A viral claim on X suggests that 159 out of 195 countries will join a new BRICS settlement system, implying a movement away from the U.S. dollar.

159 out of 195 countries, more than 3/4 of the world is adapting to BRICS Pay….

BRICS bloc announced the creation of a blockchain-based payment platform. It would be set to redefine the collective’s global economic standing. Moreover, it would compete with some of the largest… pic.twitter.com/FCNCF2SF2J

— Anna (@provemewrong411) October 23, 2024

Verdict: Misleading 

As of now, the number of nations formally part of BRICS or its recent expansion plans remains limited. Notable recent developments in Argentina and the ongoing uncertainty surrounding membership status further illustrate the complexities of BRICS expansion.

Fact Check:

The BRICS summit was held in Russia despite ongoing fighting in Ukraine, according to The New York Times. The event, which was attended by allies of Russia, was meant to bolster Russia’s position on the global stage despite universal condemnation, the outlet reported.

The X post claims around 159 countries have joined the Russian-backed economic group. “159 out of 195 countries, more than 3/4 of the world is adapting to BRICS Pay,” the post’s caption reads, stating that the membership was for a “blockchain-based payment platform.”

While BRICS is expanding, the assertion of 159 members is unrealistic. Currently, only Egypt, Ethiopia, Iran, and the UAE are confirmed to join in 2024, while Saudi Arabia, although invited, has yet to confirm its membership. The slow, deliberate pace of expansion is underscored by logistical and political challenges. Reuters noted that, while 22 nations have expressed interest in joining, rapid expansion remains improbable.

The image shared on X suggests Argentina’s involvement in BRICS; which is also incorrect. Argentina initially applied for membership in 2022 under former President Alberto Fernández, but after the election of Javier Milei in 2023, the country opted to withdraw from consideration.

As BRICS continues to expand, questions about its membership and internal cohesion remain pressing. Currently, the group comprises ten countries along with several other partnering countries, significantly fewer than the 159 nations that have expressed interest in joining. Major economies, including those in the G7, remain outside BRICS, continuing to rely on the U.S. dollar as the global reserve currency.