BRICS News: As the BRICS Payment System Attracts Over 50 Nations, Could Bitcoin Be the Next Addition?

• About 50 nations are reported to have expressed interest in the BRICS alliance pending the upcoming summit in October. 

• According to Russia’s Valentina Matviyenko, the BRICS payment system could be one of the main topics of discussion at the summit. 

The de-dollarization agenda is still on, as BRICS ideology resonates with over 50 nations that have expressed interest in joining the alliance before the 2024 summit. As we highlighted in our previous publication, this is a massive improvement over the 36 applications received from interested nations in March 2024. 

According to the report, all interested parties are developing countries spread across four main regions – Asia, Africa, South America, and Eastern Europe. Per our investigation, this growing ambition is linked with the unwavering desire to strengthen their local currencies that are becoming “worthless” against the US dollar. 

Before this development, the Speaker of Russia’s Federation Council, Valentina Matviyenko, rightly predicted that the BRICS payment could be the “missing piece of the puzzle” that would expand the membership base. 

This is no longer just an idea, it is moving forward in practice. I hope that the system that has been created by BRICS will become a trend, an example that not only BRICS nations, but many other countries as well will join later.

The inclusion of these new members reportedly aligns with the long-term goal of BRICS to create a balanced global economic order to offset the provision of Western-dominated financial institutions like the International Monetary Fund (IMF) and the World Bank. 

More on the Much Anticipated Payment System by BRICS

According to Matviyenko, Russia is currently embarking on efforts to harmonize central banks in financial institutions of all member states as its upcoming platform demands significant input from all. To her, the project is a “bombshell in the best sense” while hinting that the BRICS digital payment system could be the topic of discussion at the upcoming summit in October. 

In a report by a major state-owned news agency in Russia, TASS, Matviyenko highlighted a growing trend of conducting international transactions in national currencies other than traditional systems like SWIFT. She also expressed optimism, hoping the summit would approve the payment platform or finalize its implementation details. 

Similarly, Kremlin aide Yury Ushakov recently agreed on record that the BRICS payment system is an important initiative toward its major goal. 

We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics.

While no official report has mentioned Bitcoin (BTC) as a proposed currency for the BRICS payment system, many enthusiasts are optimistic that this could be the case in the future. To them, Bitcoin offers anonymity and security, which could be an important addition to the BRICS de-dollarization strategy. Also, the digital asset offers a decentralized environment as well as fast and cheaper transactions while presenting itself as a highly liquid asset. As we recently reported, XRP is another option that could be considered for future payments by the BRICS.