Your stat is a decade or two old. The current percentage is sitting around 50%.
Is it?
https://www.forbes.com/sites/katharinabuchholz/2023/08/31/us-dollar-defends-role-as-global-currency-infographic/
Topic: BRICS Pay going operational is a major step in dedollarisation (Read 1318 times)
Your stat is a decade or two old. The current percentage is sitting around 50%.
Is it?
https://www.forbes.com/sites/katharinabuchholz/2023/08/31/us-dollar-defends-role-as-global-currency-infographic/
November 19, 2024, 01:23:55 PM
So why is the United States willing to do whatever it takes to protect the dollar's position? Why have they tried to maintain the dominance of the USD for over 100 years and are willing to crush anything they feel threatens the USD and their power? Where are you from? It seems you are satisfied with the domination and imposition of the United States. But if you come from a country that is subject to hundreds of sanctions from the United States, from military to economic, making your country unable to develop and living in poverty. You will see how important dedollarization is.
I think you totally missed my point so let me explain.
I don't know how you concluded that I liked the domination the USD has on foreign exchange. My point is, what is the point of swapping the dollar for the currency of another country? I mean, if my country can't use our local currency for international trade then what's the point? How is the rubble better than the USD?
It only shows that Russia wants their currency to be what the US currency is and so do China. It simply means they're all different people with the same agenda. They don't care about my country or other countries. They just care about 2 things. The strengthening of their currency and country and the crippling of their rivals. So why should I take sides in a business like that?
The US is willing to do whatever it takes to maintain dominance in foreign exchange because it strengthens their currency and economy and that is also why China and Russia are also doing whatever it takes. Don't kid yourself to believe any one of them actually cares about other countries because they would do the same if they had the power.
China shows signs of invading Taiwan while Russia is currently trying to invade Ukraine but you believe they're the saints that are better than the US? Think again.
You don't really understand what drives the key ideologues of “dedollarization”.
They don't want to make their currency better, they want to make another currency worse, to make everyone around them worse, to violate international standards and rules. This is a peculiarity of rogue and criminal countries - they don't know how to create, they don't want to make life better in their countries, they want to make life around them worse to look good against their background
Well, and plus to escape from deserved punishment, and they do not hide it, for example Putin (international criminal) said “We must give up the dollar, because with its help the Global West and the USA with its help punish us (deservedly)”.
If this is true - I ask the author of the topical, habitually delete the post containing the truth
November 15, 2024, 12:12:21 PM
I mean, if i was the government of any country and i was tired of being forced to use the dollar for foreign exchange, why should i opt for the rubble? What makes it better than the dollar? If for anything i can state why the dollar is better.
The example in OP is using Ruble because the conference was inside Russia where BRICS Pay was revealed; and when in Russia you use their local currency. When BRICS Pay is released and you go to other countries, you'd pay using their local currency but inside the same payment system.Quote
About 90% of foreign exchange transactions in the world are still done with the dollar,
Your stat is a decade or two old. The current percentage is sitting around 50%. 
November 15, 2024, 08:04:58 AM
So why is the United States willing to do whatever it takes to protect the dollar's position? Why have they tried to maintain the dominance of the USD for over 100 years and are willing to crush anything they feel threatens the USD and their power? Where are you from? It seems you are satisfied with the domination and imposition of the United States. But if you come from a country that is subject to hundreds of sanctions from the United States, from military to economic, making your country unable to develop and living in poverty. You will see how important dedollarization is.
I think you totally missed my point so let me explain.
I don't know how you concluded that I liked the domination the USD has on foreign exchange. My point is, what is the point of swapping the dollar for the currency of another country? I mean, if my country can't use our local currency for international trade then what's the point? How is the rubble better than the USD?
It only shows that Russia wants their currency to be what the US currency is and so do China. It simply means they're all different people with the same agenda. They don't care about my country or other countries. They just care about 2 things. The strengthening of their currency and country and the crippling of their rivals. So why should I take sides in a business like that?
