BRICS' 2024 Major Crypto Announcement: What to Expect?

• BRICS Economic Alliance Prepares for Pivotal Year Ahead
• Growth and Expansion of BRICS
• BRICS: What Comes Next?
• Potential Announcements
• BRICS Expansion
• BRICS Native Currency
• Implications of BRICS' Moves

BRICS Economic Alliance Prepares for Pivotal Year Ahead

In the last few months, the BRICS economic alliance has been setting the groundwork for the upcoming year. The group has seen substantial growth following the announcement of its vast expansion plans at the 2023 Annual Summit. In light of the year nearing its end, the speculation grows as to whether the BRICS bloc could be preparing for a substantial announcement in 2024.

Growth and Expansion of BRICS

BRICS has not hesitated in executing policies and making decisions that have significant geopolitical implications. These range from their comprehensive de-dollarization plans aimed at altering the global trade perspective, to the introduction of new member countries. As we steer towards a new year, the question arises: what could be the next big move from this growing global power?

BRICS: What Comes Next?

The year 2023 saw the BRICS bloc expand its influence and importance on the global stage, having officially welcomed six new countries in January. With the new year just around the corner, there is increased anticipation about possible announcements from the BRICS alliance in 2024.

Potential Announcements

There is definitely potential for a significant announcement from the alliance. Two major announcements could be in the pipeline - further expansion of the bloc and the introduction of its much-discussed native currency.

BRICS Expansion

In 2023, Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia joined the BRICS alliance, while Argentina declined the invitation following a change in government. This sets a precedent for 2024, as numerous countries have already started applying for membership.

BRICS Native Currency

Additionally, there has been ongoing discussion since August regarding the development of a BRICS currency, whether based on blockchain technology or as a traditional fiat currency issued by its New Development Bank. This endeavour could potentially come to life at the next year's summit.

Implications of BRICS' Moves

With the currency being in development for more than a year, it's likely that we're getting closer to seeing this project become a reality. Such an initiative could have unprecedented effects on global trade and unilateral settlements.

Edited by Jonathan Stoker