The BRICS alliance is increasingly attracting new members from around the world who are willing to join the group and abandon the use of the US dollar for trade.
According to reports, El Salvador is one of the countries considering joining the BRICS alliance in 2024.
El Salvador holds approximately $40 billion worth of Bitcoin in its reserves.
Meanwhile, BRICS member Russia has been facing US sanctions for the past two years and is looking for ways to trade without using the US dollar.
The sanctions have created an opportunity for a new agreement between El Salvador and BRICS member Russia. Russia needs to understand and support El Salvador’s economy, rather than relying on the US dollar for trade.
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According to a Twitter source, El Salvador has confirmed its interest in joining the BRICS alliance in 2024.
Alexander Ilyukhin, the head of the Russian Embassy branch in El Salvador, stated, “El Salvador has proposed using cryptocurrencies in its trade business with the Russian Federation.”
If Russia agrees to trade with El Salvador using Bitcoin and other cryptocurrencies, it could set a precedent for other countries to follow.
If El Salvador becomes a member of BRICS, the country can insist on conducting Bitcoin transactions with other members. This change could potentially threaten the supply and demand dynamics of the US dollar on the world stage.
