Zambia has recently joined the ranks of countries diverging from the US Dollar, threatening severe penalties including up to ten years in jail for those caught using foreign currency. This move comes amid increasing interest from Southeast Asian nations in the BRICS initiative.
BRICS has announced intentions to introduce a new currency, potentially backed by gold, although Bitcoin is also being touted as a viable alternative by experts. The alliance, comprising major emerging economies like Brazil, Russia, India, China, and South Africa, aims to challenge the economic dominance of Western powers.
Zambia’s decision reflects a global trend where countries are reducing reliance on the US Dollar for international transactions. This shift has prompted concerns about the future role of the Dollar as a global trade currency and reserve.
Southeast Asian countries such as Malaysia and Thailand have expressed interest in joining BRICS, which could expand its influence further. Discussions are ongoing regarding potential new members, which could strategically strengthen the alliance.
The upcoming BRICS conference in Russia is expected to be pivotal, possibly marking the launch of a new payment system and currency. While speculation surrounds the backing of this new currency with gold, advocates within the cryptocurrency community argue for adopting Bitcoin as a superior alternative.