BRICS Pay going operational is a major step in dedollarisation - page 7.

rodskee

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Quote from: Iranus on October 20, 2024, 12:44:15 AM

Quote from: _act_ on October 19, 2024, 07:56:07 PM

What I think more about BRICS is that as more countries are joining, some of the countries will not have dedollarization plan in mind. Some countries like China, Russia, Iran will be the countries that will have that in mind. I still see dollar to remain very dominant, followed by euro.

If they have no plan or desire to reduce their dependence on USD, then what is the purpose of them joining BRICS when everyone knows that the purpose of BRICS is to reduce dependence on USD? The countries that have joined and intend to join this bloc are all countries that are fed up with dependence on the US dollar and the authoritarian dominance of the United States.

countries who have joined brics not only do not like usa but they also want to push their currency forward brics is a group of countries aiming for the dedollarization but at the end of the day each of them would want their own currency to essentially replace usd meanwhile countries who are dependent to usa will never let go of their ties with usa even if more countries push for dedollarization simply because they can't afford to lose their allegiance with the us

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Yes, USD still dominates the international market, they have dominated the world for over 100 years so reducing dependence or completely eliminating them is not easy. Everything needs to be implemented step by step and it takes time, we cannot expect this process to happen quickly, it may take longer than we think. What we need to care about is that the de-dollarization plan is still being implemented according to the roadmap set out by BRICS.

us became the leading currency because of many factors there was a war and also involvement of gold the pound was the leading currency until they had to borrow money so for the dollar to be replaced it will not be enough that other currencies get really close to the dollar the usa would need to suffer from economic crisis to the point that they would start borrowing money

WillyAp

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Quote from: pooya87 on October 21, 2024, 12:29:27 PM

I gotta say Willy, it is strange that you have been feeling compelled to try so hard to convince others that BRICS is pointless and is never going to succeed!

Its not pointless at all just their approach is a little too much marketing of the bad sort.
All smoke and whistles. Not sure if that is their website https://infobrics.org/

I dig the 3rd world, I live in a 3rd world country (they are trying to develop a 4rth level). With proper institutions, not just copies of the US the 3rd world could fetch serious money for development. https://www.afdb.org/en/news-and-events/press-releases/africa-dominates-list-worlds-20-fastest-growing-economies-2024-african-development-bank-says-macroeconomic-report-68751

I trying hard to open eyes and make people think for themselves. I provide the info you do the rest. Pun is intended Wink

pooya87

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I gotta say Willy, it is strange that you have been feeling compelled to try so hard to convince others that BRICS is pointless and is never going to succeed! Do you really hate half the world this much that you never want to see them form a different bloc?

Speaking of BRICS and dedollarisation lets not forget about the BRICS Development Bank which has the potential of being a much better alternative to the US regime controlled IMF for loans. Another incentive for a lot of countries to join BRICS in the coming years...

WillyAp

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Have a look what BRICS is.
Many here have no idea I think.

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What does BRICS do?
The biggest achievements of the group have been financial. The countries agreed to pool $100 billion of foreign-currency reserves, which they can lend to each other during emergencies. That liquidity facility became operational in 2016. They founded the New Development Bank — a World Bank-inspired institution that has approved almost $33 billion of loans — mainly for water, transport and other infrastructure projects — since it began operations in 2015. By comparison, the World Bank committed $72.8 billion to partner countries in fiscal 2023.

https://archive.ph/rlNHE
Original: https://www.bloomberg.com/news/articles/2024-10-20/brics-now-includes-iran-uae-egypt-ethiopia

_act_

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Quote from: BlackHatCoiner on October 20, 2024, 08:11:08 AM

Why is this a step to dedollarisation? I haven't read what BRICS Pay is exactly, but isn't the currency (rubles) the same? Did they ever use dollar as a medium of exchange in Russia? Or is this system going to be used for foreign trade between the members of BRICS?

