The BRICS (Brazil, Russia, India, China, South Africa) summit held this week in South Africa added six more member countries, but there are no signs of a digital currency. Instead there was a commitment to greater use of local currencies rather than dollars. This week, three other non-BRICS countries announced similar moves.
The big news from the event is the plan to add six new members by January 2024: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE, creating an even more diverse group.
“We are concerned that global financial and payment systems are increasingly being used as instruments of geopolitical contestation,” said Cyril Ramaphosa, South Africa’s President. “Global economic recovery relies on predictable global payment systems and the smooth operating of banking, supply chains, trade, tourism as well as financial flows.”
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