11 more countries just joined BRICS this week

[tottong]

BRICS has great potential to continue growing and play a significant role in the new world order. As more countries join, BRICS can become an increasingly influential force in shaping the future of the global economy and politics. BRICS needs to continue strengthening internal cooperation and improving policy coordination to address existing challenges. BRICS must also continue to strive to create a more just, inclusive, and sustainable world order so that it can attract other countries to join. I am confident that in the future, more countries, especially developing countries, will continue to join BRICS. This is because BRICS can open broader market access and strengthen economic and diplomatic cooperation.

This polarization was created as a step to find solutions to global trade, cooperation, economics, and politics for each joining country. If I understand correctly, BRICS itself also provides the option of trading using its own currency so that each country feels sufficiently advantaged.
Some observers even say this concept is inseparable from efforts to eliminate the power of the dollar in global trade, as using such a method would be very detrimental to most countries.

Opening broader market access depends heavily on each participating country, as market access depends on the export value of whatever commodity each country is trying to offer.
This step is indeed a good one, as it provides space for each country to seek independence in any form of cooperative relationship.

[EarnOnVictor]

BRICS is an alternative economic block but the danger is that it might not remain limited to trade and cooperation and could evolve into a military alliance similar to NATO. This could lead to a return to a bipolar world like during the Cold War. The positive side is that there isn't clear ideological divide between these powers. BRICS's expansion policy already shows that they plan to play a more influential role in the future. They started with 5 countries and have already grown significantly.

The BRICS conversion rate was initially slow, but it only got more serious due to Trump's ignoble acts. Trump doesn't know what leadership entails, so expect more countries to join BRICS during his tenure.

Like you, I fear for the military cooperation beyond the economic and political alliance, but at the same time, most of the countries in BRICS are also for the US-led organisations, and are even relying on the US support for many things. This will weaken the ability of BRICS to be used as a military organisation because the loyalty can't be ascertained by anyone.

Many of these countries are powerless militarily too, while an example like India and China are common foes. Even the recent India-Pakistan war was reported that Pakistan used Chinese weapons which being silently supported (how to use) by the Chinese during the war. All these continue to cast doubts on the relationship over time.

[WillyAp]

Opening broader market access depends heavily on each participating country, as market access depends on the export value of whatever commodity each country is trying to offer.
This step is indeed a good one, as it provides space for each country to seek independence in any form of cooperative relationship.

A long way to go.

List of the 210 countries using the swift system.
https://www.bank-codes.com/countries

[pooya87]

Is it really that easy to issue a new unified currency among member countries of a bloc that will always remain subject to change? Who (which entity) will issue the currency? On what basis will its value be determined? How will the negative effects of the new currency on the local currencies of brics members be addressed? The only bloc in history that has succeeded in issuing a unified currency is the EU, and we can see the negative consequences of this on European economies. It has also failed to reduce dependence on the dollar.

It will definitely not be easy. But euro is a good example. It was established among tiny countries that were at war with each other for over a century (2 biggest ones they call WW1 and WW2) and yet they managed to create euro amongst themselves.
I dare say BRICS currency would be easier than that because first of all these countries were never really at war with each other at the level and it also doesn't need to be used as each nation's legal tender, it could be a currency for international trades only.

We have to wait and see where it goes though, at this point we are only speculating as we watch the progress...

For example, China, the largest holder of US bonds in the world,

China used to be the biggest bag-holder of US bonds holding IIRC $1.6 trillion of US debt. They've been dumping it slowly but surely though. Pretty much starting the dump since around 2014 (when WW5 entered a new phase). Today they are bag-holding around $0.75 trillion and are ranked third among the bag-holders (Japan is the first with $1.1 trillion, UK is second with $0.807 trillion bonds).

P.S. One of the reasons why FED doesn't doesn't reduce the interest rate is to prevent this dump!

[Macro Exchange]

This should answer those who were wondering what is happening with BRICS. In their latest summit that was held in Brazil this week the leaders of BRICS nations welcomed a new full member, Indonesia and also welcomed 10 new countries that joined BRICS as partners: Belarus, Bolivia, Kazakhstan, Nigeria, Malaysia, Thailand, Cuba, Vietnam, Uganda, and Uzbekistan.

