BRICS: At least 40 countries on the way?

Mon 24 Jul 2023 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed Trading

The BRICS nations have great ambitions for the global financial system. They have already announced plans to create a common currency for the organization’s members. But their project goes beyond monetary issues. They want to counterbalance global geopolitics, and the initiative is of interest to many countries around the globe.

The BRICS logo

From 22 to over 40 countries interested in joining BRICS

Recently, there were reports that France might join the BRICS. This information has not been confirmed, but it seems that France is not the only country interested in joining this alliance of states.

According to information from South African diplomats, more than 40 countries are interested in joining the group. Officially, 22 countries have formally expressed their wish to join BRICS.

Is the organization flexing its muscles in light of the current global geopolitical situation? One might be tempted to think so. Particularly since Western foreign policy is being increasingly rejected by governments.

But the BRICS’ future permanent members will still have to agree to take on new members. This question will be one of the main focuses of the organization’s next summit, to be held in South Africa.

The meeting, scheduled to take place in August 2023, could therefore decide which countries will be accepted. Or, at the very least, the conditions of accessibility for countries wishing to join the BRICS.

For the moment, the full list of countries considering joining the group is not known. But the names of some of the world’s most strategic states have filtered through. These include oil behemoths such as Iran, Saudi Arabia, the United Arab Emirates, Kazakhstan, Algeria and Egypt. It’s also the case for economically important countries such as Cuba, the Democratic Republic of Congo (DRC), Gabon, Argentina and Indonesia.

The least we can say about this development is that the eventual accession of these countries to the BRICS would be a monumental game changer. A prospect that could make the projections of the dollar’s demise a reality. And, as many analysts predict, the weakening of the US currency would benefit cryptos, particularly bitcoin (BTC). Indeed, this scenario could create a favorable environment for cryptocurrencies, particularly Bitcoin, by positioning them as safe havens in the face of possible fiat currency instability. If this initiative is successfully implemented and adopted by other nations feeling marginalized by the current system, we could see increased global adoption of cryptocurrencies.

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Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.