BRICS pay main purpose is to allow BRICS countries to settle payments in their local currencies but which would be in the way they want. So with the card, people that are not from Russia can go to Russia as a foreign and pay their local currencies with it instead of first converting to dollar or rubble. So it can also be like that in other BRICS countries if accepted in the contry.

fillippone

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I still have to believe it.
Putin said that BRICS aren't aiming at a single currency.
On the other hand, Trump said he will punish with 100% tariffs those countries that abandon USD as a Store of Value.

As usual, the technology and the ideas are there, yet the execution is usually poor.

Hispo

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If this supposed to be a replaced for the western system for payments "Swift" then they still have a lot of work to do, like defining which coin is going to be compatible with the system for citizens to make payments.
Several people around here in the forum talked a lot about BRICS issuing their own Fiat currency or even some gold backed currency to use among the BRICS nations, but that is yet to be implemented.
As soon as they make clear what of their Fiats (Rubles or Chinese yuans) are supposed to be the default currency to be used in this new system, then all it is left to do is allow it to get spread among BRICS members and other nations which have suffered from devaluation of their currencies against the United States Dollar.
Here in Venezuela there is some expectation on whether we will get included among those country which could benefit from the BRICS new payment system, but that is yet to be seen, people in this country still seem to prefer to hold dollars over rubles and Chinese Yuans

Fiatless

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Quote from: BlackHatCoiner on October 20, 2024, 08:11:08 AM

Why is this a step to dedollarisation? I haven't read what BRICS Pay is exactly, but isn't the currency (rubles) the same? Did they ever use dollar as a medium of exchange in Russia? Or is this system going to be used for foreign trade between the members of BRICS?

BRICS Pay has similar features to SWIFT. Transactions are not restricted to only the use of Rubles, but it is a multi-currency digital international payments system. Yes, countries in this alliance can use the platform to facilitate international trade and financial transactions among themselves. The platform also allows citizens of member states to easily convert between the currencies of BRICS nations.

l99l

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Russia Global was banned from all payments and they didn't insist on it.
They exported many foreign brands that were in their country and established their own brands. I heard that there were a lot of problems with the payment system.
I watched a few traveler videos and they said don't go there without rubles, otherwise you might have problems, meaning you might run out of money and they said they don't accept other currencies.
BRICS payment will be a relief for tourists going to Russia and the Russian government. I guess things didn't look good when they were only depending on rubles. BRICS is expanding more and more as its power increases and it seems like it will be an equal value against the dollar hegemony.

WillyAp

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Quote from: _act_ on October 19, 2024, 07:56:07 PM

I think he meant that Yuan has been overtaken by United States dollar since many year ago. But the question would be that has Yuan ever been above United States dollars before? I think it is NO.

Thanks its hard to understand some post openers who ride a panic wave or something similar. Or like now joyfully believe BRICS will solve their issues.

Quote from: Lida93 on October 20, 2024, 08:11:53 AM

For a capitalist state that it's ethics believes in free market competition I am pondering as to why a rising form of competition to it's currency would be among other things be tagged as anti-america. What I think should be the major focus of the USA is how to continue strengthening ties with those other oil nations producing that are yet not members of the BRICS that are still in the business of selling oil to her using the dollar.

Every nation wants to strengthen her economy and currency in the globe to give it competitive relevance and as such I in no way see nothing wrong with every economic policies and developments these BRICS member nations are taking to see to the valuation of their currency's, because if America were in same position they won't act otherwise. They should rather embrace the competition that now exists and try to be innovative ahead of their competitors rather than you all call them anti-american because these nations choose not to go your path probably as a result of a wide gap of unequal relationship and benefits that exists.

Every country is capitalist, communist countries just refuse to share their commerce with their citizens. That is the main difference. Sure they got mostly free healthcare but their leaders go to France (or else) and visit a private clinic, or like Fidel: flying in a world famous surgeon, that should make you think.

