BRICS Currency: 24 Countries Ready To Accept New Currency

When the BRICS currency comes out internationally, 24 countries want to accept and trade with it. If the BRICS currency becomes more important, it could make the dollar less critical. This would give countries in the East more financial power than the U.S.

CoinXposure reported that South Africa’s BRICS ambassador, Anil Sooklal, said 19 countries are interested in joining the group. Sooklal noted that 13 countries had sent official requests to join the BRICS group. He also said that five other countries have asked to join the block less officially.

BRICS Currency Accepted by 24 Countries

Brazil, Russia, India, China, and South Africa are the five countries that make up BRICS. So, 24 countries are working together to remove the U.S. dollar from its position as the world’s primary currency.

Saudi Arabia, the United Arab Emirates, Argentina, Egypt, Bahrain, Indonesia, Algeria, and Iran have all shown interest in joining the BRICS group. The ambassador says that applications have also come from two unknown countries in East Africa and one from West Africa.

The fact that this happened shows that a few countries want to trade in the BRICS currency. The countries want to stop using the U.S. dollar and stop the U.S. from having the most money in the world. The dollar’s debt could hurt other countries’ currencies if the U.S. slumps.

If more countries stop using the dollar, the U.S. won’t be able to pay for its debt, which will weaken the dollar. This could make the soon-to-be-released BRICS currency more critical in the new financial world order.

If countries all over the world agree to deal with the BRICS currency, the value of the dollar could drop. So, the next BRICS meeting will decide what will happen to the U.S. dollar.