Expansion Horizon: 25 Nations Set to Join BRICS in Crypto Sphere by 2024

• The Upcoming BRICS Summit and Its Potential Impact on Global Economy
• How BRICS' Shift from Dollar Might Impact US Sectors
• An Expansion on the Horizon: 25 Countries Aim to Join BRICS in 2024
• The Influence of BRICS: International Shift Towards Local Currencies
• The Potential Consequences of An International Shift Away from the US Dollar

The Upcoming BRICS Summit and Its Potential Impact on Global Economy

The subsequent BRICS summit is set to occur in October 2024 in the Kazan region of Russia. There are anticipations for the 16th BRICS summit to incorporate many more progressing nations and the expansion might be declared within the year. The coalition is convening a series of countries that are prepared to abandon the US dollar and conduct transactions in local currencies, a shift that could potentially disrupt the position of the US dollar in the global economic landscape.

How BRICS' Shift from Dollar Might Impact US Sectors

If the BRICS alliance decides to stop using the US dollar for international transactions completely, it could impose significant impacts on numerous sectors in the US. Such a shift could potentially create turmoil within the American financial sector and risk the occurrence of hyperinflation domestically.

An Expansion on the Horizon: 25 Countries Aim to Join BRICS in 2024

Approximately 25 emerging nations have expressed their interests to become a part of the BRICS alliance in 2024. These developing nations aspire to fortify their local currencies, a move which can indirectly bolster their domestic economies. By putting local currencies ahead of the US dollar for trade purposes, these countries hope to sidestep the influence of the US dollar. Aligning with the BRICS alliance is seen as a viable strategy to accomplish this objective and conduct business with countries of similar mindsets.

The Influence of BRICS: International Shift Towards Local Currencies

South African BRICS ambassador Anil Sooklal has confirmed that nearly 25 countries have officially submitted their applications to join the alliance. Over 20 countries have formally applied to join BRICS, while the same number have expressed interest, he stated. This underlines the strong demand among developing countries to be incorporated into BRICS in 2024 and signifies their wish to move away from the US dollar and endorse local currencies instead. As such, the year 2024 could be a turning point for BRICS with another round of expansion in sight.

The Potential Consequences of An International Shift Away from the US Dollar

If a substantial number of countries choose to abandon the US dollar, it will be increasingly challenging for America to finance its deficit. The US dollar could lose its supply and demand dynamics in the currency markets and be pushed into a decline as a result.

Edited by Jonathan Stoker