Iran Aids in Crafting BRICS Crypto to Replace US Dollar

• Iran's Intent to Support a Unified BRICS Currency Unveiled
• Iran's Interest in a Joint Alliance Currency
• Rise of BRICS in 2023
• A Shift Towards Local Currencies
• Iran and the BRICS Bloc

Iran's Intent to Support a Unified BRICS Currency Unveiled

In recent developments, Iran has announced its plan to contribute to the formation of a unified BRICS currency with the aim of replacing the US Dollar. The nation was among the five countries that joined the alliance at the commencement of the new year. Madi Safari, Iran's deputy foreign minister, voiced the nation's interest in a shared alliance currency.

Iran's Interest in a Joint Alliance Currency

The notion of a unified currency within the BRICS group is something we support and believe could be highly impactful, Mr. Safari has announced. This project was a significant part of the bloc's agenda in the past year.

Rise of BRICS in 2023

In 2023, the BRICS bloc witnessed considerable growth on the global platform. The alliance's influence expanded as they took the lead in driving numerous initiatives with far-reaching geopolitical implications. One such endeavor was their unwavering commitment to de-dollarization in various ways.

One such method of de-dollarization could potentially be realized this year with support from an expansion country, namely Iran. The nation has declared its intentions of assisting in the development of a BRICS currency to replace the US Dollar. The project has been underway since 2023 and is speculated to be launched at the Alliance's 2024 annual summit.

A Shift Towards Local Currencies

By utilizing national currencies, we embark on the process of eliminating the dependency on the Dollar in commercial transactions, a process we intend to continue, stated Iran's Safari. The deployment of local currencies by the bloc was a critical component of its efforts in the past year, and it is expected to continue and expand in the upcoming year.

Iran and the BRICS Bloc

Iran, along with Saudi Arabia, the United Arab Emirates (UAE), Egypt, and Ethiopia, were invited to join the alliance during the summer, in addition to Argentina. However, after a regime change in November 2023, Argentina declined the invitation.

On the other hand, Iran expressed an aspiration to serve as a banking center for the economic alliance. The country commended the work done by the bloc's New Development Bank since its inception in 2024. It seems Iran has ambitious expectations for the economic progress the bloc can make following its official induction into the alliance.

Edited by Jonathan Stoker