Altcoin News by Thebittimes.Com

The BRICS alliance was a five-nation bloc since it formed in 2009 and remained the same for 15 years. However, things changed last year when the group invited six new countries to join the alliance. Invitations were sent to Saudi Arabia, Argentina, the UAE, Egypt, Iran, and Ethiopia during the 15th summit in August last year. While Argentina rejected the membership, Saudi Arabia has kept the decision on hold. The other four new countries have joined BRICS in 2024. Also Read: BRICS Ditches US Dollar, Settles $4 Billion Trade in Local Currencies BRICS is now a bloc of new and old members and each country is different from the other. This is where things seem to be going downhill as geopolitical views vary between old and new members. The main rift that’s widening between the old and new members of BRICS is India’s permanent seat in the United Nations Security Council (UNSC). BRICS: New & Old Members Lo...

BRICS members India and Russia ditched the US dollar and settled payments worth $4 billion in local currencies. Russian exporters purchased Indian-made arms and equipment for defense purposes and cleared the payment using the rupee. The US dollar played no role in the cross-border trade making local currencies the sole beneficiary of the transactions. Also Read: BRICS : 2 New Countries Agree To Ditch US Dollar The BRICS alliance kick-started the de-dollarization agenda and is moving in the direction of using local currencies for cross-border transactions. Read here to know how many sectors in the US will be impacted if BRICS ditches the dollar for trade. BRICS: India & Russia Settle Trade Worth $4 Billion in Local Currency, Ditch the US Dollar Source: Freepik.com The Russian exporters held $8 billion in reserves in India’s special Vostro bank account for global exchange of trade settlement. Now, 50% of ...