• 23 countries have applied to join the BRICS alliance, with 24 more expressing informal interest, totaling 47 nations.
• BRICS is promoting de-dollarization, aiming to use local currencies for trade instead of the US dollar, which could impact various US sectors.

According to recent reports, 23 countries have formally submitted their applications to join the BRICS alliance before the 2024 summit, global economic shifts are taking center stage. The BRICS countries, Brazil, Russia, India, China, and South Africa, have become popular among the new members of emerging markets, mainly from Asia, Africa, and South America, to expand their trade operations using

The growing interest in BRICS reflects a broader movement toward de-dollarization, where nations seek to reduce dependency on the US dollar for international trade. The alliance has promoted local currency usage as a means of boosting economic independence, with developing countries viewing this initiative as beneficial to their own financial systems. In addition to the 23 nations that have officially applied, another 24 countries have expressed informal interest in joining BRICS, bringing the total number of potential members to 47.

This could be a major blow to some of the biggest industries in the United States since the country’s economic dominance has been rooted in the use of the US dollar internationally. The de-dollarization process, strengthened by BRICS countries, maybe the first step in shifting the current world’s financial system paradigms.

Internal Divisions Emerge Over BRICS Enlargement Process

The next BRICS summit is planned for October 22-24 in the Russian region of Tatarstan, Kazan and will consider the admission of new members as well as other important issues. However, the existence of the alliance has been marked by internal conflicts on the issue of expansion. While China and Russia have supported the idea of the expansion of the bloc, India has urged the need for a moratorium on the enlargement process for at least five years.

Key discussions at the summit are likely to revolve around trade agreements and the extended use of local currencies for cross-border transactions, a core objective of BRICS’ de-dollarization efforts. The expansion debate will be closely watched as the alliance continues to shape its role in the global economic landscape.

BRICS Explores Blockchain-Based International Payment System

Over the past few months, BRICS has increased its activities to develop new financial structures that are designed to weaken the dollar. As Crypto News Flash stated earlier, the bloc is now considering the possibility of creating an international payment system that will be based on the blockchain and will involve more than 159 foreign partners. It would prefer transactions in other currencies than the dollar, for example, the ruble or the yuan.

However, there has been a lot of misconception concerning the initiative, and it has been rumored that 159 countries had signed up for the system prior to its launch. However, such claims have been discredited, and there is no evidence to support such a high level of engagement.

BRICS’ pursuit of de-dollarization and alternative financial systems signifies a transformative period in international trade, where local currencies and advanced technologies could redefine economic interactions across borders.