As a seasoned researcher with a knack for deciphering global economic trends, I find the recent developments within the BRICS alliance intriguing. Having closely followed the evolution of this group since its inception, it’s clear that their quest to free themselves from the US Dollar hegemony is more than just a passing fancy.
As a researcher involved in the BRICS alliance, I’m sharing that we have collectively decided to maintain our current membership composition for the year 2024. This announcement was made during our ongoing summit in Kazan, Russia. Our alliance, consisting of Brazil, Russia, India, China, and South Africa, is actively seeking methods to liberate ourselves from the dominance of the US Dollar. Previous discussions have included the potential use of Bitcoin (BTC) and stablecoins as alternatives to achieve this goal.
The BRICS Membership Structure and Admittance
Over the last year, the alliance has significantly grown beyond its initial founding members. This year alone, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia have become official members of the alliance. In addition to these full members, there are several other countries that hold partnership status within the alliance.
Among them are countries like Nigeria, Turkey, Malaysia, and Thailand, as well as others. Earlier reports by Coingape mentioned that Turkey was planning to join this group in June. However, with the recent restriction on new members, there’s discussion about what the organization will prioritize for the remainder of the year.
The BRICS’s plan is clearly outlined, focusing primarily on enhancing economic ties and trade relationships. To accomplish this goal, they aim to distance themselves from the global financial system that centers around the U.S. Dollar. Countries within this alliance, particularly Russia and Iran, are strongly driven towards this objective due to sanctions imposed by the U.S. Government and their European allies.
Some nations have chosen alternative routes in achieving their objectives by engaging in international trade without using the U.S. Dollar as the settlement currency. For example, India circumvented the Dollar last year by finalizing an oil deal with the UAE based on Indian Rupees.
What About Bitcoin and Crypto?
It’s important to mention that as discussions swirl around potentially reducing the influence of the U.S. Dollar, questions about the potential use of Bitcoin and cryptocurrencies have come to the forefront. Previously, Coingape suggested possible strategies Russia might employ to bypass Western sanctions using Bitcoin.
Although there’s no confirmed inclusion of Bitcoin in the long-term strategies for the BRICS group, it’s possible that stablecoins could be involved instead. In summary, Russian President Vladimir Putin stated that discussions about a common national currency for the alliance are still too early to have.
Presently, the organization is examining a payment method that intends to leverage blockchain technology to enhance its objectives related to swift international transactions.
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2024-10-24 20:38