News has emerged that Thailand has applied for BRICS membership. The country initiated the mBridge cross border central bank digital currency project along with Hong Kong. Apart from Hong Kong, all other central bank mBridge members are also part of BRICS — China, the UAE, and Saudi Arabia.
One could argue that Hong Kong, being part of China, is technically part of BRICS. However, it remains a special administrative region, including for economic purposes. The mBridge project is run as part of the Hong Kong BIS Innovation Hub, and it recently launched a minimum viable product (MVP).
“We hope to receive positive feedback and be accepted as a BRICS member as soon as the next summit to be held in Russia,” said Thai foreign ministry spokesperson Nikorndej Balankura. Malaysia also announced plans to apply soon. Additionally, in February South Africa reported that 34 countries had expressed interest, indicating a possible queue.
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