- BRICS Expansion: New Members
- Future Finance: Bitcoin’s Role in BRICS System
- Challenges of Adopting Bitcoin in BRICS System
The upcoming expansion of BRICS could significantly impact global economic processes, including de-dollarization. Experts highlight that this will create new challenges for the U.S.
BRICS Expansion: New Members
The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, continues its de-dollarization efforts by rejecting the U.S. dollar as a global reserve currency and moving away from Western-controlled payment systems like SWIFT. The recent inclusion of countries like Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE has increased BRICS' representation to over 40% of the world’s population and a significant portion of global oil production and critical minerals.
Future Finance: Bitcoin’s Role in BRICS System
With the 2024 presidential election approaching, many expect radical changes in fiscal policy. In this context, Dr. Andrzej Gwizdalski, founder and chairman of WAWEB3, stated: "The West can’t simply wish away Bitcoin’s global rise. If BRICS adopts Bitcoin, Western nations will have to decide whether to integrate this currency into their systems or risk sidelining themselves from the future of global finance."
Challenges of Adopting Bitcoin in BRICS System
According to Valentina Matviyenko, discussing the BRICS payment system will be one of the main topics at the summit. Kremlin aide Yury Ushakov noted that the creation of an independent BRICS payment system is a crucial goal: "We believe that creating an independent BRICS payment system is a crucial goal for the future, one that would be based on state-of-the-art tools such as digital technologies and blockchain. The main objective is to ensure it is convenient for governments, common people, and businesses, as well as cost-effective and free of politics." However, the transition to Bitcoin is not without challenges. For instance, Bitcoin’s transparent ledger may conflict with the opaque financial practices of some BRICS nations, raising questions about their willingness to embrace blockchain technology.
The expansion of BRICS and de-dollarization could significantly change the global economy, posing substantial challenges for the U.S. The adoption of Bitcoin in the BRICS payment system also remains a contentious issue that requires further discussion and analysis.
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