There are currently 24 countries looking to form a strategic alliance that will compete with the United States dollar’s position as the reserve currency of the world, which it has held for many decades.
According to recent reports, the group of five economically comparable nations known collectively as BRICS is reportedly on the cusp of a significant expansion. Brazil, Russia, India, and China make up the core of the collective; South Africa is also a member of this group. If more nations expressed interest in joining the alliance, the total number of members would increase to 24.
According to Anil Sooklal, South Africa’s ambassador to the BRICS nations, who was quoted by Bloomberg as saying that a long list of countries are now looking to join in, this is the case.
According to Sooklal, the list consists of 13 nations that have formally requested to join the alliance, as well as an additional six nations that have informally requested to be a part of the coalition.
Saudi Arabia, Iran, Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, and Indonesia are some of the known newcomers. Also included in this group are two unnamed nations from East Africa and one unnamed nation from West Africa.
BRICS was established in 2006, but South Africa did not become a member of the group until 2010 after it had already been established. BRICS is reportedly in the early stages of developing a new global currency that would circumvent the use of the US dollar, as reported by Sputnik, a news agency owned and operated by the Russian state.
Alexander Babakov, the Deputy Chairman of the Russian State Duma, has stated that the new form of fiat currency will most likely be backed by other assets such as precious metals such as gold. More information is likely to become available by the summer, with the next BRICS summit scheduled to take place in South Africa toward the end of August.