The US is willing to do whatever it takes to maintain dominance in foreign exchange because it strengthens their currency and economy and that is also why China and Russia are also doing whatever it takes. Don't kid yourself to believe any one of them actually cares about other countries because they would do the same if they had the power.
China shows signs of invading Taiwan while Russia is currently trying to invade Ukraine but you believe they're the saints that are better than the US? Think again.
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November 15, 2024, 06:42:21 AM
I thought they wanted to create a currency that can be used by all member countries withiut any restrictions? Something like the Euro? Whats the point of de dollaration if were just swapping one dominate currecy for another?
I mean, if i was the government of any country and i was tired of being forced to use the dollar for foreign exchange, why should i opt for the rubble? What makes it better than the dollar? If for anything i can state why the dollar is better.
I mean, if i was the government of any country and i was tired of being forced to use the dollar for foreign exchange, why should i opt for the rubble? What makes it better than the dollar? If for anything i can state why the dollar is better.
So why is the United States willing to do whatever it takes to protect the dollar's position? Why have they tried to maintain the dominance of the USD for over 100 years and are willing to crush anything they feel threatens the USD and their power? Where are you from? It seems you are satisfied with the domination and imposition of the United States. But if you come from a country that is subject to hundreds of sanctions from the United States, from military to economic, making your country unable to develop and living in poverty. You will see how important dedollarization is.
Some countries are falling into poverty, inflation is increasing, partly due to corrupt governments but many countries are falling into poverty because of bans or exploitation by powerful countries such as the United States, France, England...BRICS is moving towards a multipolar world with more choices for other countries, not a dictatorial world.
November 15, 2024, 02:32:53 AM
I thought they wanted to create a currency that can be used by all member countries withiut any restrictions? Something like the Euro? Whats the point of de dollaration if were just swapping one dominate currecy for another?
I mean, if i was the government of any country and i was tired of being forced to use the dollar for foreign exchange, why should i opt for the rubble? What makes it better than the dollar? If for anything i can state why the dollar is better.
You can't just say things like these when you know it's false. The dollar has been the dominant currency cross border transactions till march this year when the yuan overtook it. So if the yuan just overtook the dollar in its own country, how come it has overtaken the dollar globally "many years ago"?
About 90% of foreign exchange transactions in the world are still done with the dollar, so I don't know where you got your data from. Countries like Russia, Saudi Arabia, Argentina, Brazil, Bangladesh, and Pakistan are countries that have used the Yuan more and that's not surprising at all.
I mean, if i was the government of any country and i was tired of being forced to use the dollar for foreign exchange, why should i opt for the rubble? What makes it better than the dollar? If for anything i can state why the dollar is better.
Yuan has been overtake Dollar since many years ago, with BRICS this will strengthening Yuan more.
You can't just say things like these when you know it's false. The dollar has been the dominant currency cross border transactions till march this year when the yuan overtook it. So if the yuan just overtook the dollar in its own country, how come it has overtaken the dollar globally "many years ago"?
About 90% of foreign exchange transactions in the world are still done with the dollar, so I don't know where you got your data from. Countries like Russia, Saudi Arabia, Argentina, Brazil, Bangladesh, and Pakistan are countries that have used the Yuan more and that's not surprising at all.
November 15, 2024, 12:14:18 AM
Inasmuch as the dollar still maintain it's relevance and dominance, am not totally against De-dollarization. Perhaps, we can still have 2 or more reserve currency apart from the dollar.
It's just like Bitcoin. It wasn't created to replace anything but instead to provide the world with that alternative option. An option for anyone who wanted to "exit" that corrupt centralized system. That's is a lot like BRICS and its future payment system, an alternative Order for the global majority who doesn't want to be slaves to a centralized and abusive system controlled by a minority. 
