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BRICS | Over 40 Nations, Predominantly From the Global South, Indicate Interest to Join the BRICS...
More nations are showing increasing interest in joining BRICS, according to recently statistics ahead of the upcoming BRICS summit scheduled for end of October 2024.
According to Paul Frimpong, Founder and Executive Director of the Africa-China Centre for Policy and Advisory, more than 40 countries have expressed interest in joining BRICS, indicating the attractiveness of the bloc.
Frimpong said:
“BRICS attracts a diverse group of potential members because of its primary-driven shared desire to create a more equitable global landscape that many countries believe is currently biased against them,”
He added that the attractiveness of BRICS from a diverse group of potential members is primarily driven by a shared desire for a more equitable and balanced global landscape that many ‘believe is currently biased against them.’
One of the reasons countries are interested in joining the bloc, according to Frimpong, is a push for a Global South collective voice in international forums such as the World Bank and the International Monetary Fund (IMF). He said member countries have a chance to have a greater influence on global issues and policies while being able to push back on the economic dominance of the West.
All of this comes on the back of the 6th BRICS International Municipal Forum which took place in Moscow between August 27-28 2024 where members reiterated their commitment to a ‘new world order.’
During the meeting, which was attended by representatives drawn mainly from the ‘developing world,’ it was announced by the Russian Foreign Minister, Sergey Lavrov, that membership ascension has been suspended. Countries aligning with BRICS will simply be classified into supporting ‘partners’ group of BRICS.
During the two-day meetings, several sections moderated by experienced experts closely examined practical aspects of geopolitics, possible economic opportunities, social and cultural dimensions in Africa, Asia, Latin America, and the Middle East, as well as other parts of the world. But the most significant feature, majority of participants came from Russia’s ‘friendly’ countries, mostly the Global South.
The emerging new world also dominated the discussions, that many countries have expressed their preparedness for entering into the new global stage. In short, the general sentiments expressing the aspiration to form a multipolar world, said one journalist present at the event.
Sergey Lavrov, Minister of Foreign Affairs of the Russian Federation, said:
“I will say without exaggeration that today, BRICS acts as an ‘agent’ of the interests of the entire non-Western world. The decision to expand the association, made in Johannesburg in August 2023 when our leaders agreed to accept new participants, was a truly breakthrough achievement. From January 1, 2024, Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia gained their full rights as the members of our association.
These countries have significant economic potential, play a significant role not only in their region, but also in the international arena and, most importantly, share the basic values of the BRICS that unite us, including the spirit of solidarity, equality, mutual respect, openness and consensus…”
Originally, BRICS included Brazil, Russia, India, China, and South Africa, the association now includes 10 countries. Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates joined BRICS as full members in January 2024 signifying a growing authority of the association and its role in international affairs. It portrays its strength in the evolutionary multi-polar processes of the century.
BRICS | Ethiopia and Egypt Among 6 New Nations Joining BRICS Starting January 2024
Broadening the scope of the coalition is a component of BRICS strategy to establish influence and restructure worldwide governance into a ‘multipolar’ global arrangement that prioritizes the… pic.twitter.com/JpDt44pJjt
— BitKE (@BitcoinKE) August 25, 2023
Several countries across the world have shown interest in joining the organization. In Africa, these include:
Senegal
Zimbabwe
Tunisia
Sudan
Algeria, and
Senegal
Economically, the expansion stimulates growth and stability through enhanced trade and investment among member states, which collectively possess substantial economic potential.
As an alternative to the IMF and the World Bank, traditionally dominated by the West, BRICS members have developing the New Development Bank which provides financial support to member countries in an effort to reduce their vulnerability to Western economic policies and thus create a multipolar world that reflects the interests of emerging economies.
BRICS | The BRICS Bank Issues Maiden South African ZAR Bond Becoming the Highest Rated Issuer Since 2015
The New Development Bank, established by the BRICS group of emerging economies, has successfully raised 1.5 billion ZAR (equivalent to $79 million) during its inaugural… pic.twitter.com/wfG2cv88KN
— BitKE (@BitcoinKE) August 19, 2023
“By providing a platform for the Global South to voice its concerns and priorities, BRICS contributes to the creation of a new world order that is more reflective of the diverse economic and political realities of the modern world,” Frimpong said.
