BRICS+

[DrBeer]

If Bric is coming to the digital currency, it won't work out because it will be a centralized digital currency that will be controlled by the supported countries and if it is for the formation of the regional currency to eliminate the US Dollar then they might succeed because what they are planning to do is to use the agreed currency to trade, buy things and pay goods and services. Then it will work out and they are winning more countries to the economic block.

Great idea, but... There's still the question of implementation. Moving away from the currency of the international economic system, the dollar, has several consequences:
1. isolation of the BRICS economy, or correctly - self-isolation from the world economy. The reason is banal - 70% of the union members do not produce any products important for the world economy.
2. At the same time, China and India almost entirely produce significant products for the world economy. But they sell them for... DOLLARS. Why ? Because India and China need goods from the "outside" world economy, and there the settlements are for freely convertible and recognized currencies - mainly dollar, euro, yen,.... but not the yuan.
3. another reason - who and how will control the "single currency? Well, how can China and Iran, for example, equally ensure the value of the single currency? The answer is simple - they can't.
4. China will strongly push YUAN as the single currency of the union. Directly or indirectly, Yuan or CBDC Yuan.... Or it will demand to give China "Exclusive Rights" because it is supposedly the "second economy of the world".  China's goal in BRICS is "Chineseization of BRICS", it is enough to look at the colonization of African countries to understand what China will do with "raw material appendages". But China's dominance will be countered by ... INDIA. Which chooses the Western vector and qualitative relations with the world, rather than self-isolation....

[0t3p0t]

Your country is de-dollarizing
Of course they are the first steps, but it's clear what's happening

Dubai is a major gold trade hub.
Abu Dhabi too?

+1 for coming from the UAE!

This happened for political reasons, especially the Arab countries’ fear that the United States would not activate the defense agreements if these countries were attacked. Also, what happened with Russia and the freezing of assets made some Arab countries diversify their investments with China and India and even join BRICS+, but I do not think that the government will go far at it.
The real change will be when the economic outlook changes, as the political reasons can change.

Definitely the reason why countries that are afraid of sanctions are now looking forward to decentralized assets. I don't think joining BRICS would solve the problem as I think some of these countries has trust issues with themselves so I think they will still prefer decentralized assets like Bitcoin or they will still use local currency to trade like CBDC or the BRICS currency but I think we still need time to get a more clear view of it's real life usage in the future.

[electronicash]

Your country is de-dollarizing
Of course they are the first steps, but it's clear what's happening

Dubai is a major gold trade hub.
Abu Dhabi too?

+1 for coming from the UAE!

This happened for political reasons, especially the Arab countries’ fear that the United States would not activate the defense agreements if these countries were attacked. Also, what happened with Russia and the freezing of assets made some Arab countries diversify their investments with China and India and even join BRICS+, but I do not think that the government will go far at it.
The real change will be when the economic outlook changes, as the political reasons can change.

Definitely the reason why countries that are afraid of sanctions are now looking forward to decentralized assets. I don't think joining BRICS would solve the problem as I think some of these countries has trust issues with themselves so I think they will still prefer decentralized assets like Bitcoin or they will still use local currency to trade like CBDC or the BRICS currency but I think we still need time to get a more clear view of it's real life usage in the future.

they are waiting for the result of the wars that's happening. some are undecided whether they are going to side with Russia which they could rely on cheap energy but at the same time, afraid of sanction. 

US is also not going  direct military confrontation with China since this is going to be both devastating in their economy.  but this prolong war will still result to same thing. all in all, countries are just waiting which one will lose in trade war and they could all side to the winner.

