The Russian representative to the BRIX conference has announced (in India) that the process of transitioning to the BRIX currency will be outlined at the BRIX World Conference in South Africa on August 22-24. Apparently, it will be similar to the creation of the EURO except that it will be based in a pool of commodities, so it will not be a fiat currency that can be manipulated. The first step is said to be a transition through "marketplaces" in China, Russia, Iran, and perhaps India where national currencies can be exchanged directly for goods in a similar manner to how the SWIFT system works today. After negotiations on what the commodity pool will consist of, there will be a switch to a digital currency that can be used for any purchases worldwide. This will remove the Dollar, Pound, and EURO from world markets and probably begin hyperinflation in those nations using fiat currencies as those currencies flow back to the home countries.
I thought everyone was going to push national bitcoin type money. Which lets the governments control the money more than ever.
The national digital currency planned was/is also to be a fiat currency. What the BRICS nations are proposing is REAL money based mostly against gold and precious metals but also including oil and grains to a lesser extent--to be negotiated. My understanding is that it will be a pool of commodities backing the new currency.