- BRICS members, including India and Iran, conduct trade using local currencies, challenging the dominance of the US dollar.
- Bitcoin’s borderless nature makes it a potential currency for BRICS, aligning with Turkey’s economic goals.
Turkey has announced its plan to join the BRICS alliance, which includes Brazil, Russia, India, China, and South Africa. This move could have significant implications for the global acceptance of Bitcoin, given the alliance’s interest in alternatives to the US dollar.
During a state visit to Beijing, Turkish Foreign Minister Hakan Fidan confirmed Turkey’s alignment with BRICS’ mission to support developing nations.
JUST IN: 🇹🇷 Turkey wants to join BRICS in 2024. pic.twitter.com/8T094xSdiM
— BRICS News (@BRICSinfo) June 4, 2024
Turkey has historically been a key player in Middle Eastern politics and economics. Despite not facing major sanctions from Western countries like the United States and the United Kingdom, Turkey’s economy is currently in poor condition. One possible reason for Turkey’s interest in BRICS is the desire to reduce its reliance on the US dollar, a goal shared by many BRICS members.
“The two sides agreed on the need for close strategic communication … to safeguard the common interests of developing countries,” Wang said, according to a Chinese statement.
The alliance believes that dependence on the US dollar restricts their economic potential. To counter this, some BRICS nations, including India, Iran, and Saudi Arabia, have begun trading in their local currencies.
A major topic of discussion within BRICS is the possibility of adopting a single currency. Bitcoin, with its borderless and decentralized nature, has emerged as a potential candidate. Turkey, which has been experiencing high inflation, has a population that is well-versed in Bitcoin trading.
“China is willing to continue to strengthen coordination and cooperation with the Turkish side within the framework of the United Nations and the Group of 20, to oppose all forms of hegemony and power politics, and to maintain the stability of the global supply chain,” he was quoted as saying.
This familiarity could strengthen Turkey’s position within BRICS, especially as the alliance considers incorporating digital currencies into its economic strategy.
In contrast to Turkey’s approach, Argentina recently decided not to pursue BRICS membership. The election of President Javier Milei, who supports Bitcoin but also favors the US dollar, has shifted Argentina’s focus away from the bloc. Milei’s stance highlights the diverse economic strategies that countries can adopt, even in the context of digital currency.
Joining BRICS is a lengthy process, but the alliance continues to grow. Turkey’s potential membership could impact the group’s, particularly with its interest in Bitcoin and digital economic reforms. As BRICS explores alternatives to traditional financial systems, Turkey’s decision underscores a broader movement towards financial independence from Western economic influence.
About BRICS
BRICS is an economic group aimed at increasing the political and economic influence of developing nations. The group, which includes Brazil, Russia, India, China, and South Africa, seeks to foster cooperation and economic growth among its members. By challenging the dominance of the US dollar, BRICS aims to create a more balanced global economy.
