Topic: BRICS Pay going operational is a major step in dedollarisation - page 2. (Read 1733 times)

USD is only used by ~330m people
indian rupee is used by over 1 billion people
chinese yuan is used by over 1 billon people

in short, the dollar is not as important/relevant/most useful as you might think.. and the world is now realising it

Other nations besides the United States use the U.S. dollar as their official currency, a process known as official dollarization. For instance, Panama has been using the dollar alongside the Panamanian balboa as the legal tender since 1904 at a conversion rate of 1:1. Ecuador (2000), El Salvador (2001), and East Timor (2000) all adopted the currency independently. The former members of the U.S.-administered Trust Territory of the Pacific Islands, which included Palau, the Federated States of Micronesia, and the Marshall Islands, chose not to issue their own currency after becoming independent, having all used the U.S. dollar since 1944. Two British dependencies also use the U.S. dollar: the British Virgin Islands (1959) and Turks and Caicos Islands (1973). The islands Bonaire, Sint Eustatius and Saba, now collectively known as the Caribbean Netherlands, adopted the dollar on January 1, 2011, as a result of the dissolution of the Netherlands Antilles.

The US dollar is an official currency in Zimbabwe, along with the euro, sterling, the pula, the rand, and several other currencies. A series of Zimbabwean Bond Coins was put into circulation on 18 December 2014 in 1, 5, 10, and 25 cent denominations, and afterwards 50 cent and 1 dollar bonds coins, which are pegged at the same rate as American coins.

I bet the dollar will last longer than the US is one single country. Even if the society crumbles people need a currency.
The dollar everyone known, Crypto well if 15% know a little it is quiete a lot.

The people won't abandon the $. Look how the $ has developed in trade.

Right again.
Abandoning dollar is a slow process and it won't happen overnight. It would be a couple of more years before the collapse of the debt base US economy.

If you want to know how serious the new BRICS payment system that is being developed is, just look how increasingly scared US presidents are after the latest BRICS meeting. Trump who still hasn't taken office threatened BRICS members by 100% tariffs if they made this payment system

If BRICS Pay as some users in this board love to convince us is such an insignificant thing that will fail and all that, why is US regime so scared of it?!!

The people are not happy are the ones who run a business based on theft or else.

Still its a long way till the US are on a level like Spain or Turkey or worse Zimbabwe. 

If you want to know how serious the new BRICS payment system that is being developed is, just look how increasingly scared US presidents are after the latest BRICS meeting. Trump who still hasn't taken office threatened BRICS members by 100% tariffs if they made this payment system

If BRICS Pay as some users in this board love to convince us is such an insignificant thing that will fail and all that, why is US regime so scared of it?!!

If you want to know how serious the new BRICS payment system that is being developed is, just look how increasingly scared US presidents are after the latest BRICS meeting. Trump who still hasn't taken office threatened BRICS members by 100% tariffs if they made this payment system

If BRICS Pay as some users in this board love to convince us is such an insignificant thing that will fail and all that, why is US regime so scared of it?!!

Your stat is a decade or two old. The current percentage is sitting around 50%.

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.  

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.

About 90% of foreign exchange transactions in the world are still done with the dollar,

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 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.

Yuan has been overtake Dollar since many years ago, with BRICS this will strengthening Yuan more.

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.

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.

This is a major step in Dedollarisation specially since BRICS is expanding very rapidly as lots of countries are now applying to join it.

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.

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.

But as to where, you can read the first post one more time to see the where and how!