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HomeNewsBRICS Alliance Attracts Interest: 36 Nations Apply, Bitcoin Offers Dedollarization Pathway

BRICS Alliance Attracts Interest: 36 Nations Apply, Bitcoin Offers Dedollarization Pathway

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  • The BRICS alliance’s prospective expansion and appeal to poorer nations indicate a shift away from the US dollar.
  • Following BRICS developments, Marcel Knobloch’s tweet raises the debate over Bitcoin’s role as an alternative currency.

The developing world has seen an unprecedented surge in interest, with 36 countries indicating their intention to join the BRICS alliance in 2024. South Africa’s Foreign Minister, Naledi Pandor, drew attention to this development.

The increased interest in BRICS—Brazil, Russia, India, China, and South Africa—showcases the coalition’s expanding potential as a forum for developing nations’ economic empowerment.

BRICS: A Guide for Dreams in the Economy

For these prospective members, BRICS represents economic development and provides an opportunity to raise their financial profile internationally. The possibility of moving away from the current reliance on the US dollar and toward the use of local currencies in international trade is a major lure for these countries.

Although there is a noticeable desire to join BRICS, it is expected that the admissions procedure would be selective, with strict standards establishing the suitability of potential members. This cautious approach implies that entrance may not be granted immediately to all countries showing interest in 2024.

The alliance has occasionally discussed the idea of a gold-backed currency, thanks in large part to China’s and Russia’s significant gold purchases. However, the associated practical difficulties have so far prevented the implementation of such a currency.

Previously, President Vladimir Putin issued a stark warning amidst BRICS’ push for Middle Eastern countries to transition from the US dollar to local currencies in oil trade, as previously reported by ETHNews.

The Proposition of Bitcoin

The cryptocurrency community is very active during these talks, especially after a tweet from renowned blockchain researcher Marcel Knobloch. In his piece, Knobloch makes a link between the rhetoric surrounding the BRICS countries now and the potential role that Bitcoin may play in challenging established financial power.

Frequently referred to as “digital gold,” Bitcoin’s intrinsic qualities, like its restricted supply and increasing usage, make it an attractive option for maintaining and maybe increasing value in the digital era.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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