New currency from BRICS countries - page 2.

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Quote from: DrBeer on July 19, 2023, 11:00:34 AM

Quote from: Argoo on July 19, 2023, 08:33:39 AM

Quote from: pooya87 on July 19, 2023, 12:33:09 AM

The 15th BRICS summit is going to be very interesting which will be held on 22 – 24 August (about a month from now) and some are saying the BRICS new currency will be revealed then. This could potentially have a significant effect on the ongoing dedollarisation around the globe.

This summit of the BRICS countries still arouses a very lively interest in that South Africa is the host country and Putin should be present as president of Russia. Now passions are running high as South Africa is a member of the International Criminal Court and is obliged to comply with an arrest warrant issued by this court against Putin. In South Africa, they are still looking for options on how to get out of this delicate situation.

Nevertheless, in relation to the new currency of the BRICS countries, even among the members of this union there is no single vision of what kind of currency it could be. Therefore, in this matter, I do not expect any sensations. In any case, it will be another type of fiat and the appearance of the cryptocurrency will not be affected.

South Africa has a funny situation. They are now in a panic looking for a way out, because they want to "eat the fish and ...." without sitting on the twine

.
They've already tried to persuade them to send someone from his gang instead of an international criminal. It's a bust. They made up all sorts of stories - it didn't work. Yesterday someone mumbled "we can't arrest him - Russia will attack us"

) Now it sounds ridiculous... But - if we host him and don't arrest him - South Africa will be kicked out of many international institutions, and South Africa is very undesirable now. In short - a perfect example of how not to make friends with international criminals and pariahs....

And about the "New BRICS currency" - I'm betting on the yuan

Tales about some other monetary surrogates do not look serious.

Don't worry so much, there is no panic.

Quote

By mutual agreement, President Vladimir Putin of the Russian Federation will not attend the Summit but the Russian Federation will be represented by Foreign Minister, Mr Sergey Lavrov.

pooya87

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Quote from: MusaMohamed on July 19, 2023, 09:21:03 AM

Quote from: pooya87 on July 19, 2023, 12:33:09 AM

As you correctly pointed out, this is a gradual move where every country goes through the dedollarisation process

The 15th BRICS summit is going to be very interesting which will be held on 22 – 24 August (about a month from now) and some are saying the BRICS new currency will be revealed then. This could potentially have a significant effect on the ongoing dedollarisation around the globe.

I agree that a more decentralization of global currencies, it will be better and less shocks from any big change in the USA. and US dollar. However, new currency from multilateral union will have many challenge to increase and maintain their power as well as competitiveness in global economy.

In 2022, The Euro currency lost its parity with the US. dollar is example. BRICS currency will have same or even bigger challenge because it is a newborn currency and we have to think BRICS are stronger then the Euro zone or weaker.

Exactly. The bigger problem that sometimes is overlooked is that these currencies (BRICS or EURO) are considered as replacement for dollar which means United States regime will do everything in its power to prevent it from happening. In fact US is the only regime in the world that if you dump their currency they consider it as an act of war. They've bombed countries for less...

As for the fate of BRICS currency, I think the chances of success is higher than euro. One main reason is that members of BRICS are more independent than Europeans and unlike the time euro was created, today US is weak.

DrBeer

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Quote from: Argoo on July 19, 2023, 08:33:39 AM

Quote from: pooya87 on July 19, 2023, 12:33:09 AM

The 15th BRICS summit is going to be very interesting which will be held on 22 – 24 August (about a month from now) and some are saying the BRICS new currency will be revealed then. This could potentially have a significant effect on the ongoing dedollarisation around the globe.

This summit of the BRICS countries still arouses a very lively interest in that South Africa is the host country and Putin should be present as president of Russia. Now passions are running high as South Africa is a member of the International Criminal Court and is obliged to comply with an arrest warrant issued by this court against Putin. In South Africa, they are still looking for options on how to get out of this delicate situation.

Nevertheless, in relation to the new currency of the BRICS countries, even among the members of this union there is no single vision of what kind of currency it could be. Therefore, in this matter, I do not expect any sensations. In any case, it will be another type of fiat and the appearance of the cryptocurrency will not be affected.

South Africa has a funny situation. They are now in a panic looking for a way out, because they want to "eat the fish and ...." without sitting on the twine

.
They've already tried to persuade them to send someone from his gang instead of an international criminal. It's a bust. They made up all sorts of stories - it didn't work. Yesterday someone mumbled "we can't arrest him - Russia will attack us"

) Now it sounds ridiculous... But - if we host him and don't arrest him - South Africa will be kicked out of many international institutions, and South Africa is very undesirable now. In short - a perfect example of how not to make friends with international criminals and pariahs....

