Bitcoin’s Impact: 20 New Countries Seek to Join BRICS Alliance, Driven by Crypto’s Influence

• The Russian Deputy Foreign Minister Sergey Ryabkov announced that 20 new countries have expressed their desire to join the BRICS alliance, signifying an expansion surge.
• The BRICS alliance, focusing on de-dollarization efforts and competitive global positioning, is set to decide on its expansion plans in its upcoming summit in August.

In an era of shifting geopolitical alliances, the BRICS economic consortium is gaining an unexpected level of traction. Twenty new nations have formally expressed their interest in joining the BRICS alliance, as confirmed by Russian Deputy Foreign Minister Sergey Ryabkov, spotlighting the rapid and wide-reaching appeal the bloc has developed recently. This underscores a crescendo in BRICS’ influence ahead of its impending summit in August.

The BRICS collective, an economic alliance between Brazil, Russia, India, China, and South Africa, has steadily gained global attention, particularly in 2023. Establishing itself as a formidable challenger to the long-standing unipolar global order, BRICS has unreservedly entered the competitive arena. Its unique approach to economic policy, particularly its drive towards de-dollarization, has been adopted by several countries, each harboring hopes to diminish the world’s overdependence on the U.S. dollar.

Currently, the alliance is abuzz with discussions revolving around the proposed expansion and the strategic membership process. The intrigue surrounding these 20 applicant countries is palpable; their compatibility with the BRICS alliance and how they align with its goals will play a key role in shaping the expansion plans slated for implementation this summer.

Sergey Ryabkov, highlighting the surge in interest, shared,

“The list of candidates for joining the association continues to increase. It reflects BRICS’ growing and already considerable role in the international arena as an association of countries with similar positions.”

Furthermore, Ryabkov elucidated the alliance’s unique organizational structure. The bloc does not operate within a conventional leader-follower dynamic but encourages member states to establish a constructive agenda founded on mutual consensus.

Intriguingly, Ryabkov also hinted at regions that might contribute potential members to the alliance. Without naming specific countries, he suggested that the Arab world and the Asia-Pacific region are notably keen on BRICS representation. As this exciting phase in the BRICS alliance unfolds, the world watches with bated breath to see how this potential expansion will reshape global economic landscapes.