June 23 (Cointime) - BRICS is a group of five emerging economies - Brazil, Russia, India, China, and South Africa - that was formed to promote collaboration and communication among its member nations. The alliance holds annual summits to discuss various issues such as trade, finance, development, energy, and technology, and has established mechanisms such as the New Development Bank and the Contingent Reserve Arrangement for economic development and financial stability.

BRICS aims to achieve economic cooperation, development financing, political coordination, social and cultural exchanges, technology and innovation, sustainable development, peace and security, and South-South cooperation. The upcoming BRICS Summit 2023 may see the introduction of a gold-backed digital currency, which could reduce reliance on existing monetary systems and strengthen economic ties within the BRICS bloc.