Topic: New currency from BRICS countries - page 3. (Read 1039 times)

Nope. This is just an attempt to bring the US Dollar down (aka de-dollarization). It won't affect Bitcoin because the cryptocurrency is decentralized. The new BRICS currency would be another centralized Fiat money system that will be used among member states. Nothing innovative here. They would've used BTC as their main currency if they really wanted to "beat" the US Dollar.

I don't get why they've decided to make their own currency instead. Maybe it's about control/power? They can't make their own rules on a decentralized cryptocurrency like Bitcoin. There's a lot of "buzz" surrounding BRICS' new currency, so time will tell us how successful it will turn out to be after launch. Either way, don't expect BTC to go anywhere soon. Just my opinion

BRICS countries want to create a currency backed by GOLD ? Are you serious?
Let's take the long way around ? Can you provide data on several issues ?
1. List of BRICS member countries
2. List of BRICS countries with ZVR - OPEN and PUBLIC data
3. List of BRICS countries who will allow to audit gold reserves in ZVR ?

You will not answer the third question. Because there is no answer. Therefore, about the currency "backed by gold", you can either dream or know in advance that gold backing is a FAKE ! For a simple reason - it is impossible to verify and prove the backing ! The largest economy among the BRICS countries is China. The data is classified and will not be opened unequivocally.  Other countries - also manipulate and hide this data trying to show a pretty picture.
And most importantly - NO COUNTRY will allow AUDIT of gold reserves ! And in such a situation - what will the BRICS currency be secured with ? I answer - with fakes and technologically backward markets and countries

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.

Indeed, the US Dollar is still the world's main currency today. Because of that, the BRICS countries want to leave dependence on the US dollar in trade transactions. Russia's allies do not want the US dollar to become a monopoly in world trade transactions. However, America also doesn't want other countries not to use US Dollars in trade because one of America's goals is that all countries must use US dollars so that America can control their country so that these countries must depend on America.

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.

Not only China but also India has an unfriendly attitude towards bitcoin and cryptocurrencies, so I don't see any connection between the BRICS block and bitcoin. Bitcoin is not really important and is not the primary concern of world leaders, but many people are exaggerating bitcoin unnecessarily.

That right, the main goal of the BRICS is to break the dominance of USD and Euro. I have also heard about the news that they are creating their own coin backed by gold, but no final decision has been made yet due to some disagreement among the bloc members.
To be honest, reducing the dependence on USD in world trade transactions is extremely difficult but not impossible. It's hard to say at the moment, let's see where this goes and what BRICS can do.

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.

BRICS was established not only to combat and reduce dependence on the USD, but the goal of BRICS is to create a new economy to balance the economies of the US and its EU allies. Therefore, BRICS will not care if the West agrees or not, what they care about is attracting countries that are not members of Nato to agree and join the bloc.

Reducing dependence on USD is a huge challenge for BRICS, I don't know where they are going, but I support what they are doing. The world needs to be fair, power should be divided equally, not let one country or one bloc dominate.

They aren't saying all those things to "manipulate" the price of bitcoin. BRICS as far as I know, is indeed looking for a new currency. By new, I mean create a different currency and use it to trade. But as far as I know, they aren't considering bitcoin or any crypto currencies. So yeah, if you read that they are going to make a crypto currencies their default currency to trade or make the new currency that they are making with bitcoin, then very likely it is a fake news, a click bait or just trying to manipulate the market. But wouldn't that be nice if they do consider bitcoin?

I don't even think this will wce work because it will be very difficult for the USD to be dumped easily without a stringer currency that is strong than the USD. If the BRICS currency is still in agitation, it will take a long time for this to be recognized even though the Chinese Yuan is acceptable as the BRICS currency. We need to watch how this is going to play out because is like this is not going to be easy since the USD is still one of the best currency we have in the world that is stable and generally acceptable. Yuan might be accepted and use by the BRICS countries but what about the West? Are they going to accept that? I don't think so for now.

I don't think all the BRICS countries are enemies of the U.S.
Great Britain is a sister nation to U.S and is also among countries vying for the BRICS currency.
The USD is world dominant and its scarcity affects the economy on different frontier, this wants to be changed. It is also because of the ongoing war between Russia and Ukraine, trading has became difficult for the neighboring countries and with U.S vying for its own agenda, it is clear the motive, because they are world power and can influence the outcome of the war by manipulating its currency and this wants to be stopped. Hence the idea of a new currency. If the Yuan gets adopted then USD knows it is only a matter of time before more countries will abandon it for the Yuan. Mind you, 1 Chinese Yuan is equals 0.14usd.

