crypto for all
A
A

North Korea's BRICS Approach: Forging a New Global Equilibrium?

Fri 10 May 2024 ▪ 4 min of reading ▪ by Evans S.
Event

North Korea has expressed its desire to join the BRICS bloc, a move that could redefine its enduring geopolitical isolation. This announcement comes at a time when BRICS are seriously considering reshaping the global financial architecture, notably by creating an alternative currency to the US dollar. Pyongyang’s interest in this group of emerging powers raises multiple questions about its motivations and the potential implications for global balance.

BRICS

BRICS, an Economic and Monetary Counterpower?

The BRICS are increasingly positioning themselves as a counterpower to Western hegemony, particularly in monetary matters. 

The Russian proposal to develop a new monetary unit based on a basket of the member countries’ currencies illustrates this ambition.

Envisioned as a response to a potential collapse of the dollar, this initiative could profoundly transform the global financial system. 

Indeed, personalities like Alexey Mozhin of the International Monetary Fund support the creation of a distinct currency that could replace the dollar in international transactions, thereby increasing the financial autonomy of the BRICS nations.

Why is North Korea Attracted to the BRICS?

North Korea is often seen as a pariah on the international stage. It sees the BRICS as an opportunity to strengthen its economic alliances. At the same time, this could help it bypass the heavy sanctions it faces.

Joining this group would open the doors to alternative payment systems. It could particularly access those being developed around central bank digital currencies, thus escaping the omnipresence of the SWIFT network, controlled by Western powers.

This orientation towards dedollarization of trades aligns perfectly with Pyongyang’s aspirations. The city seeks to gain autonomy and respectability on the international stage.

Geopolitical Implications

The integration of North Korea into the BRICS would be a geopolitical maneuver of great magnitude. 

Its admission would pose significant challenges. It would particularly need to comply with international standards and meet financial transparency requirements.

However, this move would provide North Korea with a platform to strengthen its legitimacy. It could thus break its isolation. Moreover, it would compel the international community to recognize its ability to survive economically, outside the traditional frameworks dominated by the West.

North Korea’s expression of interest in the BRICS is not just a political calculation; it reflects a strategy of survival in a rapidly evolving multipolar world. 

As the BRICS continue to challenge the global status quo, North Korea’s potential entry could not only redefine alliances in the Asia-Pacific region but also accelerate the transformation of international monetary systems. Meanwhile, Bitcoin is getting ready to shake up Europe.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.


Click here to join 'Read to Earn' and turn your passion for crypto into rewards!
A
A
Evans S. avatar
Evans S.

Fasciné par le bitcoin depuis 2017, Evariste n'a cessé de se documenter sur le sujet. Si son premier intérêt s'est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l'état du secteur dans son ensemble.

DISCLAIMER

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.