Will the world soon become tired of the US dollar? - page 5.

icalical

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Quote from: sana54210 on January 12, 2024, 11:01:36 AM

Quote from: icalical on January 10, 2024, 07:49:23 AM

Up until now, I haven't seen any official statement from any BRIC spoke person that they want to make their own currency. But even now, some of the BRIC countries already not using USD for trading among themself, they use their own national currency. And I doubt that for now any country would use cryptocurrency for bilateral trading.

And I personally don't think that BRIC need their own unified currency, it will be redundant moreover if it will only be used on interna BRIC countries transaction, and not to other countries outside of BRIC.

I think there has been talks about creating their own currency, its public knowledge, I have seen it in newspapers of my nation as well, I do not have exact quote on who said it first or if there are any national stuff about it, but in my nation the newspapers wrote it and on twitter all the news channels are tweeting about it.

There must be some truth to it if they are all saying it, no idea if its just at rumor stage but all through 90's we have talked about Euro, and eventually it happened, we do not need something exact for right now, it may not happen who knows maybe for another decade, we need to establish this BRIC alliance first, then maybe one day it may happen. Not sure what that would mean for bitcoin or dollar, we need to live to see it.

Yes actually some media said that, this topic has been made several time on this board so I have done some research previously. These are some official statement saying that BRIC doesn't have the agenda to make their own common currency.

https://www.bloomberg.com/news/articles/2023-07-05/brics-has-no-immediate-plan-for-a-currency-cfo-of-its-bank-says
https://www.reuters.com/markets/currencies/what-is-brics-currency-could-one-be-adopted-2023-08-23/

In my opinion some media take a statement on BRIC summit by Brazilian president that said no country should be forced to used USD for transaction if they don't (want to) use it, and then those media jump into conclusion that BRIC is going to make their own currency. But then when the media ask about the matters directly to Brazil President the clearly denies that.

aylabadia05

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Quote from: Cryptomultiplier on January 09, 2024, 04:45:02 PM

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

https://watcher.guru/news/brics-welcome-2024-by-officially-adding-5-expansion-nations

BRICS is full of political value in it. The countries involved have goals in international trade politics. Before getting bored with the US Dollar currency, people will get bored with all fiat currencies if they want to dig deeper into how fiat currencies work.

The easiest concept for people to get bored with fiat currencies even in the countries involved in BRICS is the decline in the value of fiat currencies. If $1 can buy 1 glass of energy drink in the UK, it can buy 1 liter of oil in Indonesia. In the next two years, $1 will no longer be able to buy that item because it has increased.

All systems and concepts in banking are games.

uchegod-21

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Quote from: Darker45 on January 09, 2024, 09:42:39 PM

The forum would grow tired of topics like this much sooner than the world would grow tired of the US dollar. Perhaps people would grow tired of fiat currency first before they would grow tired of the US dollar.

The forum would definitely grow tired of such topics like this, just as people will not grow tired of the US dollar. While the forum members will always post on threads as this, some are sincerely posting to learn and share knowledge, while some are just posting to complete their campaign quota.

In the other hand, as people are preparing to quit the US dollar, US is strategizing how to make their fiat to continue to dominate. In as much as the world politics is concerned, their must be a leading power and leading currency, US will be this for so long.

kryptqnick

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BRICS does have a significant combined GDP, but what they lack is enough unity and enough opposition to the US (in some member countries) for their de-dollarization to actually work. Russia, for sure, is anti-US, pissed by Western sanctions, and wants an alternative to the USD for international trade. But China has a very strong co-dependent relationship with the US, so I don't think they will actually abandon the USD and all their trade with the US because of being a BRICS member. India also seems to be a country that focuses on its own interests and trades, so its biggest trading partners are the EU and the US, but also China and UAE. I don't think it will commit to abandoning the Western part of its trade.
So no, I don't think the world will before tired of the USD or will become significantly challenged by some sort of BRICS currency.

sana54210

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Quote from: icalical on January 10, 2024, 07:49:23 AM

Up until now, I haven't seen any official statement from any BRIC spoke person that they want to make their own currency. But even now, some of the BRIC countries already not using USD for trading among themself, they use their own national currency. And I doubt that for now any country would use cryptocurrency for bilateral trading.

