Topic: How will the BRICS currency influence Bitcoin? (Read 1321 times)

1. research NDB(new development bank) & BIS(bank of International Settlements)

2. under dollar, when the US wanted cheap imports they would mess with rates of countries using USD.
by countries reclaiming their own legal tenders and having a different none centralised manager/puppetmaster. countries can more directly agree with each other and barter

We are discussing a currency that does not yet exist and it is unknown whether it will appear in the future, and if it does appear, how other members of this union will react to it. One thing is clear for now: the emergence of this currency will actually have no effect on Bitcoin. This will be another fiat currency, albeit within a specific union, like the euro in European countries. Bitcoin will be even more impacted by CBDCs of different countries, since it is a digital currency and can even be used on the platform of other cryptocurrencies, such as Ethereum.

Very interesting... But I’ll ask a couple of questions!
1. “a condition to join brics is de-dollarization and bringing back a countries own sovereign currency again” - where can you read about the need to fulfill this condition, and what exactly does it mean? I can guess what was meant - refusal of the dollar in mutual settlements WITHIN BRICS. But...
2. ...if this means refusing any foreign economic transactions in dollars, this is synonymous with killing the economy! Among the BRICS countries (and indeed in the rest of the world), there are no completely self-sufficient countries with a self-sufficient “closed loop” economy. How can these countries buy the necessary goods outside the BRICS if their local currencies are not freely convertible, and what to hide - are not actually needed by suppliers?

And the rhetorical question is: are all BRICS countries stable, so that their currency can be accepted for payment without harm to the seller? If you trade, for example, for a stable rupee, and I want to buy from you for my Iranian real, which costs nothing, and tomorrow it will be even cheaper - is this a fair deal?

a condition to join brics is de-dollarisation and bringing back a countries own sovereign currency again

countries might have many reasons to want to move out of dollar control. but to be in brics, a country needs its domestics own sovereign currency as its main currency of domestic economics.

iraq popularising the dinar again as the default currency, is related to brics application.

brics joining does not demand countries adopt yuanisation, ruble-isations

Second world countries have seen the economic powers of United State of America because of the use of dollar as their only condition for transactions and exchanges. Based on that, the US government has continue to raise the value of the dollar by increasing the value of their commodities.

So for you to get more dollars to be able to buy their expensive products and services  you have to use more of the Local currencies to get fewer dollars to access their goods and services.

For the BRIC nations, if the idea of collaborative economy is applied they can place the same value on their goods and services. So that to get the goods and services of the BRIC nations, you have to use most of your local currencies to get the BRIC currency to be able to access their goods and services.

Over time, the 3rd world nations have faced the worst economic hardships due to the continues increase in the value of dollars which is the mostly used means of exchange  therefore, they are also suggesting a common currency among the former colonies of Britain, most especially the West African currency which has been Nder the incubator for years now.

The major able is to ensure a strong competitive economy and decentralize the domination of the dollar system. I sincerely doubt whether the emergence of such currencies will weaken Bitcoin except they jointly create a virtual cryptocurrency as a support base of the paper currency.

This is out of point and I don't like it when I see discussion that is not worth talking about. The question I need to ask you is, does BRICS has currency? I think you need to make research before you come up with title of BRICS having a currency. This is a new association that was created to prevent the muscle flexing of the United States. Too many sanctions and restrictions that needed to a ish with quick effects. If the United States continues to be the world power, they might do things that would cause a big unrest in the market. There is no need for there to be world power.

Please don't just read the first line of my post to reply excitedly based on that. Read all of it.

My counter arguments were about the reason for the ban not the ban itself! Let me remind you where it started:
Now go back and read my post again and skip the first line where I said "They didn't exactly ban using dollar." In summary the reason why they are trying to abandon dollar is not to join BRICS.

We could get into the details of the ban itself and why it isn't as serious as you think (Iraq still being occupied) and US not letting it happen (just yesterday US sent a message by murdering a top Iraqi officer who was the commander of their anti-terrorism forces specialized to fight the US proxy known as ISIS) but that would derail this again and you'd focus on the ban instead of the reason for the ban!

Great news. Russia is ahead of the planet as usual. Playing hard ahead of the rest of the world!
Looks like the BRICS currency will be... BANANAS ! Russia is already selling its oil to the BRICS countries in exchange for bananas !

Russian authorities are launching a "banana scheme" to solve the problem of trade imbalance with India, which has increased its oil purchases from Russia 11 times since the war began, but has not launched a reciprocal flow of goods to the Russian market.

Bananas should patch up the "hole" in the Russian-Indian trade balance and possibly solve the problem of rupees hanging in India, the amount of which, according to Reuters, may reach $39 billion. This is the money that Indian refineries used to pay for Russian crude oil, having obeyed the requirement to conduct transactions in national currencies. However, it turned out to be impossible to withdraw rupees from India: local currency regulations prohibit this.

