Iraq Aims to Join BRICS After U.S. Dollar Ban

Iraq Wants BRICS Membership After Dollar Ban

Iraq wants to use and trade with the BRICS currency when it becomes available worldwide. As a result of this, the country has made it illegal to buy and sell anything with U.S. dollars. This week, the Iraqi government said that no one could do business with a U.S. dollar because they want to stop the black market exchange rate from changing, which has been a problem for a long time.

The head of the operation department, General Hussein Al Tamimi, said that people who violated the rule would have to pay a fine of one million Iraqi Dinars. Also, people who break the law more than once will get harsher punishments, like a fine twice a year in jail.

“If the violator repeats it, he will face an imprisonment penalty of up to one year plus a one-million Iraqi dinar financial fine. In case of a third violation, that penalty will be doubled and we’ll have the business license turned.”

BRICS Currency Adoption Could End Dollar Dominance

Iraq wants to join the BRICS group so it doesn’t have to depend on the U.S. dollar. The country is ready to use the new currency to pay for things that cross borders.

In August 2023, the next BRICS meeting will occur in Cape Town, South Africa. Coinxposure said about 19 countries have asked to officially and informally join the alliance.

If more countries join BRICS, it will hurt the U.S. dollar. Also, if the BRICS currency, which has yet to be released, gets stronger, it could spell the end for the dollar and the U.S. won’t be able to pay its debts. This could make the soon-to-be-released BRICS currency even more critical in the new financial world order.

The dollar could lose value if countries worldwide agree to use the BRICS currency. So, the next BRICS meeting will decide what will happen to the U.S. dollar.