Bitcoin Forum

So, we have seen a recent attempt by some of the BRICS nations to create their own currency to rival the US dollar in international trade. We know some countries that form part of this alliance, have been sanctioned and international transactions were blocked by SWIFT that are controlled by Western countries.

A lot of these countries started to use Crypto currencies like Bitcoin to bypass these restrictions, so it will be natural that less demand for Bitcoin would occur, once these countries created their own single currency.

What do you think will happen to Bitcoin, when these BRICS countries created their own digital currency? Will there be a significant drop in the demand for Bitcoin?

Do you think BRICS countries might opt to use Bitcoin for international trade or even as a replacement for the US Dollar? Will they simply exchange local currencies OR will they develop something new? ( Something that can be controlled by them?)

Let's discuss this...

BRICS sounds Similar to Euro (a joint currency for multiple nations) I think it could be a great rival to USD and Euro.


I never heard any of the BRICS members officially using Bitcoin or any Cryptocurrency at govt level to by pass any restrictions. (some of them don't even like Crypto) even if they doing. it is not at a very large scale so Demand would be reduced by a very small margin. or it will not.


Nothing will happen to Bitcoin.. it'll keep charishing like it always has been.

For everyone's reference, BRICS is the emerging national economy now. Namely,  Brazil, Russia, India, China, and South Africa. I just read some of the things with the recent stuff about it and it seems they still use their currencies. They are in talks about not relying on the USD and maybe it could have an impact but it doesn't necessarily mean that it would be a digital currency, so I think BTC is safe for now. BTC has its own level IMO.

No doubt, BRICS is increasing, and the increase is increasing more than the superpower countries plan they initially intended. The expansion is towards some political affiliations and targets which makes it ugly. But as it is, the countries that have joined BRICS are few and I don't think that up to 15% of the countries in the world would even join at its stretch. And if you look at these countries very well, most of them do not have many annual transactions in common, so I do not see so much it can help.

Well, I see BRICS as a rebellious organisation just to reduce Western dominance, but unfortunately for them, there are so many allies of the Western power among them and you don't entirely trust an alliance like this for anything, not even a digital currency plans and there will always be a double standard and might be what will eventually end the alliance with time. As for the effect on Bitcoin, there will not be any effect whatsoever. Bitcoin will continue to thrive as it does since BRICS, to me, is like a toothless dog, so what many nations that bans cryptocurrency couldn't negatively affect no matter what they plan, I don't think a mere BRICS plan can do anything other than for the countries with Western restriction to affiliate themselves with Bitcoin for easy flow of transactions.

The problem is that these countries are not consistent with each other. India, for example, has already expressed its unwillingness to create a common currency with BRICS. Russia is at war and it is not a good time to create a strong, trustworthy currency when you need to have a flexible currency that is easy to print when necessary.
Additionally, the countries included in the list have poor respect for civil liberties and property rights, so they are not places where capital from individual investors will willingly flow.
If they do not base their currency on anything (fiat money), how will they differ from the euro and the dollar apart from the fact that they are issued by a less trusted entity (at least for a Western investor)? And if they base their currency on gold, how can we be sure that they will keep the peg regardless of economic conditions and possible future conflicts. How can you be sure that they will not freeze your funds as a US citizen or ally on the day of the outbreak of the war in Taiwan?
Bitcoin is something else. It seems to me that the creation of the brics currency, if created, will not affect the bitcoin price, because I cannot imagine a holder of bitcoin (easy to transfer, scarse, soud, non-inflationable, independent currency) giving it up for the brics currency.

To be honest I don't understand how you can think BRICS currency will decrease Bitcoin's demand, BRICS currency is a stablecoin just like fiat, that's not even close to Bitcoin.

It's true BRICS currency could be used as international payment, but this will influence USD, not Bitcoin.

Most of people use Bitcoin as a commodity instead of as a currency, so whether BRICS and CBDC exist, it will not affect Bitcoin.

Due to current situation mempool is spammed by BRC20 tokens, do you think it's worth to spend for ~$10 for every transaction you make? ;D

Let's just say there was an attempt. And it was actively tried to be promoted by China. But there is a nuance. China tried to push the yuan instead of the dollar to the BRICS members. The goal was not "a single BRICS currency", but more mercantile - to save its economy by exporting problems through the yuan to "BRICS friends". Looks like the "we're all being de-dolarized" hysteria that China has unleashed. ended with the BRICS members cooling down a bit and realizing where China is dragging them....

And problem 2 - okay, they created a BRICS currency. Question - who will need it except for the pariah countries that need to trade with BRICS past the world banking system? Well, objectively? Other countries can make settlements in their local currencies, providing them with additional demand and turnover.
And the ensuing problem - how will they interact with the world economy, where the basis of settlements is the dollar? Who in the world market will need, for example, E-Brix?

I think that any emerging markets that they see an opportunity, they will come to take over or at least get themselves a fair or bigger share.

And that what is possible to happen on this one. We've seen on how China is reacting to every market and economy despite that there could be some modification of its own economy but what it does to the world is visible.

