The BRICS alliance is looking to create a new currency to settle international trade and dethrone the U.S. dollar from its global status. If the new BRICS currency gains the trust of other countries, the U.S. dollar could be the first to fall. The global financial power will shift from the West to the East creating a new world order. Saudi Arabia is one among the 19 countries that are looking to join the alliance and accept the new currency, reported Bloomberg.
If Saudi Arabia joins BRICS or trades with the yet-to-be-released currency, the U.S. could face severe implications.
BRICS: What Could Happen If Saudi Arabia Accepts the Currency?
Saudi Arabia’s membership would strengthen the economic power of the BRICS bloc. Saudi is among the world’s largest oil producers and exporters, and it possesses significant reserves of oil and natural gas. This could enhance the energy cooperation among BRICS members and potentially increase trade and investment opportunities within the group.
Also Read: After BRICS, 10 ASEAN Countries Ditch The U.S. Dollar
Saudi Arabia’s prominent role in the global energy markets could lead to closer collaboration in the energy sector among BRICS nations. It could facilitate discussions on energy policies, production levels, and pricing strategies. The development could put BRICS countries to enjoy a greater influence over global energy dynamics.
The move could potentially shift geopolitical alignments and power dynamics in Asia and the Middle East. Saudi’s participation in BRICS might alter its traditional alliances with other regional and global powers, such as the United States, and the European Union.
Also Read: Ahead of Joining BRICS, Iraq Issues Ban on U.S. Dollar Transactions
The inclusion of Saudi Arabia into BRICS could force the European Union to ditch the U.S. dollar and settle the oil and gas trade in the new currency. Therefore, Saudi Arabia joining or accepting the BRICS currency could tilt the global powers from the West to the East. The United States could no longer be the global leader giving way to the new financial order.
China Launches Government-Backed Metaverse Platform
The capital city of China’s Jiangsu province, Nanjing, has launched a new government-backed metaverse platform. Specifically, the China Metaverse Technology and Application Innovation Platform is set to advance development in the sector across the country.
The new program is being headed by the Nanjing University of Information and Science Technology (NUIST). Moreover, an official announcement noted the founding members of the platform. All representing various academic institutions and metaverse-centered companies throughout the county.
China Presents State-Backed Metaverse Platform
In a very interesting development for the industry and the country, China launched a government-backed metaverse platform. Moreover, it is set to combine the resources of various academic enterprises and institutions throughout the country. Subsequently, in hopes of more development of the sector.
The metaverse is a virtual space containing a host of virtual worlds and experiences. Moreover, it often includes augmented reality and virtual reality aspects for users. Additionally, the digital space allows those users to interact with one another in a digital setting.
China has sought to make significant strides in its metaverse development in recent years. Specifically, in February 2023, the city revealed a massive metaverse strategy. Designed to create an industry that could collect revenues that exceed 130 billion yuan at the end of 2025.
In addition to Nanjing, Shanghai is also seeking to develop its metaverse industry. Moreover, the city is seeking development in the sector for similar financial reasons. Conversely, China maintains a very strict regulatory standard for digital assets and NFTS. However, it has also been vocal about the power of Web3, and the potential of the digital technology industry.
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