Apparently BRICS now represents roughly half the population and GDP of the entire world

Half the world’s population and still can’t build a working alternative to SWIFT. Sounds more like a geopolitical book club than a real economic bloc.

[fuguebtc]

This should answer those who were wondering what is happening with BRICS. In their latest summit that was held in Brazil this week the leaders of BRICS nations welcomed a new full member, Indonesia and also welcomed 10 new countries that joined BRICS as partners: Belarus, Bolivia, Kazakhstan, Nigeria, Malaysia, Thailand, Cuba, Vietnam, Uganda, and Uzbekistan.

Apparently BRICS now represents roughly half the population and GDP of the entire world

Half the world’s population and still can’t build a working alternative to SWIFT. Sounds more like a geopolitical book club than a real economic bloc.

Although BRICS has been around for a while, in the early stages their goal was to develop and boost each other's economies together. But over time, they gradually realized that the world's dependence on the USD had inadvertently given the US supreme power and they were using it indiscriminately. They abuse them for their own benefit, not for the common good of the world as they said before.

The idea of de-dollarization also started there, and BRICS seeks to reduce dependence on USD, otherwise things will soon get worse as the US increasingly abuses its power. Therefore, they have experienced some delays in implementing new monetary systems as well as in choosing a new currency to replace the USD. Not to mention, the pressure from the post-Covid global uncertainty combined with US resistance makes some delays understandable.

[DanWalker]

This polarization was created as a step to find solutions to global trade, cooperation, economics, and politics for each joining country. If I understand correctly, BRICS itself also provides the option of trading using its own currency so that each country feels sufficiently advantaged.
Some observers even say this concept is inseparable from efforts to eliminate the power of the dollar in global trade, as using such a method would be very detrimental to most countries.
Opening broader market access depends heavily on each participating country, as market access depends on the export value of whatever commodity each country is trying to offer.
This step is indeed a good one, as it provides space for each country to seek independence in any form of cooperative relationship.

BRICS is probably the biggest step taken to have self-sufficiency and moving away from dollar, now 11 countries, representing 40% of the global economy and 50% of world population. afaik they are busy uplifting local currency trade near around 90% intra-BRICS short out in member currencies, also brought BRICS Pay to make it faster. Still i have doubt cause internal policy differences and China's dominant influence could hinder cohesion. China wants to be one of the biggest superpower in the world. I think China is already an economical superpower. So of course they will try to leverage that somehow. If they pull it off, it could reshape global trade dynamics, for that they will have to work together

[yhiaali3]

BRICS is constantly expanding, with new countries joining the alliance. Indeed, the BRICS alliance now represents half of the world's population. But is this alliance capable of confronting the United States and its partners?

So far, despite this massive gathering, I don't see any real impact of the BRICS alliance on the global economy, particularly against the United States. I also don't see any threat to the dollar's dominance. Some BRICS countries are reluctant to abandon the dollar's dominance because they don't want to antagonize the United States and the West excessively.

Last year, Russia proposed creating a new payments system based on a network of commercial banks linked together through the BRICS central banks, but to my knowledge, this proposal has not yet seen the light of day.

[laijsica]

BRICS has great potential to continue growing and play a significant role in the new world order. As more countries join, BRICS can become an increasingly influential force in shaping the future of the global economy and politics. BRICS needs to continue strengthening internal cooperation and improving policy coordination to address existing challenges. BRICS must also continue to strive to create a more just, inclusive, and sustainable world order so that it can attract other countries to join. I am confident that in the future, more countries, especially developing countries, will continue to join BRICS. This is because BRICS can open broader market access and strengthen economic and diplomatic cooperation.

This polarization was created as a step to find solutions to global trade, cooperation, economics, and politics for each joining country. If I understand correctly, BRICS itself also provides the option of trading using its own currency so that each country feels sufficiently advantaged.
Some observers even say this concept is inseparable from efforts to eliminate the power of the dollar in global trade, as using such a method would be very detrimental to most countries.
Opening broader market access depends heavily on each participating country, as market access depends on the export value of whatever commodity each country is trying to offer.
This step is indeed a good one, as it provides space for each country to seek independence in any form of cooperative relationship.

