Bitcoin Puts Wind in BRICS Sails: Economic Bloc Set to Surge Into 50+ Nations

• Over 40 countries express interest in joining BRICS, an economic coalition made up of Brazil, Russia, India, China, and South Africa.
• Discussions surrounding the implementation of a common BRICS currency, a step towards de-dollarization, intensify despite no immediate plans for its introduction.

Anil Sooklal, South Africa’s leading diplomat responsible for BRICS, recently unveiled that more than 40 nations have expressed their desire to join the influential economic bloc. South Africa, set to host this year’s BRICS summit, has officially received membership applications from 22 of these countries.

A Growing BRICS Bloc

The BRICS economic bloc, an alliance of Brazil, Russia, India, China, and South Africa, continues to garner significant global interest. Among the countries interested in becoming BRICS members are Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, the Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan. This surge in interest signifies the alliance’s potential expansion to over 50 countries, according to Sooklal.

The BRICS summit, scheduled for Aug. 22-24 in Johannesburg, will address the matter of expansion among its key agenda points. However, Russian President Vladimir Putin is not expected to attend in person.

The Prospect of a Common BRICS Currency

While there’s no immediate plan for a common BRICS currency, discussions on this topic have attracted worldwide attention. Russian news outlet RT recently suggested that the BRICS nations are preparing a gold-backed currency to announce at the August summit. However, Leslie Maasdorp, vice president and chief financial officer of the New Development Bank, also known as the BRICS Bank, has stated that the immediate creation of a common currency is not a priority.

Despite this, Sooklal mentioned that the notion of expanding interaction in local currency trading will be a topic of discussion at the summit, signifying a move towards de-dollarization.

Brazil’s President Luiz Inácio Lula da Silva plans to bring up the issue of de-dollarization at the summit, advocating for nations to move away from the U.S. dollar in global trade and instead use their national currencies. The Brazilian leader has also expressed support for the creation of a common BRICS currency. This highlights the shifting dynamics of global economies, with countries seeking more flexibility and less dependency on the dollar.