30 countries now ready to accept BRICS currency

SHANGHAI : A growing number of countries are showing interest to join the BRICS Alliance and accept the new currency. BRICS could soon be co me B RI CS + as t he South African Ambassador, Anil Sooklal hinted that the alliance could expand this year. The decision to allow other countries to join the bloc could be taken at the next summit in August in South Africa. Sooklal confirmed that more than a dozen countries have formally and informallyappliedtojoinBRICS.

The alliance would become stronger after expansion as their GDPs would race ahead of the U.S. and other Western powers. This could put the dollar and the Euro on the back foot as developing nations might end reliance on the USD. Therefore, BRICS stands in a better position to usher in a new global financial order than at any timebefore.

According to the latest report, 25 countries are ready to join BRICS and accept the new currency for international trade. The countries that have shown interest to join the BRICS alliance are Afghanistan, Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, the United Arab Emirates, Thailand, Tunisia, Turkey, Uruguay,Venezuela,andZimbabwe. BRICS comprises five countries

Brazil, Russia, India, China, and South Africa. Therefore, a total of 30 countries are now participating to dethrone the U.S dollar from its globalreservestatus.

If these many countries ditch the dollar and begin cross-border transactionswithanewcurrency,the USD could be hit. The dollar could weaken on a global scale and find no meanstofunditsdeficit.Thesoon-tobe-released BRICS currency could have the power to eliminate the dollar’sdominanceinternationally.

The countries that are interested to join BRICS are also oil-rich nations.Therefore,thealliancecould force European countries to pay with the new currency for oil and not the dollar.