The BRICS alliance is increasingly attracting new members from around the world who wish 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 (BTC) in its reserves. Meanwhile, BRICS member Russia has been facing US sanctions for nearly two years and is seeking ways to conduct trade without using the dollar.
The sanctions have created opportunities for El Salvador to reach a new agreement with BRICS member Russia. Russia needs mutual understanding with El Salvador to support the country’s economy without relying on the dollar for trade.
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According to sources on Twitter, El Salvador has confirmed its interest in joining the BRICS alliance in 2024. Alexander Ilyukhin, head of the Russian Embassy branch in El Salvador, stated, “El Salvador has proposed using cryptocurrency in trade 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 BRICS member, the country could insist on conducting Bitcoin transactions with other members. This change could threaten the supply and demand dynamics of the dollar on the global stage.
