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 worldโs economy.The leading cryptocurrency Bitcoin (BTC) has been speculated as the currency of choice for the bloc, however, Rippleโs 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 BRICSโ 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.
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Details |
Geography |
Africa |
Countries |
๐ง๐ท ๐ฎ๐ณ ๐จ๐ณ ๐ฟ๐ฆ ๐ธ๐ฆ ๐ฆ๐ช ๐ฉ๐ฟ ๐ช๐ฌ ๐ง๐ญ ๐ฎ๐ฉ ๐ฆ๐ท ๐ช๐น |
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 |
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