BRICS: towards membership of at least 40 countries?

The BRICS have great ambitions for the global financial system. They have already announced their plan to create a common currency for members of the organization. But their project goes beyond the monetary question. They want to counterbalance global geopolitics and the initiative is of interest to many countries around the world.

From 22 to more than 40 countries interested in joining BRICS

Recently, reports of France’s potential membership of the BRICS had leaked out. The information is not confirmed, but it seems that the country is not the only one to want to join this state alliance.

According information from South African diplomacy, more than 40 countries wish to join the group of countries. Officially, 22 countries have formally expressed their desire to join BRICS.

Is the organization gaining muscle in relation to the configuration of current global geopolitics? One might be tempted to believe it. Especially since the Western foreign policy led by the States is more and more shunned.

The future permanent members of the BRICS would still have to agree to welcome new members. The issue will be one of the main focuses of the next summit of the organization to be held in South Africa.

The meeting scheduled to be held in August 2023 could therefore decide on the countries accepted. Or at the very least, the accessibility conditions of countries wishing to join the BRICS.

For the moment, the complete list of countries considering joining the group is not known. But the names of some of the most strategic states in the world have leaked out. This is the case for oil behemoths like Iran, Saudi Arabia, the United Arab Emirates, Kazakhstan, Algeria and Egypt. This is also the case for economically important countries such as Cuba, the Democratic Republic of Congo (DRC), Gabon, Argentina and Indonesia.

The least we can say about this development is that the eventual accession of these countries to the BRICS would be a monumental game changer. A prospect that could materialize the projections around the end of the dollar. And as several analysts predict, the weakening of the US currency would be beneficial for cryptos, especially bitcoin (BTC). Indeed, this scenario could create a favorable environment for cryptocurrencies, in particular Bitcoin, by positioning them as safe havens in the face of possible fiat currency instability. If this initiative is successfully implemented and embraced by other nations who feel marginalized by the current system, we could see increased global adoption of cryptocurrencies.