Topic: BRICS Pay going operational is a major step in dedollarisation - page 2. (Read 1318 times)

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.

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.

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 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

There is no place in economy and national interest for emotions such as like or dislike. It is all about advantages and disadvantages. Using the dollar has countless disadvantages such as importing US printed inflation, having your country's money stolen by the US regime, etc. and creating an alternative payment system that the US regime cannot control eliminates all those disadvantages.

I believe in this system to work in the future, I do not know how they will do it, but I think it will work out in the end. What I do not know exactly will be just how we can consider this to be helping with de-dolarisation. There are nations which dislikes USA, and they are already looking for any way possible to not use dollars anyway, and there are nations which doesn't mind, and there are ones that likes the dollar.

When you consider all of this together, there won't be a huge change. I am not saying it won't have even a small change, of course there will be a small change, but it won't be something huge, so we shouldn't really be relying on anything to change the world suddenly, this isn't that big, it's good for them, but not huge change. For that to be a huge change, this would have to be a good chunk of dollar market that is already being used, don't tell me Russia has been using dollar so much, and now will stop using it all together suddenly, they weren't using much anyway, and won't change that.

All or most governments have corrupt members in their mids.
It is a movement to have an alternative organization that is not in full control of the US regime so that it can not be abused by the US regime. There is some abuse that is sure and drug peddling is another issue they like to glue onto people just to make'em look bad.

Still the desire to be free of US influence by nations which harbor some territorial desires was making the world saver and with the freedom not to prosecuted war lurks a little closer. Unfortunately the UN is next to useless.

I know what Russia is because I lived in Ukraine for 29 years under the USSR, when Russia dominated this unequal union and imposed its ideology and the Russian language.

After the collapse of the USSR, having secured assurances from world powers, including Russia, that they would not attack Ukraine, Ukraine, as a peace-loving state, renounced the third-largest nuclear weapons, handing over to Russia about 1,900 nuclear warheads and 2,500 tactical nuclear charges - more than Great Britain, France and China had (for comparison, North Korea now has about 50-60 nuclear warheads), hundreds of strategic bombers, ballistic missiles and other weapons, which Russia is now attacking Ukraine with, violating the Budapest Memorandum. The United States and Great Britain were also among the guarantors of Ukraine's security, therefore, accordingly, they cannot remain aloof from this vile act of Russia and are providing assistance to Ukraine in defending itself from Russian military aggression.

States have the right to unite in any economic and political unions, including BRICS, and to defend their interests. I did not say that the BRICS union will fail, but that the aspirations of the states that are part of it are very contradictory and in this regard I made a forecast that it will not last long. Russia, with the help of BRICS, is trying to bypass the sanctions imposed on it because of the invasion of Ukraine and wants to use levers that do not correspond to the interests of the majority of BRICS member countries.

The currency they are creating is blockchain-based through the project mbridge AFAIK but it looks like the Bank of International Settlement is up to shut the project down already. They were just trying to buy time while pretending to work with BRICS nations. But now that it's almost about to be launched, the BIS suddenly changed its mind saying only Putin will benefit from this multicurrency financial settlement system.

If they couldn't agree with BRICS having their multicurrency financial settlement system, I guess both polars will agree to use cryptocurrencies such as BTC.

Just because US regime feels threatened about anything anyone does in the world that is positive for those people, that doesn't mean those things are "Anti American".

In that sense, BRICS is like Bitcoin. Bitcoin is just an alternative payment system to all the payment systems that exist. It was not created to replace anything or to be anti anything, least of all banks.
But some delusional and corrupt entities have felt threatened by it. Like Jamie Dimon, the CEO of one of the most corrupt banks in the world JPMorgan Chase who called bitcoin a "hyped up fraud".
Did that change anything about Bitcoin? No.
Was Bitcoin created to topple JPMorgan Chase? No.
Do those who created and use Bitcoin give a shit about what Dimon says? No.
LOL

It's pretty much the same as BRICS. Neither Russia nor any other members created it to not-coexist with the West. It is a movement to have an alternative organization that is not in full control of the US regime so that it can not be abused by the US regime.
If the corrupt US regime sees that as a threat and "Anti American", it's their own business
They can pull their hair out all they way, BRICS and a lot of others (like SCO and ASEAN) are going forward with their plans and the Unipolar world is already over...

You and those who are trying to protect the dominance of the United States because your country is funded by the United States, and if they lose their dominance, your country will also be in trouble, which is understandable. One thing I see from people trying to defend the United States is they say they know a lot about Russia, about China, about BRICS...but what do they or you really know about them? Apart from trying to deny the existence of BRICS and the ongoing de-dollarization process, I don't see what evidence you can provide to make the debate more interesting.

