LETTER: New reserve currency
Return to gold standard would be beneficial for sub-Saharan region and other Brics countries
Andile Systems CEO Andries Brink makes a brilliant case for a new Southern African reserve currency linked to a basket of commodities, and thus a return to an enhanced gold standard (“Creation of a regional reserve currency would give SA a chance to lead”, July 1).
The plan is simple, using blockchain technology and the underground reserves of commodities such as gold, silver, diamonds, platinum and possibly other commodity reserves.
This would signify a return to the gold standard, which would be beneficial for the sub-Saharan region and the other Brics countries. This suggestion should whet the appetite of the finance minister and the Reserve Bank governor, not to mention the benefits to our neighbours.
Zimbabwe could at last have a future, and the financial dominance of the US would be put to the test. The most fascinating future for China and its belt and road initiatives could see Africa blossom. Gold will take on a new life all over the world.
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