With the BRICS bloc actively discussing expansion, could Uruguay 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 Uruguay Join And Adopt BRICS Currency?
Uruguay is already a member of the New Development Bank (NDB), a group founded by BRICS. Therefore, the South American nation may be in the running to join the BRICS Alliance if expansion talks continue. In a newly emerging global powerhouse, Uruguay would likely take the chance right away to join.
Venezuela, Argentina, and other South American countries are already public with their interest in joining Brazil in the BRICS bloc. Uruguay, on the other hand, has been relatively quiet as BRICS has dominated the news recently.
As a member of the NDB though, when talks of expansion take place at the upcoming BRICS Summit in August, Uruguay will likely be a leading contender. For adopting a new currency though, that is not known. Uruguay currently uses its native Peso (UYU). However, the currency used for global trade may change if Uruguay joins BRICS.