Egypt Officially Becomes a Member of the BRICS New Development Bank
Egypt has officially become a new member of the New Development Bank (NDB) created by BRICS member states (Brazil, Russia, India, China, and South Africa) after completing the necessary procedures, according to an update on the composition of the bank posted on the website of the financial institution on Wednesday.
BRICSTether is a new stablecoin to launch shortly, which is planned to eventually be weighted to a basic of BRIC Nations currencies, but initially, 1 BRICST will be pegged to 7 Chinese Yuan. It will be asset-backed in fiat, crypto, bonds, gold, silver, and real estate.
It couldn’t launch soon enough for some, especially Russians and other nations, being sanctioned or losing faith in the USD. Binance recently announced it’s no longer going to allow Russians to buy USDT, so BRICST is expected to fill the gap for Russians, but also many BRICSPlus nations, not to mention many that are concerned re the fall of the USD. As the world shifts away from the US-dominated unipolar world, a multipolar world will see a search for alternative currencies for settling international trades. It’s expected many non-Western countries will seek to utilise BRICST to support its growth to ensure alternative cross-border settlements can occur inexpensively, outside the USD
BRICST will list a small number of exchanges to start with and expand as it ramps up its operations.
BRICSTXchange also is set to launch to be one of the main exchanges to handle BRICS transactions.