At least 30 countries have shown interest to join BRICS and drop the use of the US Dollar. In a major shift of animosity against that dollar, the 30 countries say they are ready to embrace the use of the currency that BRICS will come up with.
25 countries have already said that they are ready to join BRICS and accept the new currency for international trade. This will be a major blow to the US Dollar that has been used by the United States to bully other currencies.
The countries that have shown interest to join the BRICS alliance are Afghanistan, Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, the United Arab Emirates, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe.
The countries that are interested to join BRICS are also oil-rich nations. Therefore, the alliance could force European countries to pay with the new currency for oil and not the dollar. Russia has already ditched the US Dollar and has been using the Chinese Yuan.
BRICS comprises five countries Brazil, Russia, India, China, and South Africa. Therefore, a total of 30 countries are now participating to dethrone the U.S. dollar from its global reserve status. The move is still in its infant stages and it may not be easy to dethrone the dollar.
The US dollar is the world’s most dominant reserve currency. This means that it is widely held by central banks and other financial institutions as a means of settling international transactions. About 60 percent of all foreign exchange reserves held by central banks are denominated in US dollars. This gives the US dollar a unique level of global acceptance and demand that few other currencies can match.
The US dollar is also the most commonly used currency in international trade. Many commodities, such as oil and gold, are priced in US dollars. This means that countries around the world need US dollars to buy these essential goods, creating a constant demand for the currency.
