currency to challenge the US dollar. In the latest update, Russia’s former advisor to the President and economist-turned-politician, Sergey Glazyev, made a huge announcement on the formation of the upcoming BRICS currency.

Sergey’s statements indicate that BRICS is serious about launching a new currency to take on the US dollar. Going by Russia’s economist comments, the new BRICS currency might be launched during the 16th summit in 2024.