The dollar grows in strength due to private citizens, and companies alike looking for a safe haven.

Their countries can be BRICS all day long, but their citizens give a wet chickenshit about BRICs and open a dollar account.

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Quote from: WillyAp on October 19, 2024, 11:49:44 AM

in the end of the day the dollar has become more popular and is used as a store of wealth for millions of savers.
BRICS is an anti-american platform that is the single most important reason they are forming this alliance.
Iran is clear why, Russia too, China well it depends o the 1st worlds consumers. South Africa no clue why they have joined.
Some of them have even ongoing conflicts, India and China i.e..

For a capitalist state that it's ethics believes in free market competition I am pondering as to why a rising form of competition to it's currency would be among other things be tagged as anti-america. What I think should be the major focus of the USA is how to continue strengthening ties with those other oil nations producing that are yet not members of the BRICS that are still in the business of selling oil to her using the dollar.

Every nation wants to strengthen her economy and currency in the globe to give it competitive relevance and as such I in no way see nothing wrong with every economic policies and developments these BRICS member nations are taking to see to the valuation of their currency's, because if America were in same position they won't act otherwise. They should rather embrace the competition that now exists and try to be innovative ahead of their competitors rather than you all call them anti-american because these nations choose not to go your path probably as a result of a wide gap of unequal relationship and benefits that exists.

BlackHatCoiner

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Why is this a step to dedollarisation? I haven't read what BRICS Pay is exactly, but isn't the currency (rubles) the same? Did they ever use dollar as a medium of exchange in Russia? Or is this system going to be used for foreign trade between the members of BRICS?

pooya87

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Quote from: _act_ on October 20, 2024, 01:51:44 AM

India and South Africa have no agenda for dedollarization. Even India PM or so talked about it recently. You can read about it in the link below

Keep in mind that dedollarisation never meant dumping the dollar completely. After all what we call USA is coalition of 50 countries/states and an excellent market to sell goods to (exactly what China is doing) because of its large population and the fact that they are infected with consumerism. So nobody wants to abandon the US markets hence they will keep dollar for the time being.
Dedollarisation means countries will decrease their dependence on the dollar so that it can not be weaponized against them and when the US regime steals their money, it is not all their money!

Besides it is understandable for countries to make statements like the link you shared rejecting that they are dedollarising! After all they've all seen what the US regime did to Iraq and Libya (one of the reasons for invasion of these two countries and all the death and destruction was because they talked about dedollarising!).
But the fact that they've either joined BRICS already or are working on joining it shows they want to and are dedollarising already.

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Quote from: pooya87 on October 19, 2024, 09:26:01 AM

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.

Isn't it funny that the whole software system, working methodology and so on, all of them come from the west knowledge? Thanks to the western knowledge and technology, BRICS countries managed to create a BRICS Pay (software written in English language).
Also, the gift in the given image is equivalent of $5.

Quote from: pooya87 on October 19, 2024, 09:26:01 AM

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

I'll be happy if their quality of life improves after the dedollarisation but I still think that any BRICS country should try to stick with west rather than with Russia and China. It's funny how people from BRICS countries migrate to the USA, EU and allies while no one moves in Brazil, Russia or China for better quality of life.

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Quote from: pooya87 on October 19, 2024, 09:26:01 AM

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.

It's now clearer that the West controls the media in my location. BRICS business Forum is ongoing and it didn't make news headlines in any local newspaper in my country, not even in Al Jazeera, BBC or CNN. I think I need to change my sources of information because I am fed with unbalanced reports, which is manipulative.

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

Achieving de-dollarization will be a very difficult task but it is not impossible. I am glad BRICS have started the process. Hopefully, members will promote its use in their countries, which will reduce the influence of dollarized international payment systems. I checked out the BRICS Pay platform at: https://brics-pay.com/

_act_

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Quote from: Iranus on October 20, 2024, 12:44:15 AM

If they have no plan or desire to reduce their dependence on USD, then what is the purpose of them joining BRICS when everyone knows that the purpose of BRICS is to reduce dependence on USD? The countries that have joined and intend to join this bloc are all countries that are fed up with dependence on the US dollar and the authoritarian dominance of the United States.

