Over 40 Countries Ready to Embrace BRICS Currency

Joshua Ramos
BRICS Nations Leading International Interest in Bitcoin
Source: Unsplash

Despite the economic alliance reiterating that the project is not commencing currently, more than 40 countries stand ready to embrace a BRICS alternative currency. Subsequently, the countries are all seeking to move away from the internationally dominant US Dollar.

With the BRICS Summit fast approaching, the bloc has quelled some encouragement over an alternative currency. However, that doesn’t seem to be putting an end to the excitement from various countries. All of which have embraced the idea of a challenge to Western hegemony.

Source: Reuters

Also Read: South Africa Makes Huge Announcement on BRICS Currency

BRICS Currency Ready to be Accepted

For much of the year, the BRICS bloc has enjoyed rather impressive growth. However, that has been due to the bloc’s consistent challenge to the dominance of the West. However, it is also due to the viability of that challenge, and the plan that could see it through.

Indeed, reports state that more than 40 countries are standing ready to embrace a developing BRICS currency. Subsequently, these countries are all seeking to continue the de-dollarization that the economic alliance has firmly instituted. However, it appears as though the bloc itself may not yet accept this international willingness.

us dollar usd chinese yuan brics currency
Source: fundacionsolon.org

Also Read: Which Countries Are Willing to Join BRICS Alliance?

Indeed, the economic alliance has consistently affirmed its desire to hold off on the creation of a BRICS alternative currency. Moreover, they have made this decision with an eye on increased local currency usage. Although that will certainly affect de-dollarization, it is less prominent than an alternative trade currency.

Although this summit won’t include alternative currency discussions, it doesn’t mean the project will never come to fruition. Reports on a gold-backed trade currency showed that the idea could have some legs. Subsequently, it already has a consumer base ready to increase its prominence.