“This shift toward a more balanced and inclusive global governance system has the potential to address long-standing inequalities and promote a more just and equitable international order.
The fact that many developing countries are joining in a big number is sending a signal that something might have been wrong with the current world system and that different ways of doing things must be found.”
Follow us on X for latest posts and updates
Join and interact with our Telegram community
_______________________________________
_______________________________________
According to Paul Frimpong, Founder and Executive Director of the Africa-China Centre for Policy and Advisory, more than 40 countries have expressed interest in joining BRICS, indicating the attractiveness of the bloc.
Frimpong said:
“BRICS attracts a diverse group of potential members because of its primary-driven shared desire to create a more equitable global landscape that many countries believe is currently biased against them,”
He added that the attractiveness of BRICS from a diverse group of potential members is primarily driven by a shared desire for a more equitable and balanced global landscape that many ‘believe is currently biased against them.’
One of the reasons countries are interested in joining the bloc, according to Frimpong, is a push for a Global South collective voice in international forums such as the World Bank and the International Monetary Fund (IMF). He said member countries have a chance to have a greater influence on global issues and policies while being able to push back on the economic dominance of the West.
All of this comes on the back of the 6th BRICS International Municipal Forum which took place in Moscow between August 27-28 2024 where members reiterated their commitment to a ‘new world order.’
During the meeting, which was attended by representatives drawn mainly from the ‘developing world,’ it was announced by the Russian Foreign Minister, Sergey Lavrov, that membership ascension has been suspended. Countries aligning with BRICS will simply be classified into supporting ‘partners’ group of BRICS.
During the two-day meetings, several sections moderated by experienced experts closely examined practical aspects of geopolitics, possible economic opportunities, social and cultural dimensions in Africa, Asia, Latin America, and the Middle East, as well as other parts of the world. But the most significant feature, majority of participants came from Russia’s ‘friendly’ countries, mostly the Global South.
The emerging new world also dominated the discussions, that many countries have expressed their preparedness for entering into the new global stage. In short, the general sentiments expressing the aspiration to form a multipolar world, said one journalist present at the event.
Sergey Lavrov, Minister of Foreign Affairs of the Russian Federation, said:
“I will say without exaggeration that today, BRICS acts as an ‘agent’ of the interests of the entire non-Western world. The decision to expand the association, made in Johannesburg in August 2023 when our leaders agreed to accept new participants, was a truly breakthrough achievement. From January 1, 2024, Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia gained their full rights as the members of our association.
These countries have significant economic potential, play a significant role not only in their region, but also in the international arena and, most importantly, share the basic values of the BRICS that unite us, including the spirit of solidarity, equality, mutual respect, openness and consensus…”
Originally, BRICS included Brazil, Russia, India, China, and South Africa, the association now includes 10 countries. Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates joined BRICS as full members in January 2024 signifying a growing authority of the association and its role in international affairs. It portrays its strength in the evolutionary multi-polar processes of the century.
BRICS | Ethiopia and Egypt Among 6 New Nations Joining BRICS Starting January 2024
Broadening the scope of the coalition is a component of BRICS strategy to establish influence and restructure worldwide governance into a ‘multipolar’ global arrangement that prioritizes the… pic.twitter.com/JpDt44pJjt
— BitKE (@BitcoinKE) August 25, 2023
Several countries across the world have shown interest in joining the organization. In Africa, these include:
Senegal
Zimbabwe
Tunisia
Sudan
Algeria, and
Senegal
Economically, the expansion stimulates growth and stability through enhanced trade and investment among member states, which collectively possess substantial economic potential.
As an alternative to the IMF and the World Bank, traditionally dominated by the West, BRICS members have developing the New Development Bank which provides financial support to member countries in an effort to reduce their vulnerability to Western economic policies and thus create a multipolar world that reflects the interests of emerging economies.
BRICS | The BRICS Bank Issues Maiden South African ZAR Bond Becoming the Highest Rated Issuer Since 2015
The New Development Bank, established by the BRICS group of emerging economies, has successfully raised 1.5 billion ZAR (equivalent to $79 million) during its inaugural… pic.twitter.com/wfG2cv88KN
— BitKE (@BitcoinKE) August 19, 2023
“By providing a platform for the Global South to voice its concerns and priorities, BRICS contributes to the creation of a new world order that is more reflective of the diverse economic and political realities of the modern world,” Frimpong said.