And I personally don't think that BRIC need their own unified currency, it will be redundant moreover if it will only be used on interna BRIC countries transaction, and not to other countries outside of BRIC.

I think there has been talks about creating their own currency, its public knowledge, I have seen it in newspapers of my nation as well, I do not have exact quote on who said it first or if there are any national stuff about it, but in my nation the newspapers wrote it and on twitter all the news channels are tweeting about it.

There must be some truth to it if they are all saying it, no idea if its just at rumor stage but all through 90's we have talked about Euro, and eventually it happened, we do not need something exact for right now, it may not happen who knows maybe for another decade, we need to establish this BRIC alliance first, then maybe one day it may happen. Not sure what that would mean for bitcoin or dollar, we need to live to see it.

moneystery

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perhaps more precisely "only some countries in the world" are fed up with the dollar, especially developing countries which until now have not gained any benefit from using the dollar in their transactions. let's look at two countries carrying out transactions, these transactions have nothing to do with the us, but in these transactions they use dollars, isn't that funny? just because the bretton woods agreement actually only benefited america.

especially with the emergence of new powers such as brics, the economic development of developing countries, and the increasing gap between the economies of developing and developed countries. this forces many countries to abandon dollars in their transactions and use the currency of super economic countries such as china/their own country's currency in their trade to increase added value to their economy.

Latviand

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Quote from: Sim_card on January 12, 2024, 08:07:46 AM

The only way that i can see USD becomes weak is when they are no longer the world power, but as long as they are still the world power to decide on what to do in the world and how to handle issues of other countries, the USD remains the most used currency for international trade because all most all the countries in the world that is rich is connected with doing business in the US. The BRICS wouldn't be able to have one currency that will be able to superior over USD, only if they can join force against US to take over world power which will be impossible. US is connected to most countries for business in one o two ways.

What you're talking about is nearly impossible to happen and even if BRICS were to band together because the influence that US have on other countries is just too deeply rooted that it's hard to get them out even if a lot of big countries are going to try because we're so used to USD as a means of exchange, it's difficult for us to let it go, to me that's the simple answer why the world won't get tired of using USD.

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Quote from: tread93 on January 12, 2024, 12:28:02 AM

The problem is that BRICS is too diverse and honestly not really backed by anything right now other than themselves its like a huge puzzle that has been scattered across a table and not put together right now lol. Taking tons of countries to combat one for the global reserve status is no easy task.

I can't wait till Lula invites the Iranian or Saudi delegations in Brazil and makes them join the Rio festival.
Or when Brazilian fans (specially female) try to attend a match in Iran the same way they do around the world!
I've seen enough warnings in South East Asia about "No indian men" allowed and how the ones that allowed them asked every time for payment upfront before their drink was served, that would work wonders!!!!!

The problem with Brics is that no matter how much they hate the US at the end of it they hate each other more than that, China and India is just the tip of the iceberg of problems cooperation between them faces, wait till they realize they have absolutely nothing in common other than hate and you can't build anything on that other than sand castles.

Sim_card

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The only way that i can see USD becomes weak is when they are no longer the world power, but as long as they are still the world power to decide on what to do in the world and how to handle issues of other countries, the USD remains the most used currency for international trade because all most all the countries in the world that is rich is connected with doing business in the US. The BRICS wouldn't be able to have one currency that will be able to superior over USD, only if they can join force against US to take over world power which will be impossible. US is connected to most countries for business in one o two ways.

Taskford

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Quote from: Cryptomultiplier on January 09, 2024, 04:45:02 PM

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

They tried but they failed since USD already create a stable root on global economy that's why it will be so hard for BRICS or crypto to eliminate USD totally since for now global economic trades are dependable on US currency. And I think this will stay for long time as long as US still powerful country in the world. But if we see a global economic collapsed and major businesses together with a lot of countries stop its support for USD maybe we can see this to happen.

