In what is an important development for the impending BRICS pay platform, nearly 50 nations are looking to the blockchain-based payment system over the US dollar. Indeed, reports show that 47 countries in total are discussing the adoption of the payment system that is likely to debut at the BRICS 2024 Summit.
BRICS Pay is poised to be the bloc’s most important project yet in its ongoing de-dollarization process. The economic alliance has long challenged the dominance of the greenback. Now, the blockchain network could allow a seamless move away from the Western currency.
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BRICS Sees Increased Interest in Blockchain Payment System as De-Dollarization Drive Continues
Throughout the last year, the BRICS bloc has firmly embraced de-dollarization. Specifically, it has sought ways to increase the use of native currencies on a global stage. That quest for multipolarity has led the collective to approach 2024 with renewed fervor. Now, its most important initiative to date could be on the horizon.
The BRICS Pay platform could be set to debut next month, with nearly 50 nations looking to the blockchain-based network as a way to no longer rely on the US Dollar. Indeed, the economic alliance has seen 23 nations apply to join the bloc, with 47 expressing interest in joining. All of which are set to adopt the developing payment system.
Previous reports have suggested that the alliance has more than 159 participants ready to adopt the platform when it launches. Yet, there is no way to observe their level of participation or impact. Alternatively, BRICS hopefuls are certain to align with the alliance’s overarching principles. That includes the group’s de-dollarization focus.
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In 2023, the bloc welcomed its first expansion in more than two decades. It officially saw the United Arab Emirates (UAE), Egypt, Iran, and Ethiopia join its ranks. That could be mirrored in October, with several nations looking to become the next included.
NATO member Turkey, Venezuela, Nigeria, Malaysia, and Thailand make up some of the most important countries that are looking to join the bloc. They could all have a massive impact on the BRICs Pay platform. Specifically, they could take part in increased adoption on the world stage.