“This shift toward a more balanced and inclusive global governance system has the potential to address long-standing inequalities and promote a more just and equitable international order.
The fact that many developing countries are joining in a big number is sending a signal that something might have been wrong with the current world system and that different ways of doing things must be found.”
Follow us on X for latest posts and updates
Join and interact with our Telegram community
_______________________________________
_______________________________________
President Bukele Defends Bitcoin Strategy Amid Slower Adoption Rates and IMF Criticism
El Salvador's Bitcoin adoption hasn't met expectations, though President Bukele views the strategy as ‘net positive’ for the nation.
The IMF has criticized El Salvador's Bitcoin legal tender move, citing potential risks to financial stability and economic concerns.
Despite slower adoption, El Salvador holds 5,858 BTC, valued at $345.61 million, and continues daily Bitcoin purchases.
El Salvador's President Nayib Bukele recently acknowledged that, while Bitcoin has had a major impact on the country's economy, its acceptance is still below initial expectations.
https://twitter.com/parrot_coins/status/1829410166501969946
Despite being the first country to make Bitcoin legal tender in September 2021, major adoption among Salvadorans is not happening as expected. Bukele, who appeared on the cover of TIME magazine, praised the Bitcoin strategy as 'net positive' but admitted that acceptance has been slower than expected.
Bitcoin is an optional currency
Bukele noted that the government never mandated Bitcoin adoption, but rather provided it as a choice for its citizens. He pointed out that Bitcoin has become a crucial component of many Salvadorans' daily transactions.
Despite the slower-than-expected acceptance, Bukele is still hopeful about Bitcoin's future in El Salvador. He highlighted the positive impact bitcoin has on the country's branding, tourism, and investment.
El Salvador’s Bitcoin Reserves
According to Arkham data, El Salvador's Bitcoin holdings currently amount to 5,858 BTC, which is worth around $361 million. The country has been acquiring 1 BTC per day, attempting to accumulate more before Bitcoin becomes more expensive.
IMF Criticism and Concerns
The International Monetary Fund (IMF) has expressed its concerns over El Salvador's decision to accept Bitcoin as legal tender. Since 2021, the IMF has been disputing the decision, citing potential risks associated with digital currencies. The group has frequently brought up the volatility of Bitcoin and its effects on financial stability while negotiating financial support for the country.
Bukele's Optimism Despite Criticism
Bukele remains resolute in his conviction that the advantages of Bitcoin adoption outweigh its drawbacks, despite these criticisms. He cites revenue and financial inclusion as positive factors of the decision. Bukele also emphasized that the IMF's anticipated risks have not materialized, which strengthened his confidence in the country's Bitcoin strategy.
El Salvador's experience with Bitcoin is a reflection of both its successes and its challenges. While acceptance has been slower than anticipated, Bitcoin has provided key advantages to the nation.
The post President Bukele Defends Bitcoin Strategy Amid Slower Adoption Rates and IMF Criticism appeared first on Crypto News Land.
The IMF has criticized El Salvador's Bitcoin legal tender move, citing potential risks to financial stability and economic concerns.
Despite slower adoption, El Salvador holds 5,858 BTC, valued at $345.61 million, and continues daily Bitcoin purchases.
El Salvador's President Nayib Bukele recently acknowledged that, while Bitcoin has had a major impact on the country's economy, its acceptance is still below initial expectations.
https://twitter.com/parrot_coins/status/1829410166501969946
Despite being the first country to make Bitcoin legal tender in September 2021, major adoption among Salvadorans is not happening as expected. Bukele, who appeared on the cover of TIME magazine, praised the Bitcoin strategy as 'net positive' but admitted that acceptance has been slower than expected.
Bitcoin is an optional currency
Bukele noted that the government never mandated Bitcoin adoption, but rather provided it as a choice for its citizens. He pointed out that Bitcoin has become a crucial component of many Salvadorans' daily transactions.
Despite the slower-than-expected acceptance, Bukele is still hopeful about Bitcoin's future in El Salvador. He highlighted the positive impact bitcoin has on the country's branding, tourism, and investment.