So let see in future if we can see good development on global economy and if there's one currency will go up then became more famous also powerful and totally defeat the USD on its current state.

Hewlet

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Quote from: Cryptomultiplier on January 09, 2024, 04:45:02 PM

Just like that, BRICS now controls almost 28% of a global economy that's worth over $28.5 Trillion.
The economy keeps getting worse and the hike both as concerns interest rates and crypto transaction fees has increased and keeps doing so yearly.

Recently, we see countries like Saudi Arabia, the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran, Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

Are we seeing a time where BRICS currency and cryptocurrencies are the answer to a world tired of the us dollar?

https://watcher.guru/news/brics-welcome-2024-by-officially-adding-5-expansion-nations

even though these are all true, the US dollar still remain the most popular and dominant currency globally. Even if bitcoin is adopted globally, people will normally convert their Bitcoin to the US dollar before ever converting it to their local currency.

I don't even think that at the center of the advocacy for crypto adoption lies the plan to look for alternative to the use of the US dollar. I believe that it is more of looking for an alternative way of solving the problem associated with the over regulatory ability of the government on these centralized institution that has made the desire for global acceptance of cryptocurency or bitcoin whose decentralized nature has improved on the usual banking system to be sort after.

tread93

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Quote from: Darker45 on January 09, 2024, 09:42:39 PM

The forum would grow tired of topics like this much sooner than the world would grow tired of the US dollar. Perhaps people would grow tired of fiat currency first before they would grow tired of the US dollar.

For all we know, joining the BRICS doesn't necessarily mean leaving the US dollar. And China, BRICS largest economy, is the top trading partner of the US.

Also, this is more of geopolitical posturing, and except those countries that have lifetime rulers, the rest could change their stance as soon as leadership shifts or changes.

I love this response hah.

BRICS is not the answer to a world w/o USD as the world reserve currency, think about it the world has been tied to USD since the end of the world wars and it has only grown stronger and stronger as a globally accepted medium of exchange for years and years up until reccently. The problem is that BRICS is too diverse and honestly not really backed by anything right now other than themselves its like a huge puzzle that has been scattered across a table and not put together right now lol. Taking tons of countries to combat one for the global reserve status is no easy task.

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Quote from: Cryptomultiplier on January 10, 2024, 05:41:21 AM

The US dollar has a strong argument in such a case because as rightly said, it is the world's most used currency both for international and with national boundaries.
What the BRICS countries by my thoughts are simply doing is nothing more than creating an alternative to an almost monopolized dollar currency, with the hopes that the currency would compete with the dollar, thus dropping or restricting the power it has over the world economy.
It is just like other cryptos are doing to compete against Bitcoin for top most valuable coin of the future.

There have been rumours that BRICS will be floating a single currency that will compete with the US dollar. But the proposals are mere words that cannot be implemented. BRICS as an organisation has a fundamental problem which is the inability to pursue its policy in a united front. They have come up with different policies that have never been achieved because they are not united. I know China would want the organisation to adopt the Chinese Yuan as the major currency while Russia would want to make the Rubles the major currency of member states. Another problem this organisation has is that many of them still have strong bilateral relationships with some Western nations, so their loyalty to this organisation is in doubt.

Quote from: ancafe on January 11, 2024, 09:47:23 PM

No one will ever be satisfied with the dollar's behavior and there will definitely be competitors who will try to limit its dominance, but the question is how far this can be done because dollar policies have affected the country's economic system. They have even entered several other sectors that are considered sacred and important.

The global economic system is deeply Dollarised and it will be difficult to engage in any form of international trade without the dollars. Even the countries that claim that they are dedollarising still keep the currency in their reserves. It took many years and great economic and political effort to make the dollar the king of all currencies, it will take a greater effort to dethrone it.

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Quote from: dothebeats on January 11, 2024, 06:35:50 PM

USD will still be the top reserve currency for the world in a few decades more. Even if BRICS are trying to distance themselves away from USD as a reserve currency, most of the world are still using the said currency in their international trades and transaction. There's only a handful of countries aligned with what BRICS wanted to do and they can't really push their agenda very easily. Especially with China manning the helm of this boat, a lot of countries might be wary of dealing with them and just move towards the lesser of the two evils which is the USA and its partners.