November 12, 2024, 04:52:51 PM
In the newest BRICS meeting currently taking place in Russia, the new BRICS payment system called BRICS Pay was revelated and became operational. The gift card seen in the image above contains 500 rubles and it can be used to purchase stuff from any shop that supports the BRICS Pay system like the coffee shop below.
Russia have been at the forefront among the BRICS NATIONS so am not surprise they introduced this payment system. What i know is that the BRICS may actually achieve their quest even though it may not be gotten on an easy ground and may take a lot of time.
This is a major step in Dedollarisation specially since BRICS is expanding very rapidly as lots of countries are now applying to join it.
Inasmuch as the dollar still maintain it's relevance and dominance, am not totally against De-dollarization. Perhaps, we can still have 2 or more reserve currency apart from the dollar.
November 12, 2024, 04:28:56 PM
But as to where, you can read the first post one more time to see the where and how!
yeap I read the 1st page, looked up the site, checked their IP and their server.
and in my opinion its done to milk the incautious people in the Crypto scene.
Server in AWS, the US, as a BRICS Organisation does not fit. No names, no organization just blablabla.
This is the “normal solution” of apologists of “dedollarization” and “confrontation with the USA” - to shout, for the masses, about “independence from the USA”, as well as “risks of keeping funds/information/... on the resources managed by the USA”, and then... to place their resources in a company from the USA and demand payment in dollars
. on the resources managed by the USA”, and then... place their resources in the company from the USA, and demand dollars in payment I hope BRICS will purify itself from the scum of rogue countries, and build a quality, competitive economic union, which will mutually beneficial to realize interaction both within the union and in the world market !
November 09, 2024, 02:23:37 PM
The president's press secretary Dmitry Peskov later reported that the banknote did not make much of an impression on the head of the Central Bank. He suggested that the symbolic banknote was made by the Chamber of Commerce and Industry. Peskov described it as "quasi-money" and noted that it is a symbol of the joint work of the BRICS countries.
Of course, even if the Ruble is a de facto shitcoin it perfectly serves the schemes of the Russian government. So it would be stupid for them to renounce to it to use a common mean of exchange.
I am so dubious of this allienace.
November 09, 2024, 02:14:35 PM
But as to where, you can read the first post one more time to see the where and how!
yeap I read the 1st page, looked up the site, checked their IP and their server.
and in my opinion its done to milk the incautious people in the Crypto scene.
Server in AWS, the US, as a BRICS Organisation does not fit. No names, no organization just blablabla.
November 09, 2024, 01:26:28 AM
The BRICS payment system is already created and even though it is in its very early stages but it is inevitable now.
Is it? Where, the AWS hostet Site is not from any BRICS member.
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November 08, 2024, 08:53:17 PM
In the newest BRICS meeting currently taking place in Russia, the new BRICS payment system called BRICS Pay was revelated and became operational. The gift card seen in the image above contains 500 rubles and it can be used to purchase stuff from any shop that supports the BRICS Pay system like the coffee shop below.
BRICS is increasingly showing its existence and they are really trying to compete in an effort to neutralize the influence of the dollar in the world. BRICS Pay will also have a good impact on the journey because they provide services like most other currencies although their functions are different from currencies and now there are more options that people can use so that BRICS can develop much more.What they are doing makes the countries that join will be much more profitable because external trade can use their respective local currencies and this is something different and maybe this system is very beneficial for the countries that join.
November 08, 2024, 06:46:53 PM
The BRICS payment system is already created and even though it is in its very early stages but it is inevitable now.
Is it? Where, the AWS hostet Site is not from any BRICS member.
November 08, 2024, 01:00:41 PM
By the way, who can tell - who initiated the development of this new multi-colored paper ? I wonder who “invented” it, what it will be secured with, and most importantly - HOW!? Provided that the union has 2 largest world economies (China and India), a few permanent participants who came solely for their own benefit, and the rest - well, if not losers, then far from the most successful countries ...