There are wholesale problems in such a project that can be deduced from the power difference between the Brexit member states.  In addition to the fact that China is the largest economically, and therefore it will be the one with the strongest decision or the last decision, it cannot be overlooked that the rest of the member states cannot bypass their economic relations with the United States so easily.  The most important evidence for this is when we verify the reserves of those countries in foreign currency, we will find that most of them are in dollars.  This is in addition to the volume of trade exchanges with the United States. 
The project is important and could see the light, but I do not think it is as easy as it is being promoted.

The whole question is, which countries have great economies? There are no such countries, despite the presence of experienced economists. In fact, by issuing BRICS currencies, countries fall from one dependency to another - that is, they move away from dependence on the US and become dependent on China. Exchange soap for soap

As other contributors have already noted, to think something like this is nothing more than paranoid speculation and one that enters perforce into the topics of discussion about bitcoin, there are a number of reasons why a number of countries have been seeking to break free of the US dollar as the predominant global fiat currency of reference and cryptocurrencies have little to do with that "power play". Even though everything in the global economy is, at least, minimally linked, to consider this fact as one that can significantly affect bitcoin in any way is quite far-fetched. It seems to me a statement that leaves out many necessary considerations in this regard.

This is not really unheard of, so we do understand why that exists and why that's a trouble. I am not saying that it's a bad thing or a good thing, of course it's bad for economy NOW, but that's how you grow, you go into excess debt and ruin your economy for a while to build stuff you otherwise wouldn't build. Think of a rich person in that case, like someone who has 400 million dollars, and he has 100 million in cash, and 300 million in assets, but also has 250 million in debt.

You know they can pay you, and you know they shouldn't have done that, but thanks to that their assets worth 300 million, that's how they grew. China did it, USA did it and even EU did it as well, it's a common thing to have bad economy just to grow it.

i was thinking that also, not because to manipulate BTC. since russia is still at war, and they have sanctions everywhere, they need to find an alternative currency outside USD. let us see what kind of currency they will come up with. but for sure, it will be limited to their allies. because let's admit US$ is still the major global currency up until now.
it may still be fiat-based. but china i guess will vote for their yuan. don't know if they are amenable for a new currency in the world trade.

I think it would be wise to look at the above closely, meaning it remains to be seen how this new currency will be implemented and what impact it will have on the global financial landscape. While this is seen as an exciting development, I think it warrants further careful scrutiny in understanding the potential implications for traditional currencies and cryptocurrencies.

In my opinion, the steps of the BRICS countries planning to issue a new currency are not to manipulate BTC but they want to break away from dependence on the US Dollar. As we know, for nearly a century America has monopolized world currencies, which requires all countries to use US dollars in trade transactions. Moreover, the BRICS countries are allies of Russia who are enemies of the US.

Sorry, but I don't play games like that
Let me make it clear - I am not your teacher and not a relative who sets you on the path of righteousness
Whatever information I give you, if it does not suit you, or rather does not correspond to your position, the answer will be "these are not the facts, not the sources, and where is the evidence that the facts are facts,...".  I have experience, so I stick to another concept - if you REALLY want to know the truth, you can easily find such data yourself. The only one to whom this approach does not suit is those who are afraid of the truth, especially the truth to which they will come themselves. And you cannot ask yourself the question "where are the prufs, references, proofs".

Regarding the second part - see above There is such a thing - cause-and-effect relationship, experience and understanding of processes. And if you are not afraid to find the truth from the previous sentence, you will understand why the "power and greatness of BRICS" is a fairy tale Read the analytics on the state of the economies of this union. Only India looks more or less good, the rest have either glaring problems or hidden bubbles that will soon burst.
In a word - I recommend not to ask for "links with evidence", but to study, to gain knowledge, to study history, to learn to understand what actions and situations lead to what consequences !

PS. Please provide "links with facts" that I am wrong ? 

I'm not suggesting countries don't have a right to conduct business with other countries. Take Africa for example. African countries have been effected by imperialisms for ages so it's perfectly within their right for these to countries open up their markets to outside countries, and most recently they've  formed partnerships with Chinese state run enterprises which is modernizing their infrastructure. It's also creating a dependency on China. African countries can determine whether the business partnerships and new infrastructure are worth it.

I did read a story that suggested BRICS might try out gold back decentralized currencies to conduct transactions. In such case, it'd be better to use that instead of trading in USD given how unstable it's gotten.