BRICS Currency: Europe's Potential Acceptance in 2024

• A New Currency Answer for a Tired World: BRICS' Vision
• Europe's Stance on the BRICS Currency
• Membership Expansion of BRICS
• The Influence of Russia and China
• Increasing Discussions About a BRICS Currency

A New Currency Answer for a Tired World: BRICS' Vision

The BRICS alliance, in line with its broader de-dollarization initiatives, recently announced that its currency is a viable alternative to a world sick of the US dollar. Several countries from different continents such as Africa, Asia, Latin America, and Europe are contemplating ending their dependence on the dollar and promoting either BRICS or their own currencies. The potential for a wider adoption of BRICS and its currency could grow with the alliance's expected expansion in 2024. Will Europe embrace BRICS and its currency by 2024?

Europe's Stance on the BRICS Currency

While the US and the EU are staunch adversaries of BRICS and its mission, several other countries globally have expressed support for the alliance and the idea of BRICS' currency overshadowing the US dollar. Last summer, South African BRICS ambassador Anil Sooklal confirmed that European countries have shown interest in joining the alliance. Although he did not disclose the names of these European nations, he hinted at an imminent global financial shift.

Membership Expansion of BRICS

Following this statement, BRICS has broadened its membership, welcoming new countries such as Egypt, the UAE, and Saudi Arabia. No European nations have either been invited to join or accepted any invitations to join BRICS. However, with the alliance's expansion set to continue in 2024, the possibility of the first European country outside of Russia joining shouldn't be dismissed.

The Influence of Russia and China

However, the involvement of Russia and China in BRICS might be the most significant deterrent for European nations considering joining. Given Russia's ongoing conflict in Ukraine and China's persistent disputes with the West, European nations might prefer to align with the West and resist BRICS and its currency. This is despite the alternative being the predominance of the US dollar.

Increasing Discussions About a BRICS Currency

Throughout the past year, the concept of a BRICS currency has featured prominently in discussions. These talks have been integrated with the alliance's overall de-dollarization efforts. However, the alliance insists that its commitment to this objective stems not from self-interest. On the contrary, the alliance maintains that it is responding to a global demand from countries tired of the US dollar.

Edited by Jonathan Stoker