BRICS Countries Redefining the World Order: Bitcoin Set to Replace US Dollar as Reserve Currency

• BRICS members encompass over 40 percent of the global population.

• The forthcoming leaders’ summit will discuss the proposed shared currency introduced by the BRICS group.

The Korean Central News Agency (KCNA), North Korea’s state media, released an article titled “The Expansion of BRICS: Inevitable Consequence of Unfair International Economic Order.” Authored by Jong Il Hyon, an international affairs analyst of the DPRK, the article discusses the motivation behind several countries joining the BRICS bloc.

According to Hyon, the primary factor driving this trend is an unjust and irrational international economic order that revolves around the U.S.-led international monetary system based on the dollar’s dominance. Furthermore, Jong elaborated on how the United States implemented the Bretton Woods system in July 1944, designating the dollar as the international standard currency following its substantial wealth accumulation during World War II. 

However, Jong contends that since then, the U.S. has exploited its global position, benefiting from its authority over currency issuance and utilizing the dollar to pursue political goals. Expanding on his analysis, the North Korean expert provided a chronological account spanning nearly a century, which began with the introduction of the gold dollar in the 1940s, followed by the oil dollar in the 1970s, and presently the debt dollar. 

According to him, throughout this period, the United States has employed various tactics and strategies to ensure the continued dominance of the dollar as the primary global currency. The analyst emphasized that the U.S. has unhesitatingly resorted to reprehensible actions, such as imposing financial sanctions, to exert control by abusing the dollar’s prevailing status.

For example, he referred to the financial sanctions imposed on Russia following its invasion of Ukraine. Jong underscored that due to these developments, there had been a notable decrease in dependence on the U.S. dollar and an uptick in the utilization of national currencies for international trade among multiple countries. 

This trend is observed among BRICS nations (Brazil, Russia, India, China, and South Africa) and members of the Association of Southeast Asian Nations (ASEAN). Significantly, the BRICS group has proposed a shared currency, which is anticipated to be a topic of discussion during the forthcoming leaders’ summit.

BRICS’ Growing Influence: Population and Demographic Shifts

Moreover, the present vibrancy of the BRICS bloc is a stark testament to the failure of Washington’s efforts to economically and politically suppress Russia in response to Moscow’s invasion of Ukraine in 2022. In a broader sense, it also signifies a significant shift away from the longstanding domination of a few Western nations over global affairs for over five centuries toward a world that is becoming less predominantly white-dominated.

Two significant developments attribute to the current expansion of the group’s influence. Firstly, there is a prevailing sense of discontent among nations in the Global South regarding Western countries’ monopolization of medical supplies and essential patents during the fight against the Covid pandemic. Secondly, the successful outcome of Brazil’s previous presidential elections in November, which resulted in the victory of former president Lula da Silva, brought an end to the right-wing rule of Jair Bolsonaro.

 With Lula’s return to power, Brazil has once again embraced the development-focused and South-oriented policies that have always been integral to the core principles of the BRICS initiative. The United States has increasingly employed economic sanctions as one of its primary tools in recent decades. 

With the current composition of BRICS members encompassing over 40 percent of the global population, this proportion can potentially experience a significant surge in the coming months. Notably, the population of majority-white nations presently accounts for less than 12 percent of the world’s total population. In the past year, BRICS members, alongside many other countries in the Global South, have demonstrated a surprising level of resilience in resisting the pressures exerted by Washington to align with its anti-Russian agenda.

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