BRICS is probably the biggest step taken to have self-sufficiency and moving away from dollar, now 11 countries, representing 40% of the global economy and 50% of world population. afaik they are busy uplifting local currency trade near around 90% intra-BRICS short out in member currencies, also brought BRICS Pay to make it faster. Still i have doubt cause internal policy differences and China's dominant influence could hinder cohesion. China wants to be one of the biggest superpower in the world. I think China is already an economical superpower. So of course they will try to leverage that somehow. If they pull it off, it could reshape global trade dynamics, for that they will have to work together

China and Russia are trying to involve other countries in the world, either in terms of alternative thinking to the dollar/formation of economic alliances or in any way to implement the underlying strategy, but this is not an easy matter, it involves a huge equation of interests and world politics. Small and weak countries will not be able to free themselves from US influence so easily because they are already influencing and financially supporting every level of the state. China controls approximately about 19% of the global economy's GDP and the US controls about 24%-26%. BRICS can try to pull those weak countries out of US influence, especially if China and Russia play a more leading role but this will lead to a complex equation.

Therefore, the process through which the balance of power is being tried is likely to be successful in stages because the relationship between the United States and NATO countries has deteriorated and distance has been created due to the war with Ukraine and Russia.

[DanWalker]

China and Russia are trying to involve other countries in the world, either in terms of alternative thinking to the dollar/formation of economic alliances or in any way to implement the underlying strategy, but this is not an easy matter, it involves a huge equation of interests and world politics. Small and weak countries will not be able to free themselves from US influence so easily because they are already influencing and financially supporting every level of the state. China controls approximately about 19% of the global economy's GDP and the US controls about 24%-26%. BRICS can try to pull those weak countries out of US influence, especially if China and Russia play a more leading role but this will lead to a complex equation.

Therefore, the process through which the balance of power is being tried is likely to be successful in stages because the relationship between the United States and NATO countries has deteriorated and distance has been created due to the war with Ukraine and Russia.

I used to think it was a huge challenge and an impossible task, but with what Trump is doing and what America is facing. I believe that de-dollarization is happening faster than ever.


The evidence is that more and more countries want to become members and partners of bloc as well as the decline of USD in global foreign exchange reserves, international trade transactions or the value of USD compared to the world currency basket...That shows that the de-dollarization process is happening very quickly.

But the problem is that changing the balance of world power, the world economy will take decades, it cannot happen in 1 or 2 years. Many people do not understand this issue and think that BRICS is quite slow or has difficulty in building a multipolar world.

[WillyAp]

I used to think it was a huge challenge and an impossible task, but with what Trump is doing and what America is facing. I believe that de-dollarization is happening faster than ever.

I bet he knows that, He also knows that going on as before it'll be inevitable. He only speeds up the process.
The advantage of the US$ is due to the not so thought through way the fees developed in Bitcoin, the spread in 10 of thousand alternative cryptos.

[Olatundespo]

China and Russia are trying to involve other countries in the world, either in terms of alternative thinking to the dollar/formation of economic alliances or in any way to implement the underlying strategy, but this is not an easy matter, it involves a huge equation of interests and world politics. Small and weak countries will not be able to free themselves from US influence so easily because they are already influencing and financially supporting every level of the state. China controls approximately about 19% of the global economy's GDP and the US controls about 24%-26%. BRICS can try to pull those weak countries out of US influence, especially if China and Russia play a more leading role but this will lead to a complex equation.

Therefore, the process through which the balance of power is being tried is likely to be successful in stages because the relationship between the United States and NATO countries has deteriorated and distance has been created due to the war with Ukraine and Russia.

I used to think it was a huge challenge and an impossible task, but with what Trump is doing and what America is facing. I believe that de-dollarization is happening faster than ever.


The evidence is that more and more countries want to become members and partners of bloc as well as the decline of USD in global foreign exchange reserves, international trade transactions or the value of USD compared to the world currency basket...That shows that the de-dollarization process is happening very quickly.

But the problem is that changing the balance of world power, the world economy will take decades, it cannot happen in 1 or 2 years. Many people do not understand this issue and think that BRICS is quite slow or has difficulty in building a multipolar world.