This piece of paper really has nothing to do with the currency of the BRICS countries, because it is purely symbolic. Instead of a single BRICS currency, at the BRICS forum in Kazan, which took place on October 22-24, only a symbolic banknote of the BRICS countries was presented, which Putin then showed to his ministers. But the issue of a single currency was not even discussed at the summit.
Subsequently, Putin handed the banknote to the head of the Central Bank Elvira Nabiullina. The president's press secretary Dmitry Peskov later reported that the banknote did not make much of an impression on the head of the Central Bank. He suggested that the symbolic banknote was made by the Chamber of Commerce and Industry. Peskov described it as "quasi-money" and noted that it is a symbol of the joint work of the BRICS countries.
https://financy.24tv.ua/ru/putinu-predstavili-alternativnuju-banknotu-briks-finansy_n2669943
I think this meme banknote Putin showed at the summit is really symbolic.
Of course, they may seek the dedollarisation, but I don't think tehre is a BRICS currency really coming around.
I actually think even it would not be convenient for China - it would be better for China the yuan itself could make this role.
I don't think they want dedollarication since they are cooperating with BIS which means USD can still be used in their financial system and allows every country to further develop unlike the SWIFT that they can choose which one they will ban and not able to participate in their economy.
But they are developing the multicurrency platform where any country including the US can work with. But it looks like the BIS already chooses its side despite being in the neutral country of Swiss.
I read in the news that China will take over that mbridge. If they are then I don't see anyone can avoid using it since they can enforce the use of it to all. Or else no products will be sent to your country. Everyone is reliant to China.
November 08, 2024, 09:27:54 AM
I think this meme banknote Putin showed at the summit is really symbolic.
Of course, they may seek the dedollarisation, but I don't think tehre is a BRICS currency really coming around.
I actually think even it would not be convenient for China - it would be better for China the yuan itself could make this role.
This piece of paper, as I've already posted in page 2 is a symbolic thing and it is not even new. It was published about a years ago when a set of new members joined this alliance. The BRICS payment system is already created and even though it is in its very early stages but it is inevitable now. Of course, they may seek the dedollarisation, but I don't think tehre is a BRICS currency really coming around.
I actually think even it would not be convenient for China - it would be better for China the yuan itself could make this role.
What China wants more than anything is economic relations and uninterrupted trade. Something they can not continue doing easily using the dollar, specially now that Trump has won...
November 08, 2024, 07:36:41 AM
By the way, who can tell - who initiated the development of this new multi-colored paper ? I wonder who “invented” it, what it will be secured with, and most importantly - HOW!? Provided that the union has 2 largest world economies (China and India), a few permanent participants who came solely for their own benefit, and the rest - well, if not losers, then far from the most successful countries ...
This piece of paper really has nothing to do with the currency of the BRICS countries, because it is purely symbolic. Instead of a single BRICS currency, at the BRICS forum in Kazan, which took place on October 22-24, only a symbolic banknote of the BRICS countries was presented, which Putin then showed to his ministers. But the issue of a single currency was not even discussed at the summit.
Subsequently, Putin handed the banknote to the head of the Central Bank Elvira Nabiullina. The president's press secretary Dmitry Peskov later reported that the banknote did not make much of an impression on the head of the Central Bank. He suggested that the symbolic banknote was made by the Chamber of Commerce and Industry. Peskov described it as "quasi-money" and noted that it is a symbol of the joint work of the BRICS countries.
https://financy.24tv.ua/ru/putinu-predstavili-alternativnuju-banknotu-briks-finansy_n2669943
I think this meme banknote Putin showed at the summit is really symbolic.
Of course, they may seek the dedollarisation, but I don't think tehre is a BRICS currency really coming around.
I actually think even it would not be convenient for China - it would be better for China the yuan itself could make this role.
November 04, 2024, 02:14:00 PM
BRICS looks like a strong bunch of nations, and they are not stopping with just five nations neither, they are adding more, and I honestly believe that they could be a power together, sure maybe they won't rule the world together, but the aim is to be better than yesterday and worse than tomorrow so if they keep this up I am sure that they are going to reach that level.