And about the "New BRICS currency" - I'm betting on the yuan

Tales about some other monetary surrogates do not look serious.

Wend

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Quote from: MusaMohamed on July 19, 2023, 09:21:03 AM

Quote from: pooya87 on July 19, 2023, 12:33:09 AM

As you correctly pointed out, this is a gradual move where every country goes through the dedollarisation process

The 15th BRICS summit is going to be very interesting which will be held on 22 – 24 August (about a month from now) and some are saying the BRICS new currency will be revealed then. This could potentially have a significant effect on the ongoing dedollarisation around the globe.

I agree that a more decentralization of global currencies, it will be better and less shocks from any big change in the USA. and US dollar. However, new currency from multilateral union will have many challenge to increase and maintain their power as well as competitiveness in global economy.

In 2022, The Euro currency lost its parity with the US. dollar is example. BRICS currency will have same or even bigger challenge because it is a newborn currency and we have to think BRICS are stronger then the Euro zone or weaker.

Like bitcoin, when it is just a new product, there will always be a lot of challenges to face, but as long as it has real potential, it will overcome them all. The new BRICS currency will face many difficulties at first, but if it has the potential and strength, it can completely have a place in the international market. The USD and the Euro have both gone through those challenges before reaching where they are today, so everything needs to be challenged.

MusaMohamed

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Quote from: pooya87 on July 19, 2023, 12:33:09 AM

As you correctly pointed out, this is a gradual move where every country goes through the dedollarisation process

The 15th BRICS summit is going to be very interesting which will be held on 22 – 24 August (about a month from now) and some are saying the BRICS new currency will be revealed then. This could potentially have a significant effect on the ongoing dedollarisation around the globe.

I agree that a more decentralization of global currencies, it will be better and less shocks from any big change in the USA. and US dollar. However, new currency from multilateral union will have many challenge to increase and maintain their power as well as competitiveness in global economy.

In 2022, The Euro currency lost its parity with the US. dollar is example. BRICS currency will have same or even bigger challenge because it is a newborn currency and we have to think BRICS are stronger then the Euro zone or weaker.

Argoo

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Quote from: pooya87 on July 19, 2023, 12:33:09 AM

The 15th BRICS summit is going to be very interesting which will be held on 22 – 24 August (about a month from now) and some are saying the BRICS new currency will be revealed then. This could potentially have a significant effect on the ongoing dedollarisation around the globe.

This summit of the BRICS countries still arouses a very lively interest in that South Africa is the host country and Putin should be present as president of Russia. Now passions are running high as South Africa is a member of the International Criminal Court and is obliged to comply with an arrest warrant issued by this court against Putin. In South Africa, they are still looking for options on how to get out of this delicate situation.

Nevertheless, in relation to the new currency of the BRICS countries, even among the members of this union there is no single vision of what kind of currency it could be. Therefore, in this matter, I do not expect any sensations. In any case, it will be another type of fiat and the appearance of the cryptocurrency will not be affected.

DrBeer

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Quote from: Ayers on July 19, 2023, 12:11:47 AM

Quote from: DrBeer on July 17, 2023, 11:36:09 AM

Quote from: Ayers on July 16, 2023, 10:06:22 PM

....
Breaking USD dominance is not easy as it has maintained that position for the past 100 years, but not impossible. Nothing lasts forever, the fact that many countries have eliminated the dollar in international trade in recent years is showing that the dollar is gradually losing its position.

Tell me please - what is the value and essence of the goal of "breaking the dollar" ? What and why are you trying to achieve ? Any action always has a goal, and there is an understanding of the goal - the benefits or advantages of achieving it.
Or simplified:
What is wrong (specific examples, and arguments) when the dollar is strong and is the currency of the world economy.
What becomes good when someone, as you put it, "breaks the dominance of the dollar" ?
Oh, and one more thing - I'm pretty sure that "dollar domination" has a very good reason. Could you please explain more - what in your understanding would be the criteria for "domination" of another currency? And let's try to determine - who can take over this domination ? Believe me - we are waiting for a lot of interesting discoveries about the world economy !

So please tell me why the US always defies all tricks to maintain the position of USD? What is their goal in maintaining USD dominance? What's wrong with other coins trying to surpass USD and replace it? And if you think it's strong enough, why should you worry when so many other currencies are trying to break that dominance? Like bitcoin dominance, why there are thousands of altcoins trying to topple it, but most investors never worry about it?

