BRICS countries are a grouping of five major emerging economies: Brazil, Russia, India, China and South Africa. This acronym was first used in 2001 by Jim O’Neill from Goldman Sachs as an investment opportunity to refer to the four fast-growing economies at that time (Brazil, Russia, India and China). Later on in 2010 South Africa joined this group making it BRICS.
The main aim of BRICS is bringing together these nations in order to promote economic growth among them through various activities such as trade agreements or development projects. The collaboration between those countries has been increasing over the last decade due mainly for mutual benefits but also because they represent more than 40% of world’s population.
As part of their mission statement “to build closer ties among its members and strengthen global governance with shared responsibilities”, several types of forums have been created where member states come together periodically discuss topics related economics/finance/politics etc.. One example is The New Development Bank which acts as an alternative source for financing infrastructure projects around developing countries mostly located within the region itself. Another important initiative taken lately by BRICS was the creation a cryptocurrency called BRCiCoin which will serve as medium exchange value between all participating members.
Each country can issue their own tokens using different consensus algorithms depending on their needs while allowing exchanges transactions without third party intermediaries via distributed ledger technology (DLT).
In conclusion, thanks to initiatives like these we can see how BRICs countries are continuing working towards a better future not just individually but also collectively helping each other out while promoting greater economic stability worldwide.