We have to wait more to bring about the balance of world power, I think it is actually possible before the third world war. China is gaining strength but they do not want to use/exhaust their strength. China is against Taiwan's autonomy but America is providing Taiwan with logistical support and weapons. Most of the countries in Africa are still under US domination. The oil-rich countries in the Middle East do not take any action outside of US decisions and they unilaterally accept US domination.

After the trade war between the US and China started in 2018, China adopted a strategy to become self-reliant and try to reduce its dependence on the dollar and they are very confident of succeeding in this effort. Their intention to form BRICS with other countries including Russia and India be part of their far-reaching efforts.

You are right that more and more countries in the world are ready to become members of this bloc, but how successfully they will be able to extricate themselves from US polarization is a matter of some doubt. However, it is certain that more and more countries are preparing to develop alternative currency systems to the dollar and they may succeed in the future.

[dezoel]

I used to think it was a huge challenge and an impossible task, but with what Trump is doing and what America is facing. I believe that de-dollarization is happening faster than ever.

The evidence is that more and more countries want to become members and partners of bloc as well as the decline of USD in global foreign exchange reserves, international trade transactions or the value of USD compared to the world currency basket...That shows that the de-dollarization process is happening very quickly.

But the problem is that changing the balance of world power, the world economy will take decades, it cannot happen in 1 or 2 years. Many people do not understand this issue and think that BRICS is quite slow or has difficulty in building a multipolar world.

De-dollarization is possible and things are heading for this as well but still keep one thing in mind it's not going to happen in few years it needed decades because it's never been easy to challenge their power while confidence level in BRICS is still not good.

Few things were needed to be done in early parts which can give them good success but as few countries always player their double role it's not easy for them to stick with China and Russia policies which are not helpful for few countries in trading way China always give priority to their own interest and Russia is looking for friends due to their own conflicts while other countries those are with them surely can't support them without having solid development. I read many are talking about their single currency which is not possible because they are not near and have some other problems which can give them more problems, but they can go with Bitcoin which is now also not easy due to few bans.

[Abiky]

This should answer those who were wondering what is happening with BRICS. In their latest summit that was held in Brazil this week the leaders of BRICS nations welcomed a new full member, Indonesia and also welcomed 10 new countries that joined BRICS as partners: Belarus, Bolivia, Kazakhstan, Nigeria, Malaysia, Thailand, Cuba, Vietnam, Uganda, and Uzbekistan.

Apparently BRICS now represents roughly half the population and GDP of the entire world

The BRICS can add as many members as it wants, but ultimately, the US has the final say. So long as the USD remains the reserve currency of the world. One way or another, countries need the USD to survive. It's hard to make use of another currency that would challenge the USD. I'd bet the next country to join the bloc is Venezuela.

Right now the USD is showing signs of weakness, so "de-dollarization" efforts would only accelerate. Especially now that Trump is threatening to fire FED chair Jerome Powell and threatening other countries with additional tariffs. This will only make countries reject the USD even more. Confidence among investors will be lost, due to the US' economic uncertainty. Without money pouring into US treasuries and bonds, the country will be doomed. It will be forced to default on its debt. Perhaps, the BRICS will survive and live alongside the EU bloc for generations. We never know what the future holds, so anything's possible.

[Muba20]

This should answer those who were wondering what is happening with BRICS. In their latest summit that was held in Brazil this week the leaders of BRICS nations welcomed a new full member, Indonesia and also welcomed 10 new countries that joined BRICS as partners: Belarus, Bolivia, Kazakhstan, Nigeria, Malaysia, Thailand, Cuba, Vietnam, Uganda, and Uzbekistan.

Apparently BRICS now represents roughly half the population and GDP of the entire world

Half the world’s population and still can’t build a working alternative to SWIFT. Sounds more like a geopolitical book club than a real economic bloc.

It will definitely take some time to get out of a system that has been in place for a long time. BRICS has already started working. Among BRICS countries, Russia and China are using their own payment system, which we can think of as an alternative to SWIFT in their own countries and have launched international payment systems.

CIPS (Cross-Border Interbank Payment System) is a system made by China.

