BRICS Digital Currency: A Leap Forward in 2024

• BRICS Digital Currency Development Set to Escalate in 2024
• Tracking Global CBDC Developments
• BRICS Expansion and CBDC Development
• Success of China's Digital Yuan Project

BRICS Digital Currency Development Set to Escalate in 2024

Following the undeniable achievement of China's digital yuan, the evolution of a BRICS (Brazil, Russia, India, China, and South Africa) digital currency is set to take a significant leap in 2024. The number of nations contemplating a Central Bank Digital Currency (CBDC) has expanded over the past year, with a multitude of BRICS countries anticipating involvement in the project.

Tracking Global CBDC Developments

The Atlantic Council, a body that monitors global CBDC growth, reports that 130 nations are investigating digital assets. The council highlights nations such as India and Brazil, who are preparing to introduce their digital offerings in the coming year, thereby strengthening the position of the BRICS digital currency.

BRICS Expansion and CBDC Development

The BRICS economic coalition has experienced a highly positive 2023, climaxing with the declaration of a six-country growth plan at the annual summit. The coalition is forecasted to carry this momentum into the following year with another major announcement at the 2024 annual summit.

This announcement is predicted to be the launch of a BRICS digital currency, taking a substantial stride forward in 2024. The alliance has been working on individual digital currencies, and the potential of such a unified venture has been closely watched. With the ongoing search for an alternative to the US dollar, a digital currency could indeed be the solution.

Success of China's Digital Yuan Project

China's success with its digital yuan project is evident in the landmark oil deal settled entirely with the CBDC. The Atlantic Council anticipates that Russia will continue development on its pilot, with India and Brazil also set to introduce CBDC pilots in the ensuing year.

Expansion nations such as Saudi Arabia and the United Arab Emirates (UAE) are researching pilots. The collaborative efforts of these nations on digital asset development could amalgamate if the expected digital currency announcement materialises. A combined project of this nature would have profound geopolitical and global economic effects. In particular, nations are expected to evaluate their potential integration with this BRICS currency, potentially initiating de-dollarization efforts.

Edited by Jonathan Stoker