A total of 24 countries are now attempting to form a strategic alliance to undermine the US dollar’s decades-long role as the world’s reserve currency.
The BRICS club of five economically coordinated countries is apparently on the verge of a significant expansion.
Brazil, Russia, India, China, and South Africa comprise the core collective, and a surge of nations interested in joining the alliance would raise the total number of nations to 24.
Anil Sooklal, South Africa’s BRICS ambassador, tells Bloomberg that a lengthy list of nations are now looking to join.
According to Sooklal, the list comprises 13 countries that have formally requested to join and an additional six countries that have formally requested to join the alliance.
Saudi Arabia, Iran, Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, Indonesia, two unnamed East African and one unnamed West African states are among the recognized immigrants.
BRICS was founded in 2006, although it did not include South Africa, which joined in 2010.
According to the Russian state-owned news source Sputnik, the BRICS countries are in the early stages of designing a new global currency to replace the US dollar.
According to Russian State Duma Deputy Chairman Alexander Babakov, the new type of fiat will most likely be backed by other assets such as precious metals such as gold.
More information is expected to be released by the summer, with the next BRICS summit scheduled for late August in South Africa.
