20 New Nations Set to Join the BRICS Crypto Alliance

• New Applicants for BRICS Membership
• Developing Countries' Interest in BRICS
• De-dollarization and its Potential Impact
• Over 20 Countries Apply to Join BRICS
• BRICS' Expansion Plans
• Pakistan Applies for BRICS Membership

New Applicants for BRICS Membership

Anil Sooklal, the South African Ambassador, recently confirmed that 20 more nations have officially submitted applications to join BRICS. This development follows the recent BRICS expansion in August, which saw Saudi Arabia, the UAE, Argentina, Iran, Egypt, and Ethiopia become part of the bloc. Interestingly, Argentina might be the sole nation to reject the BRICS invitation thus not becoming part of this group.

Developing Countries' Interest in BRICS

According to Sooklal, a number of developing nations have shown interest in joining BRICS. In an attempt to fortify their local currencies, these developing countries are considering abandoning the US dollar in global trade. If BRICS discontinues the use of the US dollar for trade, several sectors in the US could potentially be impacted.

De-dollarization and its Potential Impact

The movement towards de-dollarization is gaining momentum as developing nations contemplate severing their financial ties with the US dollar. BRICS presents a unique opportunity to establish a new global financial order, potentially replacing the current order dominated by the West and the US. Consequently, the US dollar stands at a key juncture, with a potential decrease in its value in the forthcoming years.

Over 20 Countries Apply to Join BRICS

Sooklal disclosed to ANI that Over 20 countries formally approached BRICS to become members. He continued, stating that an equal number of nations unofficially sought information about joining BRICS. The large interest validates BRICS' positive role in advocating for the developing world.

BRICS' Expansion Plans

The Ambassador noted that we can expect to see many more rounds of BRICS expansion. We agreed on six members and BRICS works on consensus. President Ramaphosa said this is the first phase of expansion and it doesn't mean expansion will stop. You will have countries knocking on the door to become BRICS members.

Pakistan Applies for BRICS Membership

Sooklal disclosed that along with other nations, Pakistan has sought membership in BRICS. Be it Pakistan or any other country. There are a large number of countries formally approaching us and this will be attended to by foreign ministers and leaders based on consensus, he commented.

Edited by Jonathan Stoker