Indonesia Joins BRICS, What Does It Mean for Crypto?

Bittime - Indonesia officially joins BRICS. For your information, BRICS is an economic cooperation group that was initially formed by Brazil, Russia, India and China in 2009, before South Africa joined in 2010. 

This group was founded to strengthen cooperation between developing countries and reduce the economic dominance of Western countries in global forums. This decision marks a new chapter in Indonesia's role on the international stage, and could have a significant impact on the sector cryptocurrency in the homeland. 

Indonesia's efforts to become a BRICS member have actually been planned since 2023, when its candidacy was approved at the BRICS Summit in Johannesburg. However, the formal membership process was delayed due to Indonesia's focus on the 2024 presidential election. 

After the inauguration of President Prabowo Subianto in October 2024, Indonesia took the momentum to complete the process, which was then officially announced by the Brazilian Ministry of Foreign Affairs 

This announcement was made by the Brazilian Ministry of Foreign Affairs on Monday (7/1/2024), which also stated that Indonesia was joining other new countries such as Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia.

Indonesia's decision to join BRICS is inseparable from its ambition to strengthen its position as an economic power in the Global South region. Apart from that, Indonesia is also committed to supporting the BRICS agenda in reforming the global governance system and fighting for sustainable development.

"We are fully dedicated to working together with all BRICS members, as well as other parties, to create a just, peaceful and prosperous world," wrote the Ministry of Foreign Affairs on Tuesday, January 7.

However, for the cryptocurrency industry, this step opens up huge opportunities, considering that BRICS is focusing on developing blockchain-based and digital payment systems.

What is the Impact on Crypto?

BRICS has been known for its efforts to reduce dependence on the US dollar, aka dedollarization in international trade. One of the group's main goals is to create a new blockchain-based payment system that is more efficient and free from global political influence. 

This initiative could certainly create huge opportunities for crypto, which is often considered an alternative asset free from government control. For example, Bitcoin (BTC), which is known to have a negative correlation with the strength of the US dollar, could potentially get a price boost as collaboration between BRICS countries strengthens in creating currency alternatives.

In addition, many BRICS member countries are exploring use cryptocurrency and blockchain technology to strengthen their economies. 

In March 2024, Russia even bluntly said that it was developing a blockchain-based payment system which was its main priority. This certainly brings Indonesia into a wider ecosystem in terms of crypto adoption.

Indonesia's membership in BRICS is not only a symbol of increasingly strong political and economic influence, but also paves the way for collaboration opportunities in the technology sector, including blockchain and crypto. 

With this step, Indonesia can strengthen its position in the digital asset industry, along with the development of a more inclusive and decentralized digital payment system.

FAQ 

What is BRICS?

BRICS is an economic cooperation group between Brazil, Russia, India, China and South Africa to support developing countries.

Why did Indonesia join?

To strengthen the economy, global governance reform, and technological cooperation.

What impact will this have on crypto?

Opportunity to increase crypto adoption with BRICS' focus on blockchain-based digital payment systems.

 

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Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

Reference

The Business Times, Indonesia’s Move to Join BRICS, Accessed January 8, 2025

X BRICS Info Account, Indonesia Officialiy Joins BRICS as a Full Member, Accessed January 8, 2025

happy, Indonesia Officially Becomes a Full Member of BRICS, Accessed January 8, 2025

Coinvestasi, Indonesia Officially Becomes Member of BRICS, Accessed January 8, 2025