China Boosts BRICS Expansion, Targets US Dollar Supremacy as Bitcoin Gains Steam

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• China shows full support for an extensive enlargement of the BRICS alliance, inviting more “like-minded partners.”
• BRICS considers launching a gold-backed currency, possibly challenging the status of the US dollar as the world’s reserve currency.

In a significant move on the global economic stage, China has declared its complete endorsement for the broad expansion of the BRICS alliance, an economic bloc currently consisting of Brazil, Russia, India, China, and South Africa. Chinese foreign ministry spokesperson, Mao Ning, stated that the country is prepared to “bring more like-minded partners” into the alliance.

China Daily, a state-backed outlet, highlighted Ning’s statement, given in response to reports that Venezuelan President Nicolas Maduro is lobbying to include Venezuela in the BRICS group. Ning elaborated,

“As an important platform for cooperation among emerging markets and developing countries, BRICS is committed to upholding multilateralism, vigorously advancing the reform of the global governance system and increasing the representation and say of emerging markets and developing countries.”

The BRICS alliance has stirred up significant attention this year. Reports indicate that the bloc is deliberating on launching its own gold-backed currency, presenting a formidable challenge to the status of the US dollar as the world’s reserve currency.

The upcoming BRICS summit, slated for August in South Africa, is set to discuss the potential expansion of the group. However, it remains uncertain whether discussions on a common currency are on the meeting agenda.

BRICS African Ambassador Anil Sooklal revealed that 13 countries have formally expressed their desire to join the BRICS alliance, marking a potential shift in the geopolitical and economic landscapes. The ripple effects of such a move could significantly disrupt the existing global order, particularly the dominance of the US dollar.