BRICS: Bitcoin-Friendly Country Could Join the Alliance

The BRICS alliance is increasingly attracting new members from around the world who are willing to join the bloc and abandon the use of the US dollar for trade.

El Salvador is reportedly among the countries considering joining the BRICS alliance in 2024. Known for being the first country to legalize Bitcoin, El Salvador holds approximately $400 million worth of BTC in its reserves.

Meanwhile, Russia, a BRICS member, has been facing US sanctions for nearly two years and has been looking for ways to trade without the US dollar.

The sanctions have created opportunities for El Salvador to make new agreements with Russia, a BRICS member. Russia needs mutual understanding with El Salvador to support the country’s economy without relying on the U.S. dollar for trade.

According to a Twitter source, El Salvador has confirmed its interest in joining the BRICS alliance in 2024. The country is also exploring the possibility of using cryptocurrencies to trade with Russia

“El Salvador proposes to use cryptocurrency in trade operations with the Russian Federation,” said Alexander Ilyukhin, head of the Russian Embassy’s branch in El Salvador.

If Russia agrees to use Bitcoin and other cryptocurrencies to trade with El Salvador, it could set a precedent that other countries could follow.

If El Salvador becomes a member of BRICS, the country could push for Bitcoin transactions with other members. This change could threaten the supply and demand dynamics of the US dollar on the world stage.