^ Didn't see the news about the one currency for everyone, but it wouldn't happen.
For the reason that somebody needs to be at the bottom for the rest to stay at top.
Topic: BRICS and Bitcoin - page 3. (Read 491 times)
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?
The original plan is to make the Chinese New Yuan the new standard. But we will never know how things are going to happen then. Since Trump is befriending back Xi and so, the main plan is to kickout US dollars with all of the alliance that it has got as the main currency.
Maybe soon, there will be talks about an actual one world currency but we'll never know if both will agree to each of their own currencies. But pretty much, the best choice that they can have is to adopt BTC altogether.
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?
so far the brics currency is still in the discussion stage and there has been no official adoption by the brics member countries. but if it has been launched and gained global influence, i think it will only affect the us dollar... since the purpose of brics is to weaken the dominance of the us dollar in the brics member countries. related to whether it will affect the price of bitcoin, it probably won't, because the purpose of brics is an economic cooperation organization, and the use of the brics currency is only for trade between brics members.
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
News was once circulating that a BRICS currency was on the table, 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
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
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.
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?
I don't expect much positive or negative impact, since one of BRICS goal is to limit Western influence (including USD dominance). And IIRC none of country who join BRICS legalize Bitcoin as daily payment method/currency.
Yep. They are too different in that regard.
Imagine BTC adoption in China, which pushes heavily into the CBDS more than anything..
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?
I don't expect much positive or negative impact, since one of BRICS goal is to limit Western influence (including USD dominance). And IIRC none of country who join BRICS legalize Bitcoin as daily payment method/currency.
Most people buy Bitcoin because they want to make money from it.
BRICS is just like another fiat, the value is relatively stable.
BRICS is nothing different to mobile banking or digital fiat, mobile banking exist before Bitcoin, now I don't see mobile banking or digital fiat threat Bitcoin because people use them for different purpose.
BRICS is just like another fiat, the value is relatively stable.
BRICS is nothing different to mobile banking or digital fiat, mobile banking exist before Bitcoin, now I don't see mobile banking or digital fiat threat Bitcoin because people use them for different purpose.
BRICS isn't that centralized and organized, per se, it's more of a formal alliance than anything else.
So to see them pushing in one direction in that regard and any other - it would be a challenge worth watching.
So to see them pushing in one direction in that regard and any other - it would be a challenge worth watching.
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/
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?
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