- Success of BRICS Applications
- BRICS Payment Systems
- Experts' Opinions
Over 50 countries have expressed interest in joining BRICS ahead of the October summit. This is a significant improvement compared to March this year when 36 applications were received.
Success of BRICS Applications
According to the report, interested parties are developing countries from Asia, Africa, South America, and Eastern Europe. This ambition is linked with the desire to strengthen local currencies that are becoming less valuable against the US dollar. Valentina Matviyenko, Speaker of Russia’s Federation Council, predicted that the BRICS payment system could be the 'missing piece' to expand the alliance's membership base.
BRICS Payment Systems
Matviyenko stated that Russia is working to harmonize the central banks of financial institutions of all member states, as the upcoming platform requires significant input from all parties. There is a strong focus on using national currencies for international transactions, as well as digital technologies and blockchain. She hoped that the summit would approve the platform or finalize its details. Kremlin aide Yury Ushakov shared a similar view, considering the creation of an independent BRICS payment system an important initiative.
Experts' Opinions
While there are no official reports suggesting Bitcoin (BTC) as a proposed currency for the BRICS payment system, many enthusiasts hope this could be the case in the future. Bitcoin offers anonymity and security, which could be crucial for BRICS's de-dollarization strategy. Moreover, the digital asset provides a decentralized environment, fast and cheaper transactions, while being a highly liquid asset. XRP is also a potential payment currency for BRICS.
The inclusion of new members aligns with BRICS's long-term goal to create a balanced global economic order, contrasting with Western-dominated financial institutions like the IMF and the World Bank.