El Salvador’s Bitcoin Reserves
According to Arkham data, El Salvador's Bitcoin holdings currently amount to 5,858 BTC, which is worth around $361 million. The country has been acquiring 1 BTC per day, attempting to accumulate more before Bitcoin becomes more expensive.
IMF Criticism and Concerns
The International Monetary Fund (IMF) has expressed its concerns over El Salvador's decision to accept Bitcoin as legal tender. Since 2021, the IMF has been disputing the decision, citing potential risks associated with digital currencies. The group has frequently brought up the volatility of Bitcoin and its effects on financial stability while negotiating financial support for the country.
Bukele's Optimism Despite Criticism
Bukele remains resolute in his conviction that the advantages of Bitcoin adoption outweigh its drawbacks, despite these criticisms. He cites revenue and financial inclusion as positive factors of the decision. Bukele also emphasized that the IMF's anticipated risks have not materialized, which strengthened his confidence in the country's Bitcoin strategy.
El Salvador's experience with Bitcoin is a reflection of both its successes and its challenges. While acceptance has been slower than anticipated, Bitcoin has provided key advantages to the nation.
The post President Bukele Defends Bitcoin Strategy Amid Slower Adoption Rates and IMF Criticism appeared first on Crypto News Land.
El Salvador’s $135M Bitcoin Bet Now Worth $400M—President Bukele Says We Have Done Well
El Salvador’s President Nayib Bukele believes that the country’s bet on Bitcoin was a success but its adoption has fallen short. He also told TIME in an interview that the government has done well converting the $135 million BTC bet to $400 million.
Bukele has been elected the El Salvadoran president for the second term and is considered an ally by the crypto community. In the past, the International Monetary Fund (IMF) has criticized El Salvador for its decision to make Bitcoin legal tender.
Bukele says his government has done well
In a recent interview with TIME magazine, President Nayib Bukele reflected on the country’s bet on Bitcoin and suggested it has been a partial success. Bukele acknowledged that the asset’s adoption has fallen short of expectations.
“We offered it as an option, and those who chose to use it have benefited from the rise in Bitcoin,” Bukele added. However, he said that Bitcoin is accepted at large businesses like McDonald’s, supermarkets, and hotels.
President Bukele, who is serving his second term, believes “there’s a lot of future in that currency [Bitcoin].” Despite the slow adoption, Bukele says that El Salvador has the largest funds in the world while comparing to BlackRock’s largest BTC ETF.
Bukele explained, “El Salvador invested $135 million. Now, we have $400 million in Bitcoin in the public wallet alone. We have done well as a government.” The country has been aggressively accumulating Bitcoin, adding almost 1 BTC each day.
El Salvador’s Bitcoin reserves El Salvador believes the BTC positives outweigh the negatives
In February, at the Conservative Political Action Conference (CPAC), Bukele had taken a dig at the US government. In his view, the high taxes do not directly fund the US government. He has been critical that the US government primarily finances itself through Treasury bonds, that is often purchased by the Fed by printing money.
On the contrary, Bukele seems satisfied with Bitcoin’s impact on El Salvador’s branding, investments, and tourism. He reiterated, “It’s brought us a lot of positive attention.” The country has recently launched a cryptocurrency training problem for 80,000 government employees.
Since 2021, the IMF has criticized El Salvador’s decision to make BTC bitcoin legal tender. During the country’s negotiations over financial support, the economic agency has often flagged Bitcoin risks. The 43-year-old believes some criticism is expected and the benefits have outweighed any negatives. He points to the profits and financial inclusion as the positives of the decision. Citing IMF’s comment that the “risks of Bitcoin in El Salvador have not materialized,” Bukele reiterated that they have seen only benefits. He further added that major Wall Street companies and countries already hold Bitcoin reserves.
With Bitcoin being a topic of the 2024 US presidential elections, El Salvador thinks it has some advantage as the ‘first mover.‘ Suggesting that the US might be a little too late to enter the Bitcoin party.
Bukele has been elected the El Salvadoran president for the second term and is considered an ally by the crypto community. In the past, the International Monetary Fund (IMF) has criticized El Salvador for its decision to make Bitcoin legal tender.