SPFS (System for Transfer of Financial Messages) is a system made by Russia.

https://www.middleeastmonitor.com/20250403-25-countries-join-russias-payment-system-as-an-alternative-to-swift/

https://statrys.com/blog/what-is-cips-china

Some Russian banks have been restricted from SWIFT for a long time, some of the other banks conducting their business. But they are finding alternative. We can easily understand that it will not be difficult to operate without SWIFT but temporary problems will have to be faced. BRICS member countries are increasing. If almost half of the world's population is included in this coverage or many countries are added here, then finding an alternative to SWIFT is not a problem. Many countries are still outside BRICS, but they have started coming. As new countries join BRICS, their control over raw materials, markets and geographical position has become more powerful.

BRICS is carrying out its activities extensively and they are doing everything smoothly to keep their position more stable worldwide. That is why we need to give more time considering the global situation as we are moving forward as fast as we can. But it is certain that this organization is moving forward on the right track.

[pooya87]

Half the world’s population and still can’t build a working alternative to SWIFT. Sounds more like a geopolitical book club than a real economic bloc.

You should make your expectations more realistic. It is like saying after 16 years bitcoin is still not $1 million dollar!

Establishing a New World Order is not going to happen overnight, like previous times. It will take years and will be accompanied with a lot of conflict. The wars you see in 3 continents today are the result of that.

But it is happening and it is inevitable...

[Abiky]

It will definitely take some time to get out of a system that has been in place for a long time. BRICS has already started working. Among BRICS countries, Russia and China are using their own payment system, which we can think of as an alternative to SWIFT in their own countries and have launched international payment systems.

CIPS (Cross-Border Interbank Payment System) is a system made by China.

SPFS (System for Transfer of Financial Messages) is a system made by Russia.

https://www.middleeastmonitor.com/20250403-25-countries-join-russias-payment-system-as-an-alternative-to-swift/

https://statrys.com/blog/what-is-cips-china?utm_source

Some Russian banks have been restricted from SWIFT for a long time, some of the other banks conducting their business. But they are finding alternative. We can easily understand that it will not be difficult to operate without SWIFT but temporary problems will have to be faced. BRICS member countries are increasing. If almost half of the world's population is included in this coverage or many countries are added here, then finding an alternative to SWIFT is not a problem. Many countries are still outside BRICS, but they have started coming. As new countries join BRICS, their control over raw materials, markets and geographical position has become more powerful.

BRICS is carrying out its activities extensively and they are doing everything smoothly to keep their position more stable worldwide. That is why we need to give more time considering the global situation as we are moving forward as fast as we can. But it is certain that this organization is moving forward on the right track.

But do these alternative payment systems make use of crypto/Blockchain tech? I doubt it. Meanwhile, the US is moving one step forward by enacting pro-crypto policies under President Donald Trump's leadership. With stablecoins poised to become de-facto USD digital Fiat currencies, the USD's dominance will only strengthen over time. It's no secret that USD-based stablecoins dominate the crypto market. And if the FED backs the USD with BTC, things will be even better.

How will BRICS be able to compete with this? The bloc needs to adopt Blockchain tech at its fullest to stay at the forefront of innovation. China has a CBDC, but other countries within the bloc are lacking behind. Not sure if the Chinese Yuan (now e-CNY) would be able to become the standard medium of exchange among BRICS countries. We'll see if they'll be able to de-throne the USD in the long run.

[Muba20]

It will definitely take some time to get out of a system that has been in place for a long time. BRICS has already started working. Among BRICS countries, Russia and China are using their own payment system, which we can think of as an alternative to SWIFT in their own countries and have launched international payment systems.

CIPS (Cross-Border Interbank Payment System) is a system made by China.

SPFS (System for Transfer of Financial Messages) is a system made by Russia.

https://www.middleeastmonitor.com/20250403-25-countries-join-russias-payment-system-as-an-alternative-to-swift/

https://statrys.com/blog/what-is-cips-china?utm_source

Some Russian banks have been restricted from SWIFT for a long time, some of the other banks conducting their business. But they are finding alternative. We can easily understand that it will not be difficult to operate without SWIFT but temporary problems will have to be faced. BRICS member countries are increasing. If almost half of the world's population is included in this coverage or many countries are added here, then finding an alternative to SWIFT is not a problem. Many countries are still outside BRICS, but they have started coming. As new countries join BRICS, their control over raw materials, markets and geographical position has become more powerful.

