BRICS, an acronym representing Brazil, Russia, India, China and South Africa, has expanded its influence against Europe and the United States. This organization has received numerous applications for membership in recent years, radically transforming the global economic landscape. Today, the dominance of the US dollar is being challenged by these emerging nations.
For 50 years, the US dollar has represented nearly 60% of the world's foreign currency reserves. However, this dominance is about to collapse. BRICS seeks to counter the dominant economic influence of the West, and this video explains why this is having a significant impact on the cryptocurrency sector.
The origin of BRICS dates back to 2001, with an acronym denoting Brazil, Russia, India and China. Ten years later, South Africa joined the group, and in 2024, countries such as Egypt, the United Arab Emirates, Ethiopia and Iran joined this alliance, now called BRICS Plus. This coalition aims to cooperate economically, politically and culturally to gain greater influence on the international scene, thus competing with the United States.
Historically, the Bretton Woods Agreement of 1944 established the dollar as the world's reserve currency. In 1971, President Nixon ended the convertibility of the dollar into gold, turning the dollar into a fiat currency. In 1974, the United States and Saudi Arabia signed an agreement stipulating that Saudi oil would be sold exclusively in U.S. dollars, thereby consolidating the dollar's position.
In 2024, China and Saudi Arabia, members of BRICS Plus, have undertaken significant actions to reduce their dependence on the dollar. China sold nearly $53.3 billion worth of Treasuries in three months, while Saudi Arabia ended the petro-dollar deal, now accepting payments in yuan, euros and potentially digital currencies. These actions could decrease global demand for the dollar, leading to devaluation and higher inflation in the United States.
Cryptocurrencies, such as Bitcoin and Ethereum, could benefit from this dedollarization. Indeed, BRICS plans to use these currencies for transactions between members, reducing conversion fees and delays associated with fiat currencies. This could accelerate the adoption of cryptocurrencies and strengthen their legitimacy on a global scale.
The mBridge project, launched in 2021, aims to use central bank digital currencies (CBDCs) to facilitate cross-border transactions more efficiently and securely. This project, supported by the central banks of China, Hong Kong, Thailand and the United Arab Emirates, could transform the global financial system by reducing dependence on the dollar.
BRICS adoption of mBridge could have significant impacts on the global economy, creating a more resilient and multipolar financial system. This project is attracting the attention of many countries and financial institutions, and could redefine economic power dynamics for decades to come.
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