I won't argue too much because I believe time will tell, because after all, none of us don't have a crystal ball to know the future. By the way, what I find even more strange is: while many experts and economic advisors have also expressed concerns about the USD's dominance being threatened as BRICS grows, you say that BRICS will fail but have no evidence for that claim.

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 Bricks pay method is very beneficial to pay easily and we can use that card in many countries and we have all  access. That is good method to eliminate the dollar position in the International market. International market is dumping and the reason behind this is unstability in many countries. America want to conquer the world silently but many countries are powerful against America and they will defend. I think we can corelate America with the Roman Empire.Different countries are using different cards to pay and we are living in different countries but there should he system for all the countries.

I pretty much knew that we don't have to be citizens of BRICS nations and that's the main purpose of this card that anyone can use it in any BRICS nation but I was actually concerned about exchange system like you said a US citizen can use it but in order to use it they have to load some money in it how that's going to work they did not shared much information on this or if they did then please share.

I got your point that the exchange rates are terrible in most of the countries, not only in poor countries, but believe me, till now I have seen locals providing better rates than any centralized government system like BRICS or BRICS bank accounts. I also realized that if I live in a BRICS nation I can load the card with my local currency and that currency can be used to pay in another BRICS nation so the exchange problem is not mine its a problem for the organization. But if a foreigner tries to load the card how he will do it and how it is not going to get involve USD directly or indirectly.

China and India prevailed and made it possible to make BRICS not as Russia would like it: No Anti American stance so far.
Most members of BRICS would like to remain in a coexisting relation with the West. And the why is easy to explain.
Their clients live in the West.

Russia is striving to play a leading role in the BRICS union, and I know what Russia is. This is enough to say with confidence: if Russia takes the dominant role in the new world order of global security instead of the United States, then the current behavior of the United States on the world stage will seem angelic compared to Russia's behavior. If you see this, there will be no turning back. The world will change and become completely different.

Many countries want to join BRICS because they believe that it will be an economic union and they want to trade on more favorable terms than now. But Russia, Iran, China have their own plans for the future of this union. Of course, to be convinced of such a pessimistic development of events, they must come to pass, but then it will be too late to change anything.

Funny you should mention these two members, since during the recent BRICS meeting in Kazan and after the talks between these two nations a very long border tension between them was just gone and they both pulled back.

So yeah, BRICS is far more than just BRICS Pay and economy...

So far there is no payment gateway in working condition, legit and not scam.
So how do you know what the BRICS Gateway can or cannot do?

Most ambitious projects never leave the desk.
Most governments are not even sure that a new border conflict won't destroy BRICS. Take India and China. Their Leaders talk just that does not mean their Soldier begin to share a tea.

BRICS Pay is probably one of the most ambitious projects that has brought the spirit of dedollarization so far. Just imagine this is a payment system that can be used across BRICS countries and their partners, it means that more people will not rely on Visa or Mastercard for their payments, it will empower individuals, businesses, and countries involved in this network. And it is possible that this payment system will use blockchain technology to make cross-border payments more streamlined, secure, and fast, so this is one of the innovative payment systems that BRICS will launch and it will definitely be a real threat to America and its allies.

Do you have any basis to guarantee that the world will be more chaotic or is it just your thinking because you don't want US dominance to be lost? We will never know what the world will be like when it becomes more multipolar but I believe it will definitely be better than it is now and that is why so many countries want to join BRICS and get away from the dominance of the United States. You should ask, why are more and more countries wanting to join BRICS, I don't think they don't know what they are doing.

A chaotic world, dictatorial countries waging war, and occupying poor countries to seize mineral resources is what is happening today. There are so many unnecessary wars and chaos happening in the world just because of the greed of dictators, who will do anything just to maintain their domination.

No one prohibits Japan from creating nuclear weapons, including the United States. In 1967, Japan itself officially adopted the "Three Non-Nuclear Principles" - not to produce, not to possess, and not to import nuclear weapons. In 1951, Japan signed the still valid Treaty on Military Cooperation and Defense with the United States, according to which any attack on Japan was considered an attack on the US armed forces. In 1989, Japan received the status of "Major US Ally outside NATO" from the United States.

Currently, Japan does not conduct research in the field of military use of nuclear energy, although it has the necessary materials and technologies that would allow it to acquire a nuclear bomb within one or two years.