Maybe we've got the financial institutions and few countries for now as the big entities of Bitcoin market but soon, we'll have more of them and superpowers such as BRICS.

The idea of coming up with a single currency is very complicated and I suspect that member states are now more concerned with the use of the local currency of members than introducing one currency. We are currently seeing more member states signing agreements to settle trade deals with local currency.

I have been hearing rumours of countries using Bitcoin to invade sanctions but never come across a piece of valid information with evidence. There are speculations that countries like Iran, North Korea and even Russia are using it, but these are mere rumours without valid proof.

Bitcoin is king of cryptocurrencies and it is not in competition with any digital currency. Many countries have already floated their digital currency and they had little effect on the demand for Bitcoin. Don't forget that BRICS digital currency is just blockchain fiat and it is centralised. I also assume that the amount of Bitcoin used for trading by these nations is insignificant.

It has an impact to dollar but I don't think it has an impact on Bitcoin however if there is an impact it could be slight. We all know that these nations that comprise BRICS knows or anticipated the worst case scenario so why do they have to get out from Bitcoin when they're funds are safe in there wherein no one can control it but themselves. These nations have learned or experienced on how it feels to be sanctioned so there is no reason for them use only there own currency they need Bitcoin as back-up everyone needs Bitcoin as back-up. What is trust issues guys, just don't forget about that. 😅

People who talk about BRICS like they're anything similar to the Euro or United States are clueless. It's a basically random collection of countries that happened to be doing economically well around the 90's, in comparison to their weak previous growth. There is zero chance that countries like Russia, China and India are going to come together into a currency union because it doesn't make sense for any of them - the two biggest of those are fierce competitors with different ideology. Then there is countries like South Africa, which was going strong at the time but now is pretty insignificant in the scheme of the world economy. Besides that, they are all spread across the world, in comparison to existing bloc's which have trouble being right next door to each other. It's a pointless discussion.

what is clear, in my opinion is that BRICS will focus on developing the currency they created  first because this is the only foundation for  building relations between countries. because after all BRICS  wants to have control over financial growth while also encouraging their respective fiat currencies. using Bitcoin still cannot be used as a specific benchmark plus  decentralization itself. moreover BRICS is considered to be late in entering  the realm of Bitcoin where Bitcoin ownership already exists so minimizing price fluctuations taking the  option of creating a new  currency is the solution. accompanied by  new agreements, new controls and currency distribution can still be controlled.

BRICS has been spreading well lately.  BRICS is seen in many countries but it is 12%-15%.  Which is very insignificant.  I think BTC will not be affected much for these countries.  BTC will always rule.  BRICS is not a digital currency either.  I don't think its value will ever be like BTC.  So don't worry nothing has been created to rival BTC yet.

Well its 13 Years old and existst due to US Policy.
https://en.wikipedia.org/wiki/BRICS

The comparison isn’t even adding up, because BRICS currency will just be another fiat currency which means bitcoin will be alternative to it and not be here to replace, as such nothing like a competition between any of them. As for BRICS been the international reserve or international currency it will be a long journey that I don’t see it happening anytime soon. Yes many countries are tired of a central currency like Dollars and would want to move a way but as long it is about a economical dominance then one currency must central, China is looking to power Yuan as the international currency which everyone will reject but will BRICs be the solution no because some countries will still see it as a centralized currency too and that’s why even African countries are vying for a African currency too.

Which BRICS country have you seen accepting bitcoin for international trade? The only one that I know of that wanted to do that in the past is Russia but no BRICS country is using bitcoin for international trades that is officially known as of now.

They are not using bitcoin for international trades so nothing will happen because there is no dumping of bitcoin.

The planned BRICS currency, which is even in the process of being followed up, will become a tough competitor to the US Dollar in international trade competition. The emergence of the BRICS currency will affect world trade. So far, the competitor to the US Dollar that most people know is the Euro in global trade, in my opinion, as the common currency of 19 different countries. The BRICS currencies originating from these five countries will push the US Dollar even further into a corner.

I can't say for sure what influence the BRICS currency will have on Bitcoin because on the one hand I think there is a positive impact. The positive thing is that people will increasingly understand the difference in the benefits of using fiat currency compared to using Bitcoin.

Is there really BRICS currency or just Digital Yuan?  Because base on the media of the other side, they were just using Digital Yuan and no mention of BRICS currency.

But I doubt there is the existence of BRICS currency when they could already be using Diglta Yuan, BTC, or any other crypto. If cryptocurrency already can get the job done, they will not need any other currency that may disrupt their operation and this I think why China changed their stance to BTC which the CCP allowed Hong Kong to become the hub for crypto in Asia.

whether or not there is a currency from brics or whatever will not affect the bitcoin market now or in the future. moreover, brics is developing a currency for cross-border trade or within their member countries, it has nothing to do with bitcoin. but things are different if brics prohibits its members from allowing bitcoin transactions in their countries, maybe this will affect the price of bitcoin.

and whether brics will use bitcoin in international trade is impossible. because they plan to have their own currency in transactions between their member to replace the usd, so it will not be possible for them to adopt another one.

