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  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, CEO of DMCC, said Western sanctions have forced central banks to buy gold at record levels, leading to historic shifts in the precious metals market. He said many nations are also considering reducing their reliance on the US dollar for economic trade.  “We are seeing a new gold corridor from across Asia, with Dubai at its center – exemplified by the UAE’s rise to become the world’s second-largest gold trading hub last year,” Sulayem emphasized. The UAE’s elevated status as a conduit for gold trade could mean less reliance on the US dollar to settle trades between BRICS countries. Saudi Arabia’s inclusion in the alliance could also act as a catalyst to fast-track the process.  The gold trade in the United Arab Emirates is worth more than $129 billion. Trading circles believe that BRICS will change long-standing conventions on commercial…

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Filed under: News - @ November 19, 2024 5:29 am