BRICS: 16 New Countries Plan to Ditch US Dollar in 2024 (2024)
BRICS is moving quickly to ditch the U.S. dollar and promote their native currencies for global trade. With further expansion in 2024 imminent, 16 new countries are expected to drop the US Dollar in 2024 and join BRICS.
BRICS inducted five new countries in January 2024 including Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia. Now, more countries have submitted applications to join BRICS and its de-dollarization mission. As many as 16 new countries may join BRICS in 2024.
16 New Countries to Join BRICS and Ditch the US Dollar in 2024?
Last summer, 10 ASEAN countries agreed to stop trading in the US dollar and use native currencies for cross-border settlements. ASEAN is a bloc of 10 countries compromising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. These nations are likely on the list of applicants to join BRICS, strengthening the bloc’s ties with ASEAN as adding more strength behind the push to abandon the greenback currency.
In addition to the ASEAN nations, many other countries are expected to join the BRICS bloc in ditching the US Dollar this year. Russian President Putin confirmed that BRICS is open to allowing many more countries to join the bloc. He also hinted that another new round of expansion could be initiated in the upcoming 16th BRICS summit.
Countries in Africa and the Middle East, such as Pakistan, Iraq, Turkey, Pakistan, Nigera and Egypt are expected to be contenders for one of the expansion spots at the BRICS 2024 summit.
BRICS inducted five new countries in January 2024 including Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia. Now, more countries have submitted applications to join BRICS and its de-dollarization mission. As many as 16 new countries may join BRICS in 2024.
The potential impact of a new BRICS currency on the US dollar remains uncertain, with experts debating its potential to challenge the dollar's dominance. However, if a new BRICS currency was to stabilize against the dollar, it could weaken the power of US sanctions, leading to a further decline in the dollar's value.
On 1 January 2024, BRICS – the intergovernmental organisation comprising Brazil, Russia, India, China and South Africa – admitted four new members: Egypt, Ethiopia, Iran and the United Arab Emirates.
A group of Southeast Asian countries in the region, such as Singapore, Malaysia, Indonesia, Cambodia, and Thailand, are currently contemplating the process of de-dollarization in order to diminish their dependence on the US dollar within their economies.
Should the BRICS nations establish a new reserve currency, it would likely significantly impact the US dollar, potentially leading to a decline in demand, or what's known as de-dollarization. In turn, this would have implications for the United States and global economies.
The Federal Reserve will spend $931.4 million to print bills in 2023 — but there's a problem with U.S. cash. “We haven't modernized or changed our currency. That's probably a mistake,” Aaron Klein, senior fellow of economic studies at Brookings Institute, told CNBC.
The Kuwaiti Dinar is renowned as the strongest currency in the world. Introduced in 1961, it has maintained a commanding presence due to Kuwait's substantial oil reserves, which account for a significant portion of its economic output.
Where can you buy BRICS Chain? BRICS tokens can be traded on centralized crypto exchanges and decentralized exchanges. The most popular exchange to buy and trade BRICS Chain is LATOKEN, where the most active trading pair BRICS/USDT has a trading volume of $41,280.84 in the last 24 hours.
Prior to 1971, the US dollar was backed by gold. Today, the dollar is backed by 2 things: the government's ability to generate revenues (via debt or taxes), and its authority to compel economic participants to transact in dollars.
The bank has a starting capital of $50 billion, with wealth increased to $100 billion over time. Brazil, Russia, India, China, and South Africa initially contributed $10 billion each to bring the total to $50 billion.
Countries marked with an asterisk are non-G8 countries. A Goldman Sachs paper published in December 2005 explained why Mexico was not included in the original BRICs. The Economist publishes an annual table of socio-economic national statistics in its "Pocket World in Figures".
Investing in BRICS countries via exchange-traded funds (ETFs) is a straightforward process. These funds trade on stock exchanges like individual stocks and often track a specific index, which can be focused on one BRICS country or the entire group.
Unlike many cryptocurrencies that operate independently of national economies, BRICS Coin is underpinned by a long-term vision of economic cooperation among its member nations. The goal is to create a digital currency that facilitates seamless cross-border transactions and fosters economic collaboration.
Debt crisis: The combination of higher interest rates and a sliding economy makes it difficult for the U.S. government to service its massive debt. Concerns about a potential default rise, further eroding confidence in the dollar.
In 2024, the projected revenue in the Cryptocurrencies market is estimated to reach US$10.7bn. It is expected to demonstrate an annual growth rate of -2.91% between 2024 and 2025, resulting in a projected total amount of US$10.3bn by 2025.
Inequality Among Members: The economic disparities among BRICS members can lead to imbalanced benefits from the group's initiatives. Larger economies like China tend to dominate decision-making, potentially marginalizing smaller members and hindering equitable distribution of benefits.
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