Even within the small BRICS alliance itself, countries are probably wary of each other. China is, of course, generally a sneaky country. But especially with India, for example, we can't expect the two to be solid allies. And then there's also Saudi Arabia and Iran. They aren't the best of friends either, even in the Middle East. They could be together if confronted with a common enemy, but could also be the opposite sides of a coin. In Yemen, for example, they're against each other.

This BRICS really isn't much of a threat if others expect it as the group that would challenge the US and the west and the influence of the USD.

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Quote from: Cryptomultiplier on January 09, 2024, 04:45:02 PM

Recently, we see countries like Saudi Arabia, the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran, Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

The currency system cannot change the new transaction style so quickly because it involves the Dollar's contribution to several pressing policies. BRICS is a rival product because they intend to break the dollar's dominance in elegant ways which they do by asking for support from other countries who want to join. Of the three countries you mentioned that have entered BRICS, only Egypt and Iran have good economic strength and they have natural resources that can be relied on.

No one will ever be satisfied with the dollar's behavior and there will definitely be competitors who will try to limit its dominance, but the question is how far this can be done because dollar policies have affected the country's economic system. They have even entered several other sectors that are considered sacred and important.

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USD will still be the top reserve currency for the world in a few decades more. Even if BRICS are trying to distance themselves away from USD as a reserve currency, most of the world are still using the said currency in their international trades and transaction. There's only a handful of countries aligned with what BRICS wanted to do and they can't really push their agenda very easily. Especially with China manning the helm of this boat, a lot of countries might be wary of dealing with them and just move towards the lesser of the two evils which is the USA and its partners.

Even the oil-rich countries will have a hard time dismantling the hold the US installed on the world economy. They will have to make do with what they have currently and try to persuade more countries to join them and collectively try to avoid the products of the West.

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While USD remains to be the official currency, then there’s no reason that people will eventually get tired on using it. However, with the emergence of cryptocurrency particularly bitcoin, they will find it a more convenient mode of payment than USD, and will gradually become a choice of payment system in the future.

But, this will only be possible if the government will legalize and accept bitcoin as a reserved currency, which means if they find it more convenient to use bitcoin than fiat, then they’re free to use it without being restricted by the government.

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Quote from: Cryptomultiplier on January 09, 2024, 04:45:02 PM

Recently, we see countries like Saudi Arabia, the UAE that has been making waves with several investments that may include multimillion dollar soccer stars signings, building the tallest building in the world, development of tourism and attractions that bewildered the mind. Also, Iran, Egypt and Ethiopia has officially joined BRICS and although Argentina rejected the invitation, one question is this,

The problem with this is that it is not sustainable development. The economies of these countries are built on sand (funny play on words I know). Most of their income is based on oil and gas. Tourism and everything else is negligible. However, the time of oil and gas is slowly running out, neither are they available forever, nor will they be less in demand due to the transformation of many industrialized countries because of climate change. That is why these countries are desperately trying to find alternative business models, which has not worked very well in recent years. All the ostentatious buildings are just appearances. The fact that countries are obliging ageing football top stars for a few years may bring short-term publicity, but will not be sustainable either. In principle, this is a huge money-burning machine.

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Quote from: Mate2237 on January 10, 2024, 12:51:36 PM

They are fighting against use dollar and this cause another cold war in the world. But we must say the truth, dollar is the cause of the inflation in the world.

Hilarious that statement is.
Human behaviour is the driving force of inflation.
Humans are capable of making any currency inflationary. Just look at exchanges which slowly but surely raise their fees.

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Not so easy. BRICS has been introduced in few countries. I don't think in the current situation the dollar will suffer because of it. They are far from being introduced in their own country, but gaining recognition in the global market. Some countries are completely against BRICS. So there is nothing to think about it. BRICS expansion is long overdue.

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