The growing interest of 34 countries in joining the BRICS bloc and the simultaneous exploration of cryptocurrencies as an alternative to fiat currencies are reshaping the global financial landscape. This convergence of trends raises fundamental questions about the future of the international monetary system.

Cryptocurrencies as a catalyst for de-dollarization:

  • Greater monetary autonomy: Cryptocurrencies offer countries the possibility of issuing their own digital currencies, thus reducing their dependence on the dollar and other fiat currencies.

  • Trade facilitation: Cryptocurrencies can streamline international transactions, reducing costs and increasing efficiency.

  • Greater financial inclusion: Cryptocurrencies have the potential to offer financial services to unbanked populations, promoting financial inclusion in developing countries.

  • Diversification of reserves: Central banks can use cryptocurrencies as part of their international reserves, reducing the risk associated with concentration in a single currency.

BRICS and cryptocurrencies: a strategic synergy:

  • Blockchain infrastructure development: BRICS countries can collaborate in developing robust and scalable blockchain infrastructure, which would accelerate the adoption of cryptocurrencies in the region.

  • Creation of a common digital currency: In the long term, the BRICS could consider the creation of a common digital currency backed by a basket of goods or a combination of fiat currencies, which would strengthen their position in the global financial system.

  • Regulatory cooperation: BRICS countries can establish a common regulatory framework for cryptocurrencies, which would provide greater certainty to investors and facilitate the adoption of these technologies.

Challenges and opportunities:

  • Volatility: The high volatility of cryptocurrencies represents a challenge for their adoption as a means of payment and store of value.

  • Regulation: The lack of clear and harmonized regulation at a global level can hinder the development of cryptocurrencies.

  • Security: Cybersecurity risks associated with cryptocurrencies are a major concern.

The convergence of the BRICS and cryptocurrencies represents a historic opportunity to reshape the international monetary system. While there are significant challenges to overcome, the potential advantages of this alliance are significant. As de-dollarization progresses, the BRICS and cryptocurrencies will play an increasingly important role in shaping the new world economic order.