Bukele says his government has done well
In a recent interview with TIME magazine, President Nayib Bukele reflected on the country’s bet on Bitcoin and suggested it has been a partial success. Bukele acknowledged that the asset’s adoption has fallen short of expectations.
“We offered it as an option, and those who chose to use it have benefited from the rise in Bitcoin,” Bukele added. However, he said that Bitcoin is accepted at large businesses like McDonald’s, supermarkets, and hotels.
President Bukele, who is serving his second term, believes “there’s a lot of future in that currency [Bitcoin].” Despite the slow adoption, Bukele says that El Salvador has the largest funds in the world while comparing to BlackRock’s largest BTC ETF.
Bukele explained, “El Salvador invested $135 million. Now, we have $400 million in Bitcoin in the public wallet alone. We have done well as a government.” The country has been aggressively accumulating Bitcoin, adding almost 1 BTC each day.
El Salvador’s Bitcoin reserves El Salvador believes the BTC positives outweigh the negatives
In February, at the Conservative Political Action Conference (CPAC), Bukele had taken a dig at the US government. In his view, the high taxes do not directly fund the US government. He has been critical that the US government primarily finances itself through Treasury bonds, that is often purchased by the Fed by printing money.
On the contrary, Bukele seems satisfied with Bitcoin’s impact on El Salvador’s branding, investments, and tourism. He reiterated, “It’s brought us a lot of positive attention.” The country has recently launched a cryptocurrency training problem for 80,000 government employees.
Since 2021, the IMF has criticized El Salvador’s decision to make BTC bitcoin legal tender. During the country’s negotiations over financial support, the economic agency has often flagged Bitcoin risks. The 43-year-old believes some criticism is expected and the benefits have outweighed any negatives. He points to the profits and financial inclusion as the positives of the decision. Citing IMF’s comment that the “risks of Bitcoin in El Salvador have not materialized,” Bukele reiterated that they have seen only benefits. He further added that major Wall Street companies and countries already hold Bitcoin reserves.
With Bitcoin being a topic of the 2024 US presidential elections, El Salvador thinks it has some advantage as the ‘first mover.‘ Suggesting that the US might be a little too late to enter the Bitcoin party.
The #IMF board has issued guidance on developing effective #crypto policies, emphasizing the need for cooperation between countries, monitoring of risks, and protection of consumers.
#crypto2023 #Binance #BTC
#crypto2023 #Binance #BTC
IMF & FSB have been doing their own little work on the crypto & progressing on their own.
We have now asked #IMF & FSB to do the papers & give them to us. IMF has already given the paper & FSB paper will be given in time by July Meeting.
I feel we are progressing - India FM
We have now asked #IMF & FSB to do the papers & give them to us. IMF has already given the paper & FSB paper will be given in time by July Meeting.
I feel we are progressing - India FM
The #IMF Board Offers Guidance on Developing a Successful #CryptoPolicy .
The International Monetary Fund (IMF) released the results of its executive board members' debate on a paper titled "Elements of Successful Policy for Crypto #Assets " on Thursday.
The International Monetary Fund (IMF) released the results of its executive board members' debate on a paper titled "Elements of Successful Policy for Crypto #Assets " on Thursday.
The IMF and the U.S. Support India's Plan to Coordinate Global Crypto Regulation at G20.
#IMF #usa #g20 #Regulation
#IMF #usa #g20 #Regulation
IMF warns countries not to adopt cryptocurrencies as legal tender after fresh warning from US regulators
#IMF #USA #Regulation #crypto2023 #dyor
#IMF #USA #Regulation #crypto2023 #dyor
IMF offers Jordan’s central bank recommendations for implementing retail CBDC.
#IMF #jordan #centralbank #cbdc
#IMF #jordan #centralbank #cbdc
IMF made recommendations to the Central Bank of Jordan regarding central bank digital currencies.
#IMF #centralbank #digitalcurrency #cbdc #BTC
#IMF #centralbank #digitalcurrency #cbdc #BTC
BREAKING NEWS: #IMF MD Kristalina Georgieva stated at the #G20Summit Bengaluru that the IMF is more interested in regulating #Cryptoassets than an outright prohibition.
