24/7 Cryptocurrency News

BRICS Closes Membership For 2024, Bitcoin Plan Still On?

After an eventful year, the BRICS alliance have decided to close membership for this year, but what about Bitcoin and crypto plans?
Published by
BRICS Closes Membership For 2024, Bitcoin Plan Still On?

Highlights

  • BRICS alliance has locked its membership for the rest of 2024
  • The body added many partners this year as it boosts its full members list
  • Conversations now abound on what next for the bloc per its crypto adoption

Members of the BRICS alliance have agreed to close the membership to the block for 2024. The news came amid the ongoing BRICS Summit ongoing in Kazan, Russia. The alliance, which originally comprises of Brazil, Russia, India, China and South Africa is exploring ways to free itself from the US Dollar hegemony. For this, conversation has once veered toward Bitcoin (BTC), and stablecoin before now.

Advertisement

The BRICS Membership Structure and Admittance

Besides the core founding members, the alliance has expanded dramatically over the past year. Earlier this year, the United Arab Emirates (UAE), Iran, Egypt and Ethiopia officially joined the alliance. Beyond this full members, the body has a number of partner countries within its ranks.

These include Nigeria, Turkey, Malaysia and Thailand among others. As reported earlier by Coingape, Turkey unveiled plans to to join the body in June. With the new update to block new memberships, there are conversations around what the bloc will focus on for the rest of the year.

The BRICS agenda is well defined and it hinges on improving economic and trade relations. The group hopes to achieve this by shunning the Western financial system built around the US Dollar. Some of the countries in the bloc, especially Russia and Iran are highly motivated with respect to this agenda. This is because of the sanctions on both nations by the United States Government and European allies.

In fulfilling its agenda, some of the countries have conducted foreign trade bypassing the US Dollar as the settlement currency. For instance, India sidestepped the Dollar last year when it completed the first Rupee-based oil trade with UAE.

Advertisement

What About Bitcoin and Crypto?

It is worth noting that amid the plans to demote the role of the Dollar, conversations have risen up on how Bitcoin and crypto can fit in. In earlier report, Coingape hinted at the ways Russia can evade Western sanctions with Bitcoin.

There has not been any official acknowledgement that Bitcoin will feature in the broader plans for the BRICS bloc, however, stablecoins might play a role. In all, Russian President Vladimir Putin noted that the conversation around national unifying currency for the alliance is premature.

For now, the body is exploring a payment system that will utilize blockchain to boost its cross-border settlement agenda.

Share
Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Donald Trump Shortlists Hassett, Warsh, and Waller for Fed Chair

U.S. President Donald Trump has revealed his shortlist of candidates who could potentially replace Fed…

September 6, 2025
  • 24/7 Cryptocurrency News

Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes

Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…

September 6, 2025
  • 24/7 Cryptocurrency News

SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes

The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…

September 6, 2025
  • 24/7 Cryptocurrency News

Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze

Justin Sun responded to World Liberty Financial freezing his wallet by promising to purchase $20…

September 6, 2025
  • 24/7 Cryptocurrency News

Expert Blames ‘Secret Committee’ for Rejecting MSTR Stock Inclusion to S&P 500

Michael Saylor's Strategy (NASDAQ: MSTR) missed the inclusion in the S&P 500 index on Friday,…

September 6, 2025
  • 24/7 Cryptocurrency News

MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings

MARA announced that it now holds $5.9 billion worth of Bitcoin. This cements its position…

September 6, 2025