Yes, USD still dominates the international market, they have dominated the world for over 100 years so reducing dependence or completely eliminating them is not easy. Everything needs to be implemented step by step and it takes time, we cannot expect this process to happen quickly, it may take longer than we think. What we need to care about is that the de-dollarization plan is still being implemented according to the roadmap set out by BRICS.

They have such plan but they are allowing countries that does not care of dedollarization join also.

No, not all countries that are fed up with dependence on United States dollars that have joined the organization. As more countries will join, know that something will change. India and South Africa have no agenda for dedollarization. Even India PM or so talked about it recently. You can read about it in the link below

https://telegrafi.com/en/BRICS-member-India-rejects-dollarization-and-embraces-the-US-dollar/amp/

Also more countries are joining BRICS. 9 countries are now BRICS members and they are Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. Also more than 35 to 40 countries want to be part of BRICS.

Some countries joined because they want to have better economy improve cross border benefits and some other benefits.

Without joining BRICS, some countries has settled cross border payment in their local currencies before. They do not need to join BRICS before they can do something like that.

Iranus

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Quote from: _act_ on October 19, 2024, 07:56:07 PM

What I think more about BRICS is that as more countries are joining, some of the countries will not have dedollarization plan in mind. Some countries like China, Russia, Iran will be the countries that will have that in mind. I still see dollar to remain very dominant, followed by euro.

If they have no plan or desire to reduce their dependence on USD, then what is the purpose of them joining BRICS when everyone knows that the purpose of BRICS is to reduce dependence on USD? The countries that have joined and intend to join this bloc are all countries that are fed up with dependence on the US dollar and the authoritarian dominance of the United States.

Yes, USD still dominates the international market, they have dominated the world for over 100 years so reducing dependence or completely eliminating them is not easy. Everything needs to be implemented step by step and it takes time, we cannot expect this process to happen quickly, it may take longer than we think. What we need to care about is that the de-dollarization plan is still being implemented according to the roadmap set out by BRICS.

_act_

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What I think more about BRICS is that as more countries are joining, some of the countries will not have dedollarization plan in mind. Some countries like China, Russia, Iran will be the countries that will have that in mind. I still see dollar to remain very dominant, followed by euro.

Quote from: WillyAp on October 19, 2024, 11:49:44 AM

Quote from: Solosanz on October 19, 2024, 09:57:07 AM

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

The yuan has overtaken the dollar any source for that idea?
There are more than enough countries selling oil to the US in $.

I think he meant that Yuan has been overtaken by United States dollar since many year ago. But the question would be that has Yuan ever been above United States dollars before? I think it is NO.

WillyAp

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in the end of the day the dollar has become more popular and is used as a store of wealth for millions of savers.
BRICS is an anti-american platform that is the single most important reason they are forming this alliance.
Iran is clear why, Russia too, China well it depends o the 1st worlds consumers. South Africa no clue why they have joined.
Some of them have even ongoing conflicts, India and China i.e..

Quote from: Solosanz on October 19, 2024, 09:57:07 AM

It would be interesting to know what The US will react to this especially Middle East countries that sell oil to US, BRICS countries can force US to use their currency because they're the one who have the oil and have power to bargain.

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

The yuan has overtaken the dollar any source for that idea?
There are more than enough countries selling oil to the US in $.

Solosanz

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It would be interesting to know what The US will react to this especially Middle East countries that sell oil to US, BRICS countries can force US to use their currency because they're the one who have the oil and have power to bargain.

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

Topic: BRICS Pay going operational is a major step in dedollarisation - page 7. (Read 1733 times)