There are many interesting things waiting for us, why don't we wait for time to answer them all? Why are we always trying to prove ourselves right?

Why don't you answer my question first and then I'll answer yours ? Because it's not nice to have a dialog like this, going away from answering a question and asking your own

Let's stick to the logic of dialog. And so - I am waiting for your answer. Preferably reasoned.

Regarding "let's wait" and "Why do we always try to prove ourselves right" - there is such a concept as dialog, exchange of opinions. This is exactly it

Based on experience and knowledge, some events are possible to model and predict some things I can in advance and refute erroneous opinions...

By the way, you already have an erroneous opinion - "the fact that many countries have excluded the dollar from international trade". This is your erroneous opinion based on incorrect data or distorted information. Would you like me to prove it? Easy - give me a list of countries you mentioned in this "fact" ?

Pierre 2

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I was reading about this in many news websites, I was actually thinking that its exeggerated/fake news but it even hits bitcointalk, I guess its true now? I think this can deeply effect future of financial markets because BRICS countries are very very populated and their economies are very big. Their specific currency could become world's third important currency in future maybe passing Pound. But I don't think it will cause massive dedollarization soon. Financial relations are all executed through American Dollars for decades.

Gallar

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Quote from: I_RodimusPrime on March 31, 2023, 12:25:20 AM

Couple of hours ago there is in news on Twitter saying BRICS countries (Brazil, Russia, India, China, South Africa) are developing a new currency. It was mentioned by State Duma Deputy Chairmen btw.

As I can see all these things to manipulate BTC right? What are your thoughts about this?

The news is true.
But all the plans that will be carried out by the BRICS are related to the creation of a new currency that will be issued by these countries. It all has nothing to do with the world of crypto (bitcoin) and there will be no impact whatsoever on bitcoin or other crypto. Because, all the plans for making the new currency are clear. That these countries wanted to get out of the zone of using the dollar, or to be more precise, they did not want to continue to use the dollar as a tool for bilateral transactions and therefore it was decided to create a new currency to replace it.

So it's clear, all the news about the BRICS and its new currency has nothing to do with bitcoin or crypto. Due to the new money creation news associated with the BRICS member countries, it is absolutely all about dedollarization and not to manipulate the world of cryptocurrencies like bitcoin.
And if you want to read deeper news about this, you can try visiting this news site.

Source: https://www.cnbcindonesia.com/news/20230711093901-4-453122/dedolarisasi-panas-tergulung-form-mata-uang-baru-brics/amp

pooya87

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Quote from: Ayers on July 16, 2023, 10:06:22 PM

the fact that many countries have eliminated the dollar in international trade in recent years is showing that the dollar is gradually losing its position.

Keep in mind that they haven't "eliminated" dollar from their international trades, they have decreased its usage. For example China as the biggest bagholder of US debt has dumped $175 billion of it last year but they are still bagholding more of it.

As you correctly pointed out, this is a gradual move where every country goes through the dedollarisation process.

The 15th BRICS summit is going to be very interesting which will be held on 22 – 24 August (about a month from now) and some are saying the BRICS new currency will be revealed then. This could potentially have a significant effect on the ongoing dedollarisation around the globe.

Ayers

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Quote from: DrBeer on July 17, 2023, 11:36:09 AM

Quote from: Ayers on July 16, 2023, 10:06:22 PM

....
Breaking USD dominance is not easy as it has maintained that position for the past 100 years, but not impossible. Nothing lasts forever, the fact that many countries have eliminated the dollar in international trade in recent years is showing that the dollar is gradually losing its position.

Tell me please - what is the value and essence of the goal of "breaking the dollar" ? What and why are you trying to achieve ? Any action always has a goal, and there is an understanding of the goal - the benefits or advantages of achieving it.
Or simplified:
What is wrong (specific examples, and arguments) when the dollar is strong and is the currency of the world economy.
What becomes good when someone, as you put it, "breaks the dominance of the dollar" ?
Oh, and one more thing - I'm pretty sure that "dollar domination" has a very good reason. Could you please explain more - what in your understanding would be the criteria for "domination" of another currency? And let's try to determine - who can take over this domination ? Believe me - we are waiting for a lot of interesting discoveries about the world economy !

