BRICS: 19 More Countries Gang up Against the U.S. Dollar

The BRICS nations are currently considering the creation of a new currency for global trade as an alternative to the US dollar.

This idea has attracted the attention of several developing countries interested in joining the alliance. According to Bloomberg, 19 nations, including Saudi Arabia and Iran, have expressed their interest in becoming part of the BRICS block.

However, the decision to allow these countries into the coalition has not yet been made.

South Africa’s BRICS ambassador, Anil Sooklal, has stated that they receive membership applications daily, with 13 countries formally requesting to join and six others making informal requests.

If Saudi Arabia and Iran were to join BRICS, it could have significant implications. Saudi Arabia could use the new currency to settle international trade, adding to the pressure on the already weakened US dollar.

Meanwhile, Iran, which is under constant sanctions for its alleged involvement in terrorism, could benefit from joining the alliance by trading freely with other nations using the new currency.

This could weaken America’s hold on the country and potentially support terrorist activities.

It is also worth noting that France recently settled an LNG gas trade with China using the Chinese Yuan instead of the US dollar.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.