This will not have much impact to Bitcoin from some information I have read I think the tide and struggle for this has been since 13 years back which have not even extrated 13-15% compare it to bitcoin years and it level of operations Bitcoin can't be subdued by any force.
https://en.m.wikipedia.org/wiki/BRICS
From my observation there is no much to worry about this very aspects because if the government have no full control it will not have effects  because Bitcoin has come to take over.

not new.. its what i have been saying al along
https://www.centralbanking.com/fintech/cbdc/7960761/russia-hosts-brics-talks-over-cross-border-use-of-cbdcs


stop waiting for western media to inform you
if you both checked out the BIS your would see the brics roadmap plan

each country having its own CBDC all using an m-bridge as the mutual settlement exchange
https://www.ledgerinsights.com/uae-cross-border-cbdc-payment-mbridge/

https://www.bis.org/about/bisih/topics/cbdc/mcbdc_bridge.htm

If the BRICS countries decide to create their own currency, it will definitely not be Bitcoin or another decentralized cryptocurrency. Governments will never use a currency that they do not control. For this reason, the currency of the BRICS countries will not affect Bitcoin or other cryptocurrencies in any way.

At the same time, if we talk about the currency of the BRICS countries, first of all we need to look at what kind of currency it will be. So far I have not seen any information on this topic. Therefore, there is no possibility of discussing a non-existent currency.

It looks like Russia will introduce a new trend in BRICS mutual settlements 

“Against the backdrop of sanctions and problems with making international payments, Russian authorities began to prepare companies for barter trading.

The Ministry of Economic Development has developed step-by-step instructions for businesses on conducting foreign trade barter transactions. It describes the stages of organizing such payments, their advantages and types, as well as mechanisms for determining the equal value of exchanged goods and services, standard forms of contracts and governing regulations, Vedomosti writes with reference to the document."


Creating alliances with such participants will only degrade relationships...

on TV western media portray texas as the liberal state of family farmers wanting to just do their own thing and tend their own cows and be left to do their own thing where no rules apply(wild west, 'yee haa')..

reality is texas is the industrial state of industrial farming and land ownership for oil and other things.. heck even Elon moved to texas

liberty means different things if it favours the rights of the average joe vs corporations that employ average joe.
favouring industrial liberty has negative affect on average joe working for these corporations
take elons speach to twitter employees and spacex employees .. he wants them to work non stop, where as the employees want the liberal californian flexi-time experience

but with all that said. western media sways peoples narrative and mindsets of how they visualise other places..
take these images below.. how do you imagine brics countries. is it more like the views of countries left images or right images

I would say that is just regarding one person (or maybe a few) at control, sure Texas is not a state that would be considered liberal, but if you look at the latest elections, you will see that Trump got only 52%, while Biden got 46.5% so that means the difference is not as big as people think. Texas may look like the yare going against the federal government and all that YEEEHAAW stuff that we see on tv, but the reality is that "people" of Texas is not that, they are not really against Biden that much, nearly half of them voted for him, so it is really not a big deal as you may think.

Abbot is a weird fella, and he is the one causing all of this, he just wants to make sure that he gets all the attention he wants, nothing more than that. Sure immigrants are an issue, but not "lets have a civil war" type of issue.

ok here we go again

the US is reliant on the IMF for its international monetary stuff
which then moves to the BIS (bank of international settlement)

the BRICS is avoiding IMF and using BIS as the main place for international monetary stuff

brics is not one currency replacing the dollar. but becoming less RELIANT on the dollar
the de-dollarisation is not about YUANISATION

yes china want to be 100% domestically YUAN.. its their currency
and yes India want to be 100$ domestically Rupee.. its their currency

but to join BRICS as a commonwealth of trade deal policies. each country needs its own currency. its never been about brics having 1 master currency
check out the terms and conditions iraq had to deal with to apply to BRICS. they needed to re-establish the Dinar, they were not told to use YUAN or RUPEE as the iraqi main legal tender domestically, quite the opposite. BRICS required them to re-establish the Dinar as the domestic currency of iraq

the BIS have many reports, whitepapers about the models and details of handling BRICS deals

dont rely on western media. actually read stuff from BIS

..
countries can still trade with-against the dollar. but not be subservient to the dollar as a domestic legal tender
countries still have access to trade/convert/exchange/settle against the dollar through the BIS and other financial tools. its just not be using the dollar as its domestic main currency

(i repeated a few times in one post so i dont have to keep reposting the same thing..)
will people please stop using western media as sources and instead read the whitepapers and reports from the BIS (emphasis: Bank of International Settlements)
you can learn alot more about BRICS facts, rather than western media speculations


if your going to debunk yourself IN THE SAME POST
please read why by doing research before hitting the button to post

and the answer of your contradiction is that from january 1st 2024 iraq banks banned withdrawals of dollars
and to answer the "needed to be "re-instated"" the dollar ban re established dinar as the domestic prime currency

