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BRICS nations have decided in recent summits to introduce a new currency BRICS Chain to compete with the US dollar. It is a combined decision of Brazil, Russia, India, China and South Africa to boost trade using local currency. This is a challenging step for both BRICS countries to deal with the unnecessary risk of sanctioning issues. The BRICS Chain is not abandoning the US dollar but trying to act as a supportive instrument. The BRICS  bank note contains flags of five countries to symbolize the unity of trading. 

Reliance on US Dollar

This new initiative will not only reduce the dependency on the US dollar but it also allows smooth international trading activities. BRICS countries are expecting it as a strong weapon to build a financial system with a lesser reliance on Western countries. For example, there were some restrictions imposed upon euro and dollar trading due to new USA sanctions and it incurred a temporary halt on business transactions. But, at this point, after introducing BRICS Chain currency, it seems to face fewer restrictions on BRICS country’s trading activities. 

BRICS Chain Currency Trade

• ETF

One can invest in BRICS chain currency directly from forex trading or using the currency futures. Currency appreciation will give the earnings exposure to the investors. One can also purchase ETFs like iShares MSCI BIC ETF (ARCA: BKF) or the Pacer Emerging Markets Cash COW 100 ETF (NASDAQ: ECOW). It is a straightforward process and ETFs are traded in stock exchanges. 

• Mutual Fund

An efficient route to investment in the BRICS emerging markets is through mutual funds. Portfolio managers of a mutual fund manage professional resources, thereby gathering money from many investors that is accumulated to invest in various stocks and bonds issued by various BRICS countries. These investments therefore are expected to grow and diversify risk by acquiring a diverse basket of individual holdings.

• ADR or GDR

BRICS investors can invest in emerging markets by using American Depositary Receipts and Global Depositary Receipts to access such securities. These instruments make investments in foreign companies easier by having each ADR or GDR representing shares in the businesses of BRICS nations or other foreign markets cut across various sectors. ADRs are readily available through most U.S. banks and brokerage firms, which open up the BRICS markets of China, Brazil, and Russia for investment.

Convert BRICS Chain (BRICS) to United States Dollar (USD)

As of October 27, 2024, BRICS Chain trades at roughly $24.74 per token. The prices of cryptocurrencies are very volatile and can change in a matter of minutes. Always check real-time data and seek advice from a financial advisor before investing.

Here are some popular websites where you can track the performance and latest price of BRICS Chain and other cryptocurrencies:

1. CoinGecko – coingecko.com
2. CoinMarketCap – coinmarketcap.com
3. CryptoCompare – cryptocompare.com
4. Binance – binance.com
5. TradingView – tradingview.com
6. CryptoSlate – cryptoslate.com