The BRICS alliance is looking to leverage the UAE gold market in the quest for an alternative to USD.
The role of Bitcoin and digital assets in the BRICS push is integral to its overall quest.
The intergovernmental BRICS alliance has opened a new economic corridor between member nations as the UAE positions itself among the leading players in global gold trade. This move raises questions about the future of the US dollar and a potential future integration of Bitcoin (BTC) among BRICS nations.
UAE’s Position in Global Gold Trade
According to reports, the United Arab Emirates (UAE) is the second-largest gold hub in the world after Switzerland. In 2023, the UAE’s gold holdings surpassed the United Kingdom’s, highlighting its rising prominence in the market. 
The BRICS nations initially consisted of Brazil, Russia, India, China, and South Africa. However, CNF reported that the organization expanded earlier this year to include the UAE, Iran, Egypt, and Ethiopia.
Ahmed Bin Sulayem

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