Summary: The BRICS alliance is making significant progress in developing its own currency to challenge the dominance of the US dollar. With the inclusion of new nations like Saudi Arabia, the UAE, and Iran, the development of the BRICS currency is gaining momentum. While opinions on the implications of this currency differ, its prevalence in alliance discussions indicates the possibility of its release in 2024.
As the new year begins, the BRICS alliance is poised for expansion, with the inclusion of countries like Saudi Arabia and the UAE. These nations bring considerable financial support to the table, which can greatly contribute to the development of the BRICS currency. Furthermore, Iran, a recent addition to the BRICS+ group, has expressed its intention to assist in creating a currency that challenges the supremacy of the US dollar.
An article published in August 2023 by the BRICS bloc emphasized that a common currency would provide more payment options and reduce vulnerabilities. It would also offer a clear path away from the US dollar in trade transactions. This underlines the significance of the BRICS currency in the alliance’s agenda.
While the development of the currency may extend beyond 2024 to accommodate all interested nations, the possibility of its debut this year cannot be disregarded. Many analysts speculate that the next BRICS summit in Russia could serve as the platform for the unveiling of the currency.
Although experts hold conflicting opinions on the potential of the BRICS currency, its continued prominence within the alliance’s discussions suggests that progress is being made. With the support and financial contributions of countries like Saudi Arabia, the UAE, and Iran, the currency’s development is gaining traction. As a result, the BRICS alliance may soon have its own currency, representing a significant challenge to the global dominance of the US dollar.