I am not really knowledgeable on this topic and it might be a little early to have this kind of discussion about it but I am just curious what you guys think about it. I mean, if BRICS starts gaining momentum and influence globally, how much do you guys think it will affect Bitcoin, price-wise and adoption-wise?
It is very big question that needs some big prerequisite conditions like BRICS must grow up and succeed with their attempts. Firstly their attempt to launch their BRICS currency like the US. dollar, the Euro as a new global currency to use among BRICS countries, then expand to non-BRICS countries.
Before these things happen, it's too far for future to discuss about what nations in BRICS will do with Bitcoin and cryptocurrency.
Some of them have developments, pilots of CBDCs already.
https://cbdctracker.org/there is no singular "brics currency" instead its a new type of commonwealth group of contries, where brics countries have its own forex market to swap between their domestic currencies without US influencing the exchange rates of their domestic currencies.
yes they may digitise their currencies (ruble, yuan, peso, and such) into a CBDC(of ruble, of yuan, of peso) and have the 'm-bridge' as the brics forex. but dont confuse gossip of brics being its own currency. its not the case
if the countries do transition to crypto wallet based control of funds via CBDC, where crypto wallets become commonly used, it 'could' help the common person be more receptive to non state controlled cryptocurrency. especially if the CBDC are designed to be inflationary and people learn that non state owned cryptocurrency like bitcoin are deflationary
, with rumors of it being backed by gold and based on the linked article, their local currencies, though according to
BRICS+ nations determined to trade in their own currencies and other new reports, it seems that the current approach is a network of their own local currencies for trade as opposed to a new currency.
I suppose to update my post...:
I've always thought that BRICS will not just compete with the US Dollar/serve to drop the dollar as the reserve currency, though that its currency will be blockchain-based, creating some form of competition or deviation from Bitcoin. Since the US has started claiming that Bitcoin will be their savior from debt and that they will embrace it as a reserve, I wonder if this will turn into a USA/Bitcoin vs. BRICS kind of scenario or if the world will unite and embrace Bitcoin together, or if BRICS will interoperate with the rest of the market. This is one of the very interesting question marks that will contribute to our history as a planet right now in my opinion.
...My new question mark is if free market stablecoins or closed CBDCs will be used if they decide to use blockchain for their digital currencies. Or, their own blockchain network? While I believe the Bitcoin protocol is where development efforts around the globe should be focused to create an evolved global payment network, envisioning a blockchain explorer exclusively with BRICS+ local currencies in the form of stablecoins/stabletokens seems like a cool thing to picture (especially if interoperable with Bitcoin and the rest of the crypto market, which would inadvertently create a massive on-ramp for Bitcoin too).
I know it seems like I'm kissing your a$$ every time I say this franky1 (said it a few times), but thank you for your post, it lead to a new line of thinking and updated research. I like your work and if I had merits to hand out I'd be sending you a lot more
