BRICS Ministers Unleash Global Rebalancing: Bitcoin Takes Center Stage as Catalyst for Transformation

• • The BRICS alliance, according to its foreign ministers, symbolizes a realignment of the global order, challenging the ‘old world’ norms.
  • The BRICS coalition was established as an alternative to the US dollar reserve currency system and has now piqued the interest of several countries seeking membership.

Against the backdrop of the fading old world, the BRICS alliance emerges as a beacon of the shifting global order, according to the coalition’s foreign ministers. The BRICS cohort, embodying Brazil, Russia, Iran, China, and South Africa, convened for a summit in Cape Town recently.

The Daily Star report intimates that the summit’s theme was veiled by the Russia-Ukraine dispute. However, Naledi Pandor, South Africa’s foreign minister, asserted that the BRICS partnership aims to offer global leadership in an era defined by geopolitical tension, competition, inequality, and eroding global security.

“Our discussions today will therefore focus on opportunities… strengthening and transforming global governance systems,” Pandor expounded.

Subrahmanyam Jaishankar, India’s foreign minister, further posited BRICS as a “symbol of change,” subtly suggesting that the ‘old ways’, possibly the US dollar hegemony, no longer suffice to navigate current geopolitical waters. He asserted,

“Our gathering must send out a strong message that the world is multipolar, that it is rebalancing and that old ways cannot address new situations… We are a symbol of change and must act accordingly.”

BRICS was envisaged as an alternative to the US dollar reserve currency framework. After years of maintaining a low-key presence, the coalition now appeals to an array of nations aspiring to join the alliance. Brazil’s president, Luiz Inácio Lula da Silva, recently voiced his openness to including Venezuela in BRICS. Furthermore, African Ambassador Anil Sooklal confirmed the interest of over a dozen nations from Africa, Latin America, and Asia in becoming new members.

In a related development, the New Development Bank (NDB), dedicated to bolstering development in BRICS nations, is reportedly engaging with Saudi Arabia about the nation’s potential alliance entry. This underscores the broadening appeal and influence of the BRICS coalition in the evolving global order.