[DrBeer]

BRICS now reminds me of the USSR. I will tell you a story, probably you are not familiar with it or do not know the nuances
There was such a country as the USSR. And here it was, or rather its government, decided to build communism, first in the USSR and then in the whole world. And the main goal was to put an end to capitalism and, of course, the U.S. and the dollar.
However, they promised to build communism in the 30s, then 50s, then 70s, but for some reason communism was not built, and capitalism, the U.S. and the dollar - only strengthened. At the same time, for some reason it was the USSR and its “company” that degraded ... The USSR sponsored at the expense of its population all sorts of dubious regimes, these regimes supposedly fought imperialists and capitalists.... But at one moment, unexpectedly, the USSR itself, with its ruble, the most powerful economy and the most huge army, suddenly collapsed.... And it was not the army, nor nuclear weapons, nor 40% of natural resources, nor “brotherly countries”, nor “the most well-read and educated people” that saved it..... Just the population of the country was tired of waiting for “the victory of the great communism”, having learned how the NORMAL western world lives ! It turned out that nobody is “rotting” there, so quality life, social guarantees, flexible and actively growing economy, adequate wages and services....

And actually what I wanted to say, BRICS, at the head of which China puts itself and tries to “unite” the members of the union under the aegis of dedollarization and destruction of the “US hegemony”, reminds me very much of the USSR's efforts to gather around itself “fellow believers” and go “with a holy war against the Western world”. True, the USSR sponsored and paid for the “friendship”, while China is colonizing, absorbing, and forcing it. True under the “holy slogans” - “dedollarization”, “victory over the Western world”....
There will be an epiphany, followed by disappointment. But by that time the economy in many countries of the “union” will be ruined or destroyed. Just read just what China is doing - in African countries where China has come to “help” them. Others may have their economic ties to the developed world and western economies destroyed for years to come. I'm afraid I'm right in assuming that today's BRICS is China's attempt to colonize many countries in the Asian-African region under “holy ideas”, with the support of a few rogue countries that also have real and huge economic problems that could lead to the fall of their regimes.

[Peter90]

"According to a statement by its government, Thailand plans to apply to join the BRICS alliance as soon as this month. The Asian country looks to expand its presence on the world stage along with the rest of the global south.

At a cabinet meeting Tuesday, the Thai government finalized plans to submit their application to the bloc. If approved, Thailand would become the first inductee from Southeast Asia to join BRICS.

Joining the BRICS alliance would benefit Thailand, primarily as a leading voice for developing countries. As the bloc grows, it is also looking to expand its reach amongst growing economies, swaying them away from the US Dollar.

Thailand is a part of the ASEAN bloc, which contains nine other Southeast Asian countries. These countries’ leaders signed a declaration last year to stop using the U.S. dollar for international trade. The agreement was made to promote their local currencies instead. The move bolstered the power of ASEAN nations’ local currencies. This objective coincided with the mission of BRICS to push de-dollarization and showed the bloc that ASEAN nations are in line with the BRICS initiative.

Once Thailand submits its BRICS application, it is uncertain how long it will take for the bloc to respond. The country may have to wait until the annual BRICS summit that will be held in Russia this fall. If a representative from the Thai government is invited to the summit, though, that will be great news for the country’s future in the alliance."

watcher.guru

[DrBeer]

Very strange processes are taking place within the BRICS. For example, China, the “BRICS leader” and the “world's second economy”. In just the last few days, the Chinese, world manufacturer of video surveillance systems Hikvision simply, without warning, left the Russian market. The official Russian site and pages of the company in social networks are unavailable, phones do not answer, draws the attention of CNews.
For information - Hikvision accounted for 70% of the Russian video surveillance market....

Alibaba also “destroys fraternal relations between countries” - the Chinese company has stopped accepting payments from Russian cards and does not allow to formalize the delivery in the Russian Federation, writes “Kommersant” with reference to sources in the market.

There are only 2 options:
1. or China really does not want to deal with russia (the most unlikely option, as China needs a market and this raw materials appendage).
2. or China, aka “the second economy of the world” and “the second pole of the multipolar world” is VERY afraid of the US influence. Although according to China's official version, which it is trying to “pull over the heads” of the BRICS participants - “the U.S. is losing its status, the U.S. dollar is worthless and we are abandoning the dollar, the U.S. economy is collapsing, the U.S. has a huge domestic debt! ...” and other narratives..... So where is the truth ? No one can tell me ? And how will relations within BRICS be built if China is ready to flee from the market because of some US sanctions !??