After the visit of Russian President Putin to India, a big question has started arising rapidly. Are BRICS countries going to launch their own separate Gold Backed Currency? The debate on social media became more heated when Rich Dad Poor Dad author and veteran investor Robert Kiyosaki claimed that the BRICS countries have announced a new gold-backed currency—“UNIT”—and now it is time to “Goodbye US Dollar.” But is this claim true? In this video we will understand the truth of this entire issue in detail. Contrary to Kiyosaki’s claim, no BRICS country has yet officially launched a gold-backed currency. Yes, there are political discussions going on among the BRICS countries about a gold-linked payment system, informally called “Unit”—the purpose of which is to facilitate trade outside the dollar-dominated global system. It is also worth noting that the US dollar itself was gold backed until 1971. Today, when many countries are rapidly increasing gold purchases, it is natural for the demand and debate about gold backed currency to intensify again.
