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1. BRICS enlargement:
- During the 15th BRICS summit in August 2023 in Johannesburg, the group announced an unprecedented enlargement. As of January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates officially joined the group. - BRICS, initially made up of five countries (Brazil, Russia, India, China and South Africa), are now BRICS+ with ten members in total. - These countries represent 45% of the world population and 28% of world GDP.
2. The petrodollar and the BRICS:
- BRICS, as emerging powers, seek to reduce their dependence on the petrodollar. They explored alternatives such as trading in local currencies and bilateral agreements.
- The integration of Iran and Saudi Arabia into BRICS could potentially influence petrodollar dynamics, as these countries are major oil producers.
3. Interactions with the cryptocurrency market:
- BRICS+ have also shown growing interest in cryptocurrencies. China, for example, has developed its own digital currency (the digital yuan) and is exploring blockchain applications.
- Egypt, Ethiopia and the United Arab Emirates have also taken steps to regulate or adopt cryptocurrencies.
- However, BRICS+ must navigate between cryptocurrency innovation and concerns related to financial stability and regulation.
