BRICS Nations Disrupt Traditional Currency Order, Bitcoin’s Potential as New Global Currency Explored

• Saudi Arabia, Iran, and UAE are almost certain to become part of the BRICS economic alliance in 2023.
• The expansion of BRICS membership could further enhance the bloc’s ambition of developing a new global currency, potentially challenging the dominance of the US dollar.

As an annual highlight on the global economic calendar, the BRICS Summit has been a significant cornerstone in forging alliances and consolidating power within the economic sphere. In 2023, a highly anticipated topic on the agenda is the potential expansion of BRICS (Brazil, Russia, India, China, and South Africa) membership.

The Most Likely New BRICS Members

Among the plethora of interested countries, Saudi Arabia, Iran, and the United Arab Emirates (UAE) seem to have the upper hand. They are set to join this economic powerhouse, with each country presenting its unique advantages to the bloc.

Saudi Arabia, with its robust economy and immense interest in the BRICS development bank, is poised to make a substantial impact. The country’s ability to offer significant financial resources could greatly influence the bloc’s economic development, further increasing the allure of the BRICS alliance. Furthermore, Saudi Arabia’s introduction could also bring a fresh dynamic to the discussions of a BRICS currency.

Iran, with its strategic alignment to the bloc’s vision and its strong desire to undermine Western dominance, aligns well with BRICS’s philosophy. Its interactions with South Africa and India demonstrate a shared perspective, setting the stage for its inevitable inclusion.

The UAE’s entry into the New Development Bank back in 2021 has already integrated it with BRICS. As the top export partner of two BRICS members, China and India, and having strong economic ties with Russia, the UAE’s integration into BRICS would be a natural progression. This inclusion will not only be beneficial for the UAE but also for the ongoing conjoined interests of BRICS and its bank.

BRICS’s Further Reach

While Saudi Arabia, Iran, and the UAE lead the pack, other countries like Indonesia, Bangladesh, Argentina, and Egypt still have a shot at joining the alliance. These nations have shown their willingness to participate in BRICS’s activities and have expressed strong desires to join the collective. If accepted, they could greatly enhance the expansion and growth of the bloc.

The New Currency on the Horizon

In tandem with the expansion, the idea of a new global currency, a potential rival to the US dollar, gains momentum. The alliance, having an ambitious vision of establishing direct trade in their national currencies, adds another layer of complexity to the global economic landscape. Despite the challenges, the alliance’s interest in this project underscores the forward-thinking approach that BRICS embodies.

The new entrants to the alliance may very well aid in bringing this ambitious project to fruition.

As the BRICS Summit of 2023 draws closer, the world watches with anticipation to see the landscape of this influential bloc change, its implications on global economies, and the potential challenge it may pose to the US dollar’s dominance.