With the economic alliance currently developing its BRICS Bridge, there remains the question of what countries could ditch the US dollar in favor of the payment system. Indeed, it is poised to be a massive moment for global economics. Specifically, it should greatly further the group’s de-dollarization approach.
The payment system is set to emerge as an alternative to the West’s SWIFT. It will provide a key growth measure for the bloc’s bilateral trade dealings and settlement currencies. Yet, the biggest question is: what nations would opt to embrace it over the Western system that requires the greenback?
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What Nations Could Adopt the BRICS Bridge & Abandon the US Dollar?
There is no denying the growing prevalence of BRICS. The bloc had issued its first expansion effort since 2001 last year. That saw the group expand to nine members, with a plethora of other countries seeking to join in 2024. With this year’s summit fast approaching, all eyes are on the BRICS Bridge.
The trade system is set to impact the group’s trade system. Specifically, it will see local currencies adopted to enhance collaboration. Yet, with the BRICS project nearing arrival, just what countries could opt to ditch the US dollar in favor of the payment system?
The answer is probably more than you would think. In a recent statement, Russia Central Bank Governor Elvira Nabiullina noted that 159 foreign participants and 20 countries have already joined the system.
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That is bound to include the current BRICS membership of nations: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE). Moreover, it should feature plenty of alliance hopefuls.
Earlier this year, South Africa’s Foreign Minister Naledi Pandor acknowledged 34 countries that have submitted a notice of interest in joining the alliance. That should include countries like Venezuela, Malaysia, Thailand, Nigeria, and others who have not been shy about their interest.
Those countries, all with important trade ties, should be a lock for the payment system. However, other countries could be set to join. Nations like France have discussed friendly relations with BRICS nations. That could open the door to their participation. Altogether, it should play a part in lessening global reliance on the US dollar in a huge way.