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The BRICS alliance announced that it has closed applications for new membership for the year 2024. This decision, revealed during the ongoing BRICS Summit in Kazan, Russia, comes as the bloc seeks to escape the hegemony of the US Dollar. Member countries including Brazil, Russia, India, China, and South Africa are currently sharing insights on Bitcoin 
$79,568 and stablecoins.
BRICS Membership Structure and Acceptance Process
In addition to the founding members, the BRICS alliance has significantly expanded over the past year. Earlier this year, the United Arab Emirates, Iran, Egypt, and Ethiopia officially joined the alliance. Furthermore, several countries such as Nigeria, Turkey, Malaysia, and Thailand participate in the bloc without formal membership.
Following discussions about Turkey’s plans to join BRICS in previous months, conversations have begun regarding what topics the bloc will focus on for the remainder of the year after closing new membership applications. This development aims to promote deeper cooperation among current members.
Bitcoin and Cryptocurrencies
As part of its plans to reduce the US Dollar’s power in global trade, discussions are reportedly underway on how Bitcoin and cryptocurrencies can be integrated into BRICS. Previously, there were considerations of how Russia might avoid Western sanctions using Bitcoin.
Although no official confirmation has been made, there is speculation that stablecoins could play a role in BRICS plans. President Vladimir Putin stated that discussions on creating a national unifying currency for the alliance are still in the early stages. This also suggests that it is premature for a crypto-backed currency or its conventional fiat currency blockchain version.
Currently, reports indicate that a payment system utilizing blockchain technology is being developed to support the bloc’s cross-border transaction agenda.
Improving Economic and Trade Relations
BRICS is focused on enhancing economic and trade relations. The alliance aims to increase its economic power by moving away from the US Dollar-centered Western financial system. Countries like Russia and Iran strongly support this goal due to sanctions imposed by the US and European allies.
For instance, India achieved a milestone last year by conducting the first-ever Rupee-based oil trade with the United Arab Emirates, effectively bypassing the Dollar.
In conclusion, the BRICS alliance’s decision to close membership applications for 2024 is viewed as a significant step toward achieving economic independence and integrating digital currencies.