BRICS is carrying out its activities extensively and they are doing everything smoothly to keep their position more stable worldwide. That is why we need to give more time considering the global situation as we are moving forward as fast as we can. But it is certain that this organization is moving forward on the right track.

But do these alternative payment systems make use of crypto/Blockchain tech? I doubt it. Meanwhile, the US is moving one step forward by enacting pro-crypto policies under President Donald Trump's leadership. With stablecoins poised to become de-facto USD digital Fiat currencies, the USD's dominance will only strengthen over time. It's no secret that USD-based stablecoins dominate the crypto market. And if the FED backs the USD with BTC, things will be even better.

How will BRICS be able to compete with this? The bloc needs to adopt Blockchain tech at its fullest to stay at the forefront of innovation. China has a CBDC, but other countries within the bloc are lacking behind. Not sure if the Chinese Yuan (now e-CNY) would be able to become the standard medium of exchange among BRICS countries. We'll see if they'll be able to de-throne the USD in the long run.

You have mentioned some important points. Due to the repeated changes in the leadership of the United States of America, there are also various changes in the policy. It cannot be said that the policy taken by Donald Trump today will be same in the future. If we review the various policies of the Biden administration, then the matter can be clear. Here, BRICS is working as an alliance that is designed to be free from US dominance. They will definitely develop a system that can be used in the countries based on this alliance, as well as other countries so that they can take advantage of it and later develop such a sovereign and independent payment system. Even if they do not innovate anything based on blockchain at the moment, it cannot be said that they will not do that in the future. They are forming an alliance and they will gradually find alternatives to everything. If we want to solve these issues very quickly, it is not possible. From my opinion, I can say that in the future, BRICS will definitely be interested in using blockchain technology along with other payment systems.

[Die_empty]

Half the world’s population and still can’t build a working alternative to SWIFT. Sounds more like a geopolitical book club than a real economic bloc.

The move to create an alternative to SWIFT might be slow but it's gradually gaining momentum. BRICS Pay is a payment platform used by member nations for financial transactions without using SWIFT. Since 2023 Brazil and China have eliminated the use of dollars for trade. Rather, trade deals are settled with local currencies. China and India also have agreements to adopt local currencies in their trade deals. Other countries are also adopting the same strategy to bypass the Western-controlled payment system.

https://m.economictimes.com/news/economy/foreign-trade/india-china-have-agreed-to-cooperate-in-paying-in-local-currency-for-imports-maldives/articleshow/110329147.cms

https://www.lexology.com/library/detail.aspx?g=db9df4b9-2b1d-48a7-be4d-ef74ff375d79#:~:text=In%20March%202023%2C%20Brazil%20and,trade%20in%20their%20local%20currencies.

[jostorres]

But do these alternative payment systems make use of crypto/Blockchain tech? I doubt it. Meanwhile, the US is moving one step forward by enacting pro-crypto policies under President Donald Trump's leadership. With stablecoins poised to become de-facto USD digital Fiat currencies, the USD's dominance will only strengthen over time. It's no secret that USD-based stablecoins dominate the crypto market. And if the FED backs the USD with BTC, things will be even better.

How will BRICS be able to compete with this? The bloc needs to adopt Blockchain tech at its fullest to stay at the forefront of innovation. China has a CBDC, but other countries within the bloc are lacking behind. Not sure if the Chinese Yuan (now e-CNY) would be able to become the standard medium of exchange among BRICS countries. We'll see if they'll be able to de-throne the USD in the long run.

They "say" they are going to, but they do not. Most nations have "some" pro-crypto moves, like for example when Russians faced account freezing and sanctions, they used bitcoin to move their money from other nations back into Russia, a lot of millionaires and billionaires moved their money that way, while it was risky because of the size of the amount, they probably did it piece by piece, so if anything ever happens, it would be small amount that gets lost.

So, do we call Russia pro-crypto too? Of course not, not yet at least, they may become one in the future. USA allows people to trade, and own, and they say they will start crypto treasury investment too, but they haven't yet, just because they "said" it, does it mean they already do? Of course not.