BRICS and everything about it is still under development not solid finished plans set in stone that everyone is following already.
At this point there are multiple options that are being used and/or discussed by different countries, they include:

• Replacing dollar with another currency like Yuan for international trades and reserve currency
• Using own fiat currencies among small economic blocs (eg. what's going on in ASEAN)
• Set off (usually between neighbor countries)
  
• Using CBDCs
• Introducing a new currency called BRICS

Saying BRICS is one of these methods and not the rest is wrong.

They didn't exactly ban using dollar.
You see after US invaded Iraq 20 something years ago, they've taken control of a lot of things in that country including all their money. In fact US has used that as a means to pressure Iraqi government to let the occupation continue. Basically all the money that Iraq earns (like by selling its oil) goes to United States then if US regime decides they give a small percentage of it back to the Iraqi government to cover a tiny portion of its budget. The rest goes to US for the "cost of their war" lol.

Iraq had no other choice but to dump the dollar, the budget deficit is rising rapidly and lately US refuses to give any of their money back so they had no choice but to seek a solution.

Iraq is indeed using Yuan they're even calling it "PetroYuan" as the replacement for "PetroDollar".
The Dinar usage is also for "internal transactions" where usage of dollar is completely banned since they're trying to decrease the demand for the dollar in their inflating economy and help prevent the exchange rate from shooting up more.
BTW Dinar hadn't gone anywhere to need to be "re-instated".

I have read a lot of information on BRICS and modeling relations, and I can say the following:

1. An attempt to “push the yuan” as the internal currency of the BRICS WAS on the part of China, this is a fact! Yes, this was not an “order”, but there were “affectionate offers” under the auspices of “rapid de-dollarization” in settlements between the BRICS countries

2. The concept of a monocurrency, in the form of which one country wanted it to be the yuan, and this was promoted by China (and this is a FACT), was correctly understood by the participants and, accordingly, was REJECTED. BRICS has no plans to compete with the dollar or replace it with something: “The New Development Bank, a financial institution created by the emerging markets bloc BRICS, does not have any immediate plans to create a single currency for the group, said its vice president and chief financial officer.
While the BRICS members - Brazil, Russia, India, China and South Africa - are pushing to expand trade with each other in local currencies, they are not ready to challenge the dollar's global dominance, Leslie Maasdorp said in an interview. on Wednesday with Bloomberg TV's Haslinda Amin.
“Developing something alternative is more of a mid- to long-term goal,” he said. "There are currently no proposals to create a BRICS currency."

3. Now and in the near future, there will be “no single BRICS currency”, “no multi-currency BRICS”, there will be, as before, mutual settlements in local currencies, where possible. AS IT WAS before! Reasons - BRICS members are quite disparate for economic purposes, and do not want to sacrifice their currency for someone else’s.

4. The key authors of the “need for de-dolarization” are Russia, Iran and China. Reasonable - I think everyone understands! 2 rogue countries, under sanctions which cannot participate in international trade in dollars. And a country which needs to save its economy by any means and which has half of its external debt denominated in dollars...

anyone still confused by brics economics...?

well go check out iraq
to join brics they had to ban using the dollar and.. guess what.. not use yuan as a yuanization, nor move to a new single currency global system, but instead re-instate its iraqi dinar. yep, to join brics iraq needed to have its own currency, to move away from us dollar reliance.

(it pays to actually research)

Speaking of BRICS we may end up seeing it thrive a lot sooner with how things are going domestically inside United States.
The United States central government just placed sanctions on one of its own States... the state of Texas. LOL. This is in form of pausing the liquified gas deals with the state in order to put economic pressure on them!!!
This is over the fight they have over that border thing that got the supreme court involved too.

This is more interesting when Texas is one of the States that has always wanted to separate and gain its independence and it also has a lot of energy that the rest of the States depend on....

The more dollar falls apart, the more countries look for alternatives... keep an eye on bitcoin too... #USSR

One simple question - WHY? Why should they replace, for example, the dollar, which can also be used for international trade outside the BRICS? Every action must have a PURPOSE, or REASON. What is the GOAL, taking into account what I described above, of the “BRICS currency”? Otherwise, it looks like this - you have an elevator at home that serves all floors, for example from the first to the 25th. But you and your neighbors from the 9th to the 15th floor say - “no, this elevator is not suitable for us, we will make our own elevator!” At the same time, you will travel to the 9th floor on the main one (this symbolizes interaction with the rest of the world markets in dollars), and then change to yours (pay each other in “BRICS currency”).