The BRICS alliance is increasingly attracting new members from around the world who wish to join the group and abandon the use of the U.S. dollar for trade.
According to information, El Salvador is one of the countries considering joining the BRICS alliance in 2024.
The country holds approximately $40 billion worth of BTC in its reserves.
At the same time, BRICS member Russia has faced U.S. sanctions for nearly two years and is seeking ways to conduct trade without using the dollar.
These sanctions have created an opportunity for El Salvador to reach a new agreement with Russia within the BRICS framework. Russia needs mutual understanding with El Salvador to support the country’s economy rather than 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 proposed to use cryptocurrency in trade dealings with the Russian Federation.”
If Russia agrees to trade with El Salvador using Bitcoin and other cryptocurrencies, it may set a precedent for other countries to follow.
Should El Salvador become a member of BRICS, the country could insist on conducting Bitcoin transactions with other members. This shift could threaten the supply and demand dynamics of the dollar on the world stage.
