BRICS: The grouping of the world economies of Brazil, Russia, India, China and South Africa has added 6 new members
Iran, Saudi Arabia, Egypt, Ethiopia, Argentina and UAE will join BRICS+ from January 2024
The expanded group will account for 30% of the world’s GDP ($30 trillion) and a staggering 45% of world’s oil production (37 million bpd)
IMPACT: This will have a meteoric impact to the current world order.
Members will trade with one another with their own local currencies. Over time, the formation of a common BRICS currency may further erode the influence of the greenback Petrodollar may make way for PetroBRICS or even Petroyuan, which is not too far-fetched an idea, given that Saudi Arabia trades 3x as much with China as with the US.
SWIFT Settlement System may go the way of the dodo, replaced with a politically independent system. I foresee the importance of selective cryptos having a role to play in the new order Bitcoin may feature in the basket of reserves backing the BRICS currency, alongside with other commodities like gold and energy DOGE for tipping in X Monero for those who yearn for extreme privacy, XRP for cross-border transactions by financial institutions, etc.
The possibilities and opportunities are infinite !
T てぃ
@TeongH_SR
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Something the media is not talking about: Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates could join as full members of BRICS beginning January 1st. This is how the world order changes.
Gold Telegraph, Dec. 26
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