The BRICS nations (Brazil, Russia, India, China, and South Africa) are pushing for de-dollarization in order to protect powerful nations from the ebbs and flows of the dollar exchange rate. As the bloc continues to expand with the addition of new members, it is estimated that BRICS will control approximately 30% of the world’s economy.The leading cryptocurrency Bitcoin (BTC) has been speculated as the currency of choice for the bloc, however, Ripple’s XRP has also been considered due to its functionality of facilitating cross-border payments. Ripple offers cutting-edge technology with XRP and its utilization could drive mainstream adoption and possibly drive the price of other cryptocurrencies to new All-Time Highs (ATH) in the long run.At the recent 2023 BRICS Summit which was held in Johannesburg, South Africa, the bloc announced an historic expansion that will see the admission of some of the countries that have indicated interest. These countries include Saudi Arabia, the UAE, Iran, Egypt, Argentina, Ethiopia, and Egypt.Saudi Arabia has the capacity to drag in lots of oil sales which will be settled in a currency other than the U.S. dollar. South Africa has started utilizing its local currency for international trade as part of the BRICS’ strategy to prioritize their local currencies in the global financial system. China, Russia, and India have also increased their gold reserves in a bid to pivot power across the board.
This News Article was automatically generated by Bob the Bot(AI)
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | Africa |
| Countries | 🇧🇷 🇮🇳 🇨🇳 🇿🇦 🇸🇦 🇦🇪 🇩🇿 🇪🇬 🇧🇭 🇮🇩 🇦🇷 🇪🇹 |
| Sentiment | neutral |
| Relevance Score | 9 |
| People | Luiz Inacio Lula da Silva, Saudi Arabia, Egypt, Indonesia, United Arab Emirates, Iran, Ethiopia, Bahrain, Argentina |
| Companies | Bitcoin, All-Time Highs, Saudi Arabia, Egypt, United Arab Emirates, China, Russia, Iran, BRICS, India., 2023 BRICS Summit, Ripple, Ethiopia, Argentina |
| Currencies | ethereum, saudi riyal, u.s. dollar, ripple (xrp), bitcoin |
| Securities |