So please tell me why the US always defies all tricks to maintain the position of USD? What is their goal in maintaining USD dominance? What's wrong with other coins trying to surpass USD and replace it? And if you think it's strong enough, why should you worry when so many other currencies are trying to break that dominance? Like bitcoin dominance, why there are thousands of altcoins trying to topple it, but most investors never worry about it?

There are many interesting things waiting for us, why don't we wait for time to answer them all? Why are we always trying to prove ourselves right?

DrBeer

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Quote from: Ayers on July 16, 2023, 10:06:22 PM

....
Breaking USD dominance is not easy as it has maintained that position for the past 100 years, but not impossible. Nothing lasts forever, the fact that many countries have eliminated the dollar in international trade in recent years is showing that the dollar is gradually losing its position.

Tell me please - what is the value and essence of the goal of "breaking the dollar" ? What and why are you trying to achieve ? Any action always has a goal, and there is an understanding of the goal - the benefits or advantages of achieving it.
Or simplified:
What is wrong (specific examples, and arguments) when the dollar is strong and is the currency of the world economy.
What becomes good when someone, as you put it, "breaks the dominance of the dollar" ?
Oh, and one more thing - I'm pretty sure that "dollar domination" has a very good reason. Could you please explain more - what in your understanding would be the criteria for "domination" of another currency? And let's try to determine - who can take over this domination ? Believe me - we are waiting for a lot of interesting discoveries about the world economy !

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Quote from: Strongkored on July 14, 2023, 11:20:01 PM

BRICS was created to try to break dominance or reduce dependence on the US Dollar in world trade transactions, if news about BRICS has an impact on the Bitcoin market it is only done by speculators to take profits either to sell or buy at low prices so that when the BTC price returns go up then get profit, but BRICS has no direct relationship with BTC, and because one of the initiators of BRICS is China, it is very impossible for BRICS to have anything to do with Bitcoin where China doesn't like BTC.

Yes, it is the people who did some investments towards bitcoin at the same time are the ones who are saying that BRICS did all this to manipulate the crypto market because they are also the ones who wanted to ride the wave if in case their speculations will work out as it is very likely that people will start to move some assets because of this news without understanding what is the real situation or why did the BRICS are moving to make a new currency. In fact, it is the exact opposite, BRICS are not thinking about the crypto market because that is not the most important thing they are looking forward to.

DrBeer

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Quote from: hyudien on July 15, 2023, 06:37:02 AM

Quote from: speeder on July 15, 2023, 03:20:24 AM

World trade has depended on the US dollar for centuries. Currently, the ongoing war between Russia and Ukraine has a major impact on the US dollar. BRICS was created mainly around this effect. So that the dominance of the US dollar in world trade can be broken. Many countries believe that if it becomes effective, the BRICS countries will be able to trade in their own currencies. And this will reduce dependence on the dollar. But I don't think BRICS will be able to break the dominance of the US dollar in the world market.

Any threat to any sector of the world economy must be taken seriously. Because this concerns the position of the dollar which is getting weakened. The US can't stay silent and it's as if the BRICS doesn't have a big impact. If you look at the ways of the BRICS countries, of course you also realize that the US Dollar reached its worst point of all time. If the policy of printing money for the US was easy in a matter of seconds then why does its value remain unquestioned?

BRICS conducts purchasing transactions on a large scale, and what they buy is the basic needs of the world. De dollarization will slowly work its way up, it just takes the right time to see the US Dollar no longer has value.

Doesn't have value ? Can you ARGUMENTATIVELY make that assumption ?
And question number two - please describe YOUR view of what is the value and security of currency ? In simple words, without abstruse economic metaphors. So that everyone understands the idea and can discuss ?

Believe me - it will be very interesting for everyone ! Both you and I will discover a lot of things that you have not thought about, using only statements of BRICS participants, but not quite understanding the structure of the world economy, "scales", and the real value of currencies ...

Ayers

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Quote from: lizarder on July 16, 2023, 09:36:11 PM

Quote from: I_RodimusPrime on March 31, 2023, 12:25:20 AM

Couple of hours ago there is in news on Twitter saying BRICS countries (Brazil, Russia, India, China, South Africa) are developing a new currency. It was mentioned by State Duma Deputy Chairmen btw.

Only two of the most powerful countries of the world joined the BRICS. Both excel in various sectors, such as China which dominates the economic and technological sectors and Russia too. But for some other countries they are not so strong in terms of the economic sector or other sectors, so that the influence of China and Russia may be more dominant. The goal of developing a new currency is definitely to break the domination of the dollar and the two influential countries that I mentioned above have the desire to rule the world.

