54 Nations to Attend, Ditching the US Dollar

• The BRICS summit for 2024 is gaining momentum, with about 54 nations likely to attend.
• Bitcoin might take center stage as the group explores an alternative currency in an aggressive de-dollarization push.

About 54 nations are set to attend the highly anticipated BRICS 2024 Summit scheduled for next month. A major discussion at the event would focus on reducing US dollar trade settlements within the group. This has raised questions about the adoption of Bitcoin (BTC) among BRICS member countries.

This bloc is an intergovernmental organization with Brazil, Russia, India, China, and South Africa as its founding members.

Expectations of BRICS Expansion

Market participants are highly anticipating an expansion announcement from BRICS, just like it did in the BRICS 2023 Summit. As noted in our previous report, the economic group welcomed UAE, Egypt, Ethiopia, and Iran in January, bringing the total number of member countries to nine. 

Notably, the BRICS Group’s first attempt at expansion was in 2010, when it welcomed South Africa as a member. With 54 countries expected to attend the BRICS Summit this year, a similar expansion could take place. Russian aide Yury Ushakov said 36 heads of state have received invitations, while 18 nations have already confirmed they will attend.

Compared to 2022, the BRICS group has grown into a key economic collective on a global scale. With a key event on the horizon, the group’s influence has amplified further this year. While 2023’s summit had the most historic announcement, this year’s event is set to be the biggest in the Bloc’s history.

Officials have praised the preparations for the upcoming event. Ushakov stated,

We are satisfied with the way the perpetration [for the summit]is going. The preparations are indeed serious, as the event is of an unprecedented scale.

Notably, talks about expansions have also been going on, with many countries expressing interest in joining the economic group. As discussed earlier, almost 30 countries expressed interest in joining the group in January. This has only increased over the previous eight months, highlighting the group’s growing influence on economic, political, and security collaboration.

BRICS De-dollarization Efforts With Blockchain

The upcoming event could have an unprecedented impact on global finance as the BRICS bloc has been actively working towards de-dollarization. A recent update we covered shows that the group has been developing its BRICS Pay system. 

The blockchain-based payment system is set to be the global south’s answer to the West’s SWIFT. Market players think the system could finally debut at the upcoming summit.

As more nations move away from the US dollar’s dominance, BRICS may contemplate embracing Bitcoin. The digital asset is largely decentralized and inclusive of all investors without discrimination, which makes it a good fit for the BRICS.

The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has further strengthened Bitcoin’s position as an asset class. Therefore, integrating Bitcoin into the new BRICS payment system could be a major topic at the BRICS 2024 Summit. 

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