Members of the BRICS alliance have agreed to close the membership to the block for 2024. The news came amid the ongoing BRICS Summit ongoing in Kazan

Members of the BRICS alliance have agreed to close the membership to the bloc for 2024. The news was announced during the ongoing BRICS Summit in Kazan, Russia. The alliance, which consists of Brazil, Russia, India, China, and South Africa, is exploring ways to break free from the US Dollar hegemony.

In the past, conversations have veered toward Bitcoin (BTC) and stablecoin for this purpose.

BRICS Membership Structure and Admittance

Apart from the core founding members, the alliance has expanded rapidly over the last year. Earlier in 2024, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia officially joined the bloc. In addition to these full members, the body also has several partner countries.

Among them are Nigeria, Turkey, Malaysia, and Thailand. As reported earlier by Coingape, Turkey announced its intention to join the body in June. With the new decision to block new memberships, there are discussions about the bloc's focus for the rest of the year.

The BRICS agenda is clear, focusing on improving economic and trade relations. The group aims to achieve this by shunning the Western financial system centered around the US Dollar. Some countries in the bloc, particularly Russia and Iran, are highly motivated by this agenda due to the sanctions imposed on both nations by the United States Government and its European allies.

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