Iranian President Ebrahim Raisi recently condemned what he calls the “unipolar world order”, emphasizing that Iran plans to join the BRICS group to help create a multipolar world and in effect challenge the dominance of U.S. dollar as a reserve currency. There are broad implications to the crypto industry with this move, and it only represents a beginning.
Iran Condemns ‘Unipolar World Order’
The BRICS group is an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. The acronym was initially coined in 2001 by Jim O’Neill, an economist at Goldman Sachs, to represent the four countries of , , , and . joined the group in 2010, officially expanding the acronym to BRICS.
These countries are characterized by their large, fast-growing economies, significant influence on regional and global affairs, and the potential to become among the world’s dominant economic powers in the 21st century. The BRICS nations collectively represent about 42% of the world’s population, 23% of the global GDP, and around 18% of the world’s total trade.
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Author: Vince DioquinoDid you like this?
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