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Compare it for example to the Euro: it's backed by moral and air. I wouldn't underrate the BRICS+ as they will control a large part of the global energy market and a part of the maritime bottlenecks (look why there is this clash at Suez and Red Sea now). It's a serious problem and the Crown and it's willful warmongers knew it
Compare it for example to the Euro
and the difference is here:
India doesn't trust China, China doesn't trust India, noone trust Russia, noone trust Brazilian fiscal/monetary policy
No way there is trustful paper money (backed by whatever) in such circumstances.
Well let's wait for Dr. Market to decide. Did You see the crash of the Euro in usage to 22% of SWIFT payments recently? The USD stays strong, Yuan gaining and climbing to 4%. But this could speed up
please be serious... ;)
BRICS issued paper money "backed by energy" - will be like Petro in Venezuela:
https://www.fintechnexus.com/venezuela-petro-cryptocurrency-backed-crypto-the-petro/
I give them not more than 5 years, too :)
There is only single currency in this world that is backed by input energy:
https://medium.com/capriole/the-energy-standard-b726edeed588