16 BRICS Nations to Replace US Dollar with Crypto in 2024

• BRICS Accelerates Initiative to Deviate from U.S. Dollar in Global Trade
• BRICS 2024 Expansion To Incorporate More Countries
• ASEAN Nations to Adopt Native Currencies for Cross-border Transactions
• Additional Countries Expected to Join BRICS
• Contenders for the BRICS Expansion Spots

BRICS Accelerates Initiative to Deviate from U.S. Dollar in Global Trade

As part of a significant shift in the economic landscape, BRICS, an association of five major emerging economies, is rapidly steering away from the U.S dollar and encouraging the use of local currencies for international transactions. This push towards a de-dollarized world is expected to gather momentum in 2024, with an estimated 16 additional nations projected to abandon the U.S dollar and integrate into the BRICS network.

BRICS 2024 Expansion To Incorporate More Countries

In a critical development in January 2024, BRICS welcomed five new members, namely Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia. The association's reach is expected to broaden even further, as additional countries have expressed interest in joining BRICS and advocating the association's mission of de-dollarization. If these developments proceed as anticipated, up to 16 new nations may become part of BRICS in 2024.

ASEAN Nations to Adopt Native Currencies for Cross-border Transactions

In an apparent alignment with BRICS, last summer saw an agreement by 10 ASEAN nations to cease trading in the U.S dollar and instead adopt their local currencies for cross-border transactions. This coalition includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. It is likely that these nations may become part of the expanding BRICS network, further solidifying the association's relationship with ASEAN and bolstering the movement towards a departure from the U.S dollar.

Additional Countries Expected to Join BRICS

Beyond the ASEAN nations, a multitude of countries are expected to join BRICS in their departure from the U.S Dollar this year. Russian President Putin confirmed this possibility, expressing that BRICS is open to accommodating more countries within their network. Furthermore, he suggested that a new wave of expansion might be initiated at the forthcoming 16th BRICS summit.

Contenders for the BRICS Expansion Spots

African and Middle Eastern countries including Pakistan, Iraq, Turkey, Nigeria, and Egypt are anticipated to be potential contenders for one of the expansion spots at the BRICS 2024 summit.

Edited by Jonathan Stoker