Uruguay to Join the BRICS and Adopt the Rupee in 2023?
Could Uruguay join the group and adopt the BRICS currency given that the BRICS bloc is actively debating expansion?
Several nations have filed membership requirements to join the ranks of the BRICS nations, which are currently comprised of Brazil, Russia, India, China, and South Africa. Others, meanwhile, openly endorse the goal of de-dollarizing in order to weaken the US Dollar.
Will Uruguay Adopt the BRICS Currency and Join It?
Uruguay is already a part of the BRICS-founded New Development Bank (NDB). Therefore, if expansion talks proceed, the South American country might be a candidate to join the BRICS Alliance. Uruguay would probably jump at the chance to join a burgeoning global powerhouse.
It is already known that Venezuela, Argentina, and other South American nations are interested in joining Brazil in the BRICS group. Uruguay, on the other hand, has remained relatively under the news radar as BRICS has recently taken center stage.
However, as an NDB member, Uruguay will probably be a top contender when discussions on expansion take place at the forthcoming BRICS Summit in August. But that is unknown for embracing a new coin. Currently, Uruguay utilizes the UYU, its national currency. However, if Uruguay enters BRICS, the currency that is utilized in international trade may alter.