HomeNewsChallenging Dollar Dominance: BRICS Summit to Debate Bitcoin Adoption with 69 Leaders

Challenging Dollar Dominance: BRICS Summit to Debate Bitcoin Adoption with 69 Leaders

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  • The upcoming BRICS summit, set to be the largest in history, will host 69 leaders from across the globe.
  • Discussions will include potential shifts towards trading in local currencies, hinting at a movement towards de-dollarization.

The upcoming BRICS economic summit, slated to be the most significant to date, prepares to open its doors to an impressive roster of 69 global leaders. The conference, expected to discuss shifts towards trading in local currencies, is seen as a critical step towards de-dollarization.

A Global Gathering: BRICS Summit to Convene 69 World Leaders

Set to be hosted in Johannesburg from August 22 to 24, South Africa currently chairs this year’s BRICS assembly, representing Brazil, Russia, India, China, and South Africa. Anil Sooklal, the South African diplomat spearheading BRICS relations, unveiled that all 54 African heads of state and leaders of key Global South entities have been invited. Notably absent are Western nations such as the U.S., U.K., and France.

This impressive guest list is the result of an initiative by South African President Cyril Ramaphosa. The President’s decision to extend invites to all African leaders and significant Global South entities underscores BRICS’ commitment to African engagement and development.

“This year’s summit is set to be the largest yet, signifying an unprecedented level of outreach,”

stressed Sooklal. The diplomat further emphasized that the considerable interest to participate in the summit signals a global vote of confidence in the BRICS bloc.

While Western nations have not been invited to the summit, Sooklal made it clear that BRICS nations continue to engage with the global community on mutual issues.

Interestingly, Sooklal shared that over 40 countries have expressed interest in joining the BRICS group, with 22 nations having already submitted official applications. A focal point in the summit’s discussion will be to explore deepening interactions in trading local currencies.

“Countries are seeking greater flexibility and reduced dollar dependency,”

said Sooklal, signaling a potential shift in the global economic order. This move aligns with the rising interest in digital assets like Bitcoin, which have been gaining traction as alternative currencies. As such, the upcoming BRICS summit could serve as a crucial turning point in the journey towards global Bitcoin adoption and de-dollarization.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628