With the BRICS bloc actively discussing expansion, could Venezuela join the collective and adopt the BRICS currency? Currently made up of Brazil, Russia, India, China, and South Africa, various countries have submitted membership requirements to add to the ranks. of the BRICS nations. Others, meanwhile, are publicly supporting the mission to deteriorate the US Dollar through de-dollarization.
Will Venezuela Join And Adapt BRICS Currency
Venezuela is one of multiple South American countries already looking to do away with the US Dollar. Earlier this week, Venezuela’s President Nicolas Maduro announced that his country will move forward and ditch the US dollar in economic transactions.
Due to rapid inflation in the US, the country is looking to adopt a new currency. It may be a local one, or potentially, a currency instilled by BRICS. While Venezuela’s intentions aren’t explicit, it is clear that its economic priorities align with BRICS and other nations looking to join the alliance.
The BRICS alliance will meet in August at its annual summit. There, new nations joining, the new currency, and other international trading affairs will be up for discussion. It isn’t impossible that Venezuela, given the latest news of ditching the US Dollar in economic transactions, may be a country that comes up in the discussion of new BRICS members.