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Highlights
- Turkey has expressed its intentions to join the BRICS alliance
- The BRICS bloc is looking to break the US Dollar hegemony
- While Turkey looks to join, Argentina recently pulled out
With the growth of the Brazil, Russia, India, China, and South African (BRICS) alliance, Turkey has shown its interest to join the bloc.
Turkey, BRICS, and Bitcoin
According to an earlier report by the South China Morning Post (SCMP), the Turkish Minister of Foreign Affairs Hakan Fidan revealed this move in a state visit to Beijing. Confirming its core intentions, Fidan noted that Turkey is aligned with BRICS efforts to liberate developing nations.
Turkey has always played a major role in the Middle-Eastern politics and economic advancement. While there are no major sanctions on the country by Western world powers like the United States and the United Kingdom, it has a bad economy. One unspoken rationale behind the move to join BRICS might be to also break the US Dollar hegemony.
This remain the primary unifying factor behind the alliance, a trend that has attracted many countries over the past year. The nations that came together under BRICS believe the US Dollar is a limitation to their potentials. As a strong message to the United States, some of the members of the alliance like India, Iran and Saudi Arabia have started conducting local trades in their national fiat currencies.
While it has not been decided, a major consideration among the member countries is the adoption of a single currency. Thus far, Bitcoin remain one of the assets on the radar of BRICS considering its borderless nature. This asset sits well with Turkey whose economy and currency is ravaged by intense inflation.
Most Turkish residents are well versed in trading or handling Bitcoin. With the revamp of the digital economy part of the key reasons driving the BRICS pursuit by Turkey, Bitcoin’s probable role is looking more feasible.
Not Everyone Wants To Join BRICS
While many countries are vying to join the BRICS group, Argentina just pulled off from the pursuit.
The emergence of its current President Javier Milei has changed the country’s interests across the board. Despite being known as a pro-Bitcoin leader, Javier Milei is pro-USD, conflicting with BRICS ideals.
The process of joining the bloc is a very lengthy one, however, the group is actively expanding and Turkey’s membership might further change the narrative.
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