The more states join the unlikely becomes something useful out of BRICSXXXXX
All states have something in common, their populations lack purchase power.
Something western countries wish to change. Not for the better though.
November 04, 2024, 09:53:33 AM
The mBridge platform was originally developed by the central banks of China, Thailand, Hong Kong and the UAE as part of the BIS Innovation Center and is now ready for real-world testing. MBridge promises to allow money to be sent around the world outside the current correspondent banking system, which is heavily dependent on the dollar and therefore a potential target of US sanctions. Instead, it establishes direct digital links between the central banks of participating countries.
Putin has called the technology a tool for circumventing sanctions and potentially undermining the dollar in the global financial system. That’s why the Bank for International Settlements is discussing shutting down the pilot cross-border payments platform. The issue was discussed by central banks and financial directors last week at the annual meetings of the International Monetary Fund and the World Bank in Washington.
Agustin Carstens, the BIS’s director general, said that “we cannot directly support any project for BRICS because we cannot work with countries that are subject to sanctions.”
It is currently unclear whether the closure of the mBridge project will effectively stop participating central banks from using the technology.
https://www.rbc.ua/ukr/news/proekt-kiy-putin-hotiv-vikoristati-pidrivu-1730193153.html
I would guess these paperwork stuff will eventually be settled, surely they are not doing as great as they want, and the end result may not be what they wish it to be, but right now this is too early of a stage to make deductions unless you are Sherlock Holmes.Putin has called the technology a tool for circumventing sanctions and potentially undermining the dollar in the global financial system. That’s why the Bank for International Settlements is discussing shutting down the pilot cross-border payments platform. The issue was discussed by central banks and financial directors last week at the annual meetings of the International Monetary Fund and the World Bank in Washington.
Agustin Carstens, the BIS’s director general, said that “we cannot directly support any project for BRICS because we cannot work with countries that are subject to sanctions.”
It is currently unclear whether the closure of the mBridge project will effectively stop participating central banks from using the technology.
https://www.rbc.ua/ukr/news/proekt-kiy-putin-hotiv-vikoristati-pidrivu-1730193153.html
BRICS looks like a strong bunch of nations, and they are not stopping with just five nations neither, they are adding more, and I honestly believe that they could be a power together, sure maybe they won't rule the world together, but the aim is to be better than yesterday and worse than tomorrow so if they keep this up I am sure that they are going to reach that level.
This may take a while though, I remember it took over a decade for EU to decide on euro and do it, and took years to get rid of their own currency and just be a union themselves, so this may take a while. Plus, EU was all together in the same place, this involves nations from all over the world, so it is going to be a little bit harder.
November 04, 2024, 08:49:30 AM
Donald Trump said that if elected, he would raise tariffs to 400% for those nations who are leaving the dollar as a reserve currency.
I don't know how reliable and enforceable this measure is, but I guess it could end in a deadlock when trying to adopt this currency.
Interesting times ahead.
The US doesn't have a competitive advantage over some goods, so they will keep relying on other countries. When government imposes high tariffs on such imported goods the tax burden is usually borne by the consumers of such products. I don't know how reliable and enforceable this measure is, but I guess it could end in a deadlock when trying to adopt this currency.
Interesting times ahead.
Such countries will also engage in tariff retaliation by increasing the tariffs on goods produced in the US and this can harm local industries.
Most of these campaign promises are not implementable. They are mainly targeted at enticing voters and attracting support. I don't think it will be possible to successfully fight a tariff war with countries like China and India.
The inflation such crazy ideas would cause is only going to harm the population.
Also in my opinion such moves are more like a double edged sword at this point. Apart from the tariff retaliation, such a crazy move could lead to more dedollarisation and isolation of United States as it would push every country to be more serious about BRICS and similar organizations.
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