India's Growing Influence in BRICS: A New Era for Emerging Technologies

As BRICS celebrates its 20th anniversary, the economic bloc is shifting its focus from traditional politics and economics to emerging technologies like artificial intelligence (AI) and payments. According to William 'Chip' Rogers, a former US politician and head of the American Hotel & Lodging Association and Asian American Hotel Owners Association, India has emerged as a major player in BRICS, particularly when it comes to AI.

Rogers believes that India's growing influence within BRICS is crucial for shaping emerging global systems. He notes that India's technological leadership and large economy make it an important player on the global stage. With its population of over 1.3 billion people, India has the potential to transform the global payment system and wealth transfer system.

The US and China are currently leading the AI development race, with significant investments being made in this technology. Rogers notes that whoever wins this race will play a pivotal role in shaping the future of humanity. He also highlights the importance of AI safety and the need for guardrails to prevent the development of dangerous technologies.

On de-dollarisation, Rogers is skeptical about BRICS pursuing an agenda that would reduce reliance on the US dollar. He argues that the global marketplace has spoken, with 99% of stablecoins being backed by US Treasuries. This makes it unlikely that a shift away from the dollar will happen soon.

When asked about the potential for BRICS to cooperate on AI and build an interconnected payment system, Rogers notes that this is possible in the future. However, he emphasizes the need for guardrails to prevent the development of dangerous technologies.