The origins of these forms of money are still being debated by numismatists, or specialists in currency and coins. However, from 700 BC onwards, the Zhou state was declining, leaving matters of currency to be decided primarily by local governments. The Zhou Dynasty in China lasted from 1100 BC to 256 BC. Humans have used metal coinage for thousands of years, but before this (at least in China) currency was made to resemble common commodities of the time. But did you know there are forms of currency that predate even these familiar forms of money? The Evolution of Currency during the Zhou Dynasty For centuries, paper money and metal coins were traded around the world. Today, credit, debit, and digital currency have begun to slowly replace cash as the primary forms of payment, but it was not always so. Watch the video above for Hunt's take on the upcoming major geopolitical shifts.The days of ‘cash as king’ are fading. "Other central banks will look around and say, 'How much of our reserves should we hold in dollars?' It won't be the same percentage." Why should central banks hold dollars? Any country that's part of BRICS don't need that," Hunt said. "So much of the energy market will no longer be in dollars. The de-dollarization trend is also gathering pace, with Hunt warning that the energy trade is turning away from the greenback and geopolitical implications are significant. To find out how China and Shanghai Gold Exchange will play a critical role in the workings of the new BRICS currency, watch the video above. There are now reportedly 20 countries that want to join the BRICS alliance, including Saudi Arabia, Argentina, Egypt, Iran, Turkey, United Arab Emirates, Thailand, and Venezuela.Īt the end of June, Ethiopia, one of Africa's fastest-growing economies, asked to join the bloc. Last year, China expressed interest in starting a process of admitting new members. And the Gulf countries are likely to be the first on the list. "They have special Secretariats for every single part of the world, whether it be geopolitics, trade, finance, education, and even sports."Īnd the BRICS group is about to expand, with Hunt not ruling out more countries joining in the next couple of years. People don't appreciate the depth that BRICS has created in its Secretariat," Hunt said. "There's a very strong chosen path by BRICS to develop a new mechanism, which will be against G7 countries. Many do not fully grasp the inner structure of the BRICS group, which is why its influence can often be overlooked. To find out why Hunt believes the BRICS countries will introduce a gold-backed currency, watch the video above. That will probably happen before 2030 by countries who are now and will be members of BRICS+." "In the mid-2020s, which is only a few years away, it will be convertible into gold," he noted. The BRICS' upcoming August summit in South Africa is being closely watched for any clues as to what this new currency will look like and how soon it can be introduced.Īnd that announcement and launch could be just around the corner, Hunt said. The next step for the BRICS countries could be the introduction of a new gold-backed currency, Hunt pointed out. "It's a very serious attack on the dollar world that has existed since World War II." "The involvement of BRICS has been a deliberate, slow movement … now I think they are in a position to make the next step upwards," Hunt told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News.
dollar as the world's reserve currency, according to Simon Hunt, founder of Simon Hunt Strategic Services. The influence of the BRICS countries – Brazil, Russia, India, China, and South Arica – should not be underestimated, especially when it comes to the threat it poses to the U.S.
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