BRICS Alliance Halts New Membership Applications for 2024

The BRICS alliance has announced it will not accept new membership applications for 2024, according to reports from the ongoing BRICS Summit in Kazan, Russia. The alliance, consisting of Brazil, Russia, India, China, and South Africa, continues its mission to reduce dependency on the U.S. Dollar, with previous discussions touching on Bitcoin (BTC) and stablecoin integration.

BRICS Membership Structure and Recent Expansion

The alliance has seen significant growth, with the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia joining as full members earlier this year. Several partner countries, including Nigeria, Turkey, Malaysia, and Thailand, maintain close ties with the bloc. Turkey had previously expressed interest in joining the alliance in June, but with the new membership freeze, focus shifts to other priorities for the remainder of the year.

The alliance’s primary objective remains centered on enhancing economic and trade relations while moving away from the Dollar-based Western financial system. This initiative is particularly crucial for sanctioned members like Russia and Iran. Progress has already been made in this direction, with India completing its first Rupee-based oil trade with UAE last year, successfully bypassing the Dollar.

Cryptocurrency’s Role in BRICS

While Bitcoin and cryptocurrency integration have been discussed as potential tools for sanctions evasion and alternative payment methods, no official stance has been taken on incorporating them into the alliance’s framework. However, stablecoins remain a possibility for future implementation.

Russian President Vladimir Putin has indicated that discussions about a unified currency for the alliance are premature. Currently, the focus remains on developing a blockchain-based payment system to facilitate cross-border settlements among member nations.

The alliance continues to explore innovative financial solutions while strengthening economic ties between member states, with blockchain technology playing a potentially significant role in future developments.

[Disclaimer: The content reflects the author’s opinion and is subject to market conditions. Conduct thorough research before investing in cryptocurrencies. Neither the author nor the publication bears responsibility for personal financial losses.]