You should not underestimate India, although they are not comparable to Russia and China economically and technologically. But they have the second largest population in the world and will soon surpass China, so they also play an important role in product consumption as well as an abundant labor force. It can be said that the future of BRICS is quite bright if they do not disagree internally on any issues.

Quote from: lizarder on July 16, 2023, 09:36:11 PM

Quote from: I_RodimusPrime on March 31, 2023, 12:25:20 AM

As I can see all these things to manipulate BTC right? What are your thoughts about this?

How to understand your point about manipulating BTC? The countries that joined the BRICS are trying to make their own impact in terms of growing dollar dominance, but I doubt they will be able to break dollar dominance any time soon.

Breaking USD dominance is not easy as it has maintained that position for the past 100 years, but not impossible. Nothing lasts forever, the fact that many countries have eliminated the dollar in international trade in recent years is showing that the dollar is gradually losing its position.

lizarder

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Quote from: I_RodimusPrime on March 31, 2023, 12:25:20 AM

Couple of hours ago there is in news on Twitter saying BRICS countries (Brazil, Russia, India, China, South Africa) are developing a new currency. It was mentioned by State Duma Deputy Chairmen btw.

Only two of the most powerful countries of the world joined the BRICS. Both excel in various sectors, such as China which dominates the economic and technological sectors and Russia too. But for some other countries they are not so strong in terms of the economic sector or other sectors, so that the influence of China and Russia may be more dominant. The goal of developing a new currency is definitely to break the domination of the dollar and the two influential countries that I mentioned above have the desire to rule the world.

Quote from: I_RodimusPrime on March 31, 2023, 12:25:20 AM

As I can see all these things to manipulate BTC right? What are your thoughts about this?

How to understand your point about manipulating BTC? The countries that joined the BRICS are trying to make their own impact in terms of growing dollar dominance, but I doubt they will be able to break dollar dominance any time soon.

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Quote from: hannahB4 on July 16, 2023, 01:51:38 PM

I doubt if the reason for them developing the currency is to affect Bitcoin because I'm not seeing any correlation between the two. This is a currency we are talking about that will be used as legal tender in the countries and is not like they don't have any existing currency before and this doesn't affect it.

I also don't think it has anything to do with influencing the price of Bitcoin or reducing its popularity. There is a global trend to gradually get rid of the hegemony of the dollar, which can start from reducing its use in global trade exchanges. In parallel with the BRICS plans, I read yesterday that the United Arab Emirates agreed with India to complete trade exchange deals between them in rupees, which can be considered an additional step in the same direction, although this is outside the BRICS framework.

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I doubt if the reason for them developing the currency is to affect Bitcoin because I'm not seeing any correlation between the two. This is a currency we are talking about that will be used as legal tender in the countries and is not like they don't have any existing currency before and this doesn't affect it.

disconnectme

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From what I read the currency launch is not close but they are serious in launching one and this would be a big blow to the west especially if all the countries involved remain committed to using the new currency. I red that over 20 countries wants to join BRICS this is huge and if countries like Saudi joined, it would be a big blow to Petrodollar, especially now that the West have shipped most of their manufacturing to Asia. I have nothing against America but I want a Gold-backed currency to work, all these infinite printing of money needs to stop

Ozero

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Recently I read in the news that the well-known investor and author of the bestselling personal finance book "Rich Dad Poor Dad" Robert Kiyosaki believes that the next BRICS summit, which includes Brazil, Russia, India, China th and South Africa, August 22, 2023 Johannesburg will signal the end of paper currency. In this situation, he invariably recommended investing in gold, silver and the flagship cryptocurrency bitcoin (BTC) in order to protect yourself from the consequences of the coming giant go crash, which will drive the last nail into the coffin of fiat money.

Earlier, Kiyosaki also stated that at the next meeting of the BRICS heads of state they would announce a cryptocurrency backed by gold, and it would turn out to be a failure for the US dollar. For this and other reasons, in his opinion, next year the price of bitcoin will reach a price level of $ 120,000, which coincides with the forecast of Standard Chartered Bank.

The predictions are interesting, but it is hardly worth believing that some kind of cryptocurrency backed by gold will be announced at the BRICS summit. There are too many disagreements about this in the countries that are members of the BRICS union.

https://happycoin.club/r-kijosaki-vstrecha-briks-zabyot-gvozd-v-kryshku-groba-fiatnyh-deneg/

Topic: New currency from BRICS countries - page 2. (Read 1100 times)