BRICS Set to Announce New Memberships in Upcoming Summit

• With more than 20 countries applying for BRICS, South Africa has announced that new member states will be confirmed at the upcoming summit.
• The global shift towards de-dollarization is suited to drive the adoption of Bitcoin and gold in member states.

The BRICS summit is just days away with a global shift expected. As it is, BRICS is made up of five countries, that is Brazil, Russia, China, India, and South Africa, hence the acronym BRICS. Ahead of the upcoming summit, at least 20 countries have applied to join the coalition. A majority of these have identified a unique opportunity that will see them reduce their reliance on the U.S. dollar as a medium of exchange and reserve currency.

Ambassador Anil Sooklal from South Africa, which is the host country for the summit scheduled to take place later this month, has now revealed that expansion plans will be confirmed at the summit. This means the coalition will see its member countries expanded. This could see the number of countries reach over 20.

In addition, over 70 countries have been invited to the summit for discussions. “This will be the largest gathering in recent times of countries from the global south coming together to discuss the current global challenges,” he remarked.

Sooklal further revealed that the summit will mark a “tectonic shift” in the global order. BRICS led by China and Russia has been making the case that the world’s reliance on the dollar has made the currency a political weapon and further used it to preserve its superior economic position.

BRICS has already confirmed that they will be establishing a common currency that will be backed by gold. Thus far, these member countries have been accumulating gold heavily. In essence, BRICS will be going back to the gold standard in which gold backs the value of money.

Read More: Bitcoin Integration: BRICS Nations Plan Gold-Backed Currency to Challenge the US Dollar

This establishment is a powerful global force that will easily see the economics of the world shift with the coalition members coming out on top.

BRICS To Adopt Bitcoin

Some of the member states have kept an open mind to Bitcoin, widely regarded as digital gold. Russia for example has suggested allowing cryptocurrencies for international trade. However, China and India have taken a critical position with China going as far as banning the trade of cryptocurrencies in the region. For South Africa and Brazil, the respective governments have taken a neutral approach.

These contrasting approaches by the member states make it difficult to predict whether they could adopt Bitcoin. However, all the countries understand the benefits offered by Bitcoin and its underlying technology and this could easily lead to its adoption as an official currency.

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