BRICS Discusses Accepting “The Unit:” A New Decentralized Monetary System Backed By Gold And Local Currencies

The BRICS+ financial bloc may accept a new decentralized money system as early as 2025 which could be a game-changer for the world financial system.

Writing for Russian outlet Sputnik, acclaimed author Pepe Escobar highlights a potential new system BRICS could soon adopt called The UNIT. The UNIT “proposes a reliable, quick and economically efficient solution for cross-border payments. The – transactional – Unit is a game-changer as a new form of international currency that can be issued in a de-centralized way, and then recognized and regulated at national level,” Escobar says.

He claims it “has already been discussed by the financial services and investments working group set up by the BRICS+ Business Council and has a serious shot at becoming official BRICS+ policy as early as in 2025.”

The Unit is a new hybrid currency network that is neither a cryptocurrency nor a stablecoin, but a decentralized token pegged in local currencies and gold. “With UNIT Token, you can freely buy, sell, and use apolitical money for payments through any open payment and clearing system,” the website says.

The creators behind UNIT boast of four main things it provides that other currencies cannot:

• UNIT offers an apolitical form of money that is not influenced by any political agenda, ensuring stability and neutrality.
• UNIT can be used as a currency for payments via any open payment and clearing system, providing flexibility and convenience.
• UNIT can be freely bought, sold, and used as a currency worldwide, enabling seamless cross-border transactions.
• UNIT ecosystem operates on a decentralized network, ensuring transparency and security for all transactions.

Furthermore, the group provides their manifesto for the UNIT:

UNIT ecosystem offers people around the world apolitical money that can be freely bought and sold or used as currency for payments via any open payment and clearing system.

What if the FRS refuses to honor its obligations as it did three times during the past century? What if introduction of centralized digital currencies goes awry? Does your common sense or formal ESG framework require you to have a reserve parachute?

UNIT is the currency of a new monetary ecosystem proposed as the solution to the basic lack of TRUST problem stemming from global use of fiat centralized monetary instruments for valuation and settlement of trade and capital flows

UNIT tokens are not subject to any capital controls or price manipulation

The integrity of the UNIT ecosystem is preserved by blockchain-based node synchronization and elimination of the need to re-balance gold holdings between UNIT nodes, thus minimizing costs and risks

Join us today and invest in new monetary infrastructure that is our UNIT ecosystem!

Moreover, a uniqueness to UNIT is that the token is tethered in 40% gold and 60% of BRICS+ currencies, and can be readily converted to physical gold, according to their whitepaper. However, the group notes that “since its value is not directly derived from the basket of underlying assets and by design, there no mechanism for reverse conversion of the UNIT into the basket of underlying assets.” They add, “After an initial period, the market value of UNIT tokens is expected to become primarily a function of supply and demand, not of the value of the underlying basket.”

New UNIT tokens can be emitted (or “minted,” the terms used interchangeably in this document) at UNIT nodes in exchange for depositing assets corresponding to the current value of the UNIT reserve basket, measured in gold. Minting is decentralized and is performed according to the UNIT governance rule-book, in the absence of constant coordination among issuers of the underlying currencies…