IMF Backs Nigeria Crypto Adoption Amid Local SEC Crackdown
The International Monetary Fund (IMF) has recommended that Nigeria license global cryptocurrency exchanges as a part of its economic reformation measures.
According to a recent IMF report, the bid to integrate cryptocurrencies into its financial system aims to secure Nigeria’s position in the African cryptocurrency market. It recommends that “global crypto trading platforms be registered or licensed in Nigeria and subject to the same regulatory requirements applicable to financial intermediaries.”
“Authorities should ensure the application of AML/CFT preventive controls by crypto trading platforms and other virtual asset service providers through effective AML/CFT risk-based supervision.“
The report points out discrepancies in Nigeria’s balance of payments (BOP), particularly in Net Error and Omissions (NEO), which reflect unrecorded financial transactions. These discrepancies are attributed to several factors, including the “shift to using crypto assets for cross-border transactions,” often not recorded through traditional banking records.
Previously largely positive in 2020, the report portrays preliminary 2023 data that suggests “NEOs continue to be very large negative,” at close to $7.5 billion — 2% of Nigeria’s GDP.
Source: Central Bank of Nigeria, Haver, and IMF
The IMF suggests that, through regulation and licensing of cryptocurrency exchanges, Nigeria could attract international investment, support financial market stabilization, and potentially improve remittance mechanisms — significant due to the Nigerian diaspora.
The IMF endorsement for cryptocurrency adoption comes at a time when Nigeria faces worsening macroeconomic challenges, such as currency instability and inflation. Through the licensing of cryptocurrency exchanges, the IMF aims to utilize cryptocurrencies as a tool for more stable and efficient transactional processes.
This would potentially improve Nigeria’s governance over digital financial movement, decrease illegal financial flows, and mitigate fraud and money laundering risks associated with cryptocurrency transactions.
Recent evidence of this regulatory shift can be seen in the regulations posed by Nigeria’s SEC — set to ban peer-to-peer (P2P) cryptocurrency exchanges using Nigeria’s national currency, naira.
The Nigeria SEC Director General Emomotimi Agama indicated that the ban would aim to protect the naira from manipulation after “perceived impact on the exchange rate of the naira."
However, a ban on P2P cryptocurrency payments is a task previously considered close to impossible by industry advocates.
According to a recent IMF report, the bid to integrate cryptocurrencies into its financial system aims to secure Nigeria’s position in the African cryptocurrency market. It recommends that “global crypto trading platforms be registered or licensed in Nigeria and subject to the same regulatory requirements applicable to financial intermediaries.”
“Authorities should ensure the application of AML/CFT preventive controls by crypto trading platforms and other virtual asset service providers through effective AML/CFT risk-based supervision.“
The report points out discrepancies in Nigeria’s balance of payments (BOP), particularly in Net Error and Omissions (NEO), which reflect unrecorded financial transactions. These discrepancies are attributed to several factors, including the “shift to using crypto assets for cross-border transactions,” often not recorded through traditional banking records.
Previously largely positive in 2020, the report portrays preliminary 2023 data that suggests “NEOs continue to be very large negative,” at close to $7.5 billion — 2% of Nigeria’s GDP.
Source: Central Bank of Nigeria, Haver, and IMF
The IMF suggests that, through regulation and licensing of cryptocurrency exchanges, Nigeria could attract international investment, support financial market stabilization, and potentially improve remittance mechanisms — significant due to the Nigerian diaspora.
The IMF endorsement for cryptocurrency adoption comes at a time when Nigeria faces worsening macroeconomic challenges, such as currency instability and inflation. Through the licensing of cryptocurrency exchanges, the IMF aims to utilize cryptocurrencies as a tool for more stable and efficient transactional processes.
This would potentially improve Nigeria’s governance over digital financial movement, decrease illegal financial flows, and mitigate fraud and money laundering risks associated with cryptocurrency transactions.
Recent evidence of this regulatory shift can be seen in the regulations posed by Nigeria’s SEC — set to ban peer-to-peer (P2P) cryptocurrency exchanges using Nigeria’s national currency, naira.
The Nigeria SEC Director General Emomotimi Agama indicated that the ban would aim to protect the naira from manipulation after “perceived impact on the exchange rate of the naira."
However, a ban on P2P cryptocurrency payments is a task previously considered close to impossible by industry advocates.