Thank you for the clarification about BRICS it has been mentioned constantly that BRICS’ purpose is the “dedollarization” and they think that with the past year the us dollar has weakened already they are not exactly thinking about competing against Bitcoin and all this new currency is still in the talks and still no concrete project yet as of now from what i know

They serve very different purposes so even with BRICS i think bitcoin will be fine

A new currency most probably means more fiat paper to be poured - sooner or later.
I expect it to have the same effect as printing more USD, EUR, whatever: more overall inflation, which is visible as an increase of Bitcoin price.
Of course, it will be late, it will be slow, hence most will not feel properly this effect and will claim that there was no effect at all.

If, on the other hand, will replace other currencies like EUR did, then the effect will probably be too small to be felt.

Yup you got that right, This cycle of society hopes for different outcomes by applying the same solutions from 50 years back.
Which constitution requires a PHD in finance as a minimum to be finance minister?

The idea of a BRICS currency is still something I don't take seriously. How can they agree on a common CBDC for usage? Who will be in control of it, and why would others agree for that particular country to be in control? Even if somehow they manage to agree on that and launch that currency, it won't compete with cryptos like Bitcoin. It will be competing against fiat currencies for percentage of global reserves and trade volume done in it. I don't think it will compete well against the USD and EUR, considering that the primary alliance of BRICS countries would still be to their own respective fiat currencies and that BRICS is not a powerful alliance. As for Bitcoin, I think that sort of stuff will have zero impact on it.

So far I have not heard any news that BRICS will create a digital currency, if there is, of course there will be stronger opposition from western countries as happened with El Salvador after adopting Bitcoin, if you look at the beginning of the formation of BRICS which wants to help each other developing countries and releasing links to the dollar would of course be a good step for BRICS to have their own currency because we know that so far the dollar has high liquidity, so far I have heard that BRICS will indeed try to destroy the dollar but not by creating digital currency and reportedly BRICS is trying to create a new currency based on gold and we all know that if gold is not too affected by inflation, prices are quite stable, and I think the use of a currency based gold like the BRICS discourse will be very profitable as when the world still relying on dirhams as a transaction tool.

I don't think that there will be a reduced demand for Bitcoin. BRICS will continue to use crypto even though they already have their digital currency because, first and foremost, they can freely use Bitcoin. Nothing stops them from using it, and they are not blocked because Bitcoin is for everyone. So, some countries within the alliance might still see value in using Bitcoin as a hedge or an alternative store of value. The natural decentralization of Bitcoin and its limited supply remains appealing to countries looking for options outside traditional fiat currencies.

Nah, I don't think there will be any drop in demand for BTC due to this BRICS thing because the US is against BRICS directly or indirectly it will create hurdles that won't be passed by these BRICS countries in order to streamline the adoption of the digital coins that will generate and if there would be no streamline adoption in the first place then we don't need to care about the demand of BTC due to the BRICS digital assets.

And the second reason is, that this digital asset does not mean it would be the competitor of BTC and it will give it a hard time because if BRICS makes a digital coin or each country in BRICS creates some digital coin specific to them they will make it centralized just like CBDCs and we have seen that CBDCs are also not liked by everyone and it's adoption is not that streamlined that it has started to impact the demand of BTC.
Nah I don't think they will opt to use BTC for international trades, this looks unbelievable especially when then the market will be more volatile in 2024, one due to the ETFs and second due to the dropping of BTC from MT Gox. They might not be able to trade in local currency as well due to the incompatibility of banks like Russia tried to make a deal with India in the Indian currency INR and it did not go well that they did not get to opt to convert them in their own funds.

First thing first, up until now, BRICS has been denying to make any common currency for its member anytime soon.


Then, I think there will be little to no effect to Bitcoin if BRIC currency is finally issued, it will still be a long journey for BRIC currency to be used worldwide, and Bitcoin is already getting so far becoming global currency (as alternative to USD).

Answer for the second question is no, I don't think BRIC will make Bitcoin their common currency, each country has its own currency and it will benefit them if any trade related to BRIC is using each currency of each country.

I think it is a matter of time for the BRICS countries to compete with the dollar in world trade. As far as I know, the BRICS countries are working to use the BRICS currency to reduce the pressure on the dollar in the world market. The BRICS currency may have an impact on the dollar even though it is a bit late with the way the use of BRICS is currently spreading. while BRICS may affect the dollar, it may not affect Bitcoin. Because BRICS is not a digital currency like Bitcoin.

Seems like you have mistaken as there are no official news by BRICS nations about using Bitcoin nor about having their own currency to rival with dollars. Even if they create their own currency to compete against dollars it wouldn't have any impact on Bitcoin as people who use Bitcoin and BRICS currency are of different cohort hence I couldn't conclude any correlation between the rise of BRICS currency and any negative affects on Bitcoin.

BRICS is definitely pumpin' the volume, but their growth feels more like a political muscle flex than a real economic earthquake. They're snagging allies based on who's on the same page with their agenda, not on who actually shares trade routes or bank accounts.

Honestly, BRICS is basically the cool kids' club trying to dethrone the jocks (the West), but half of them are still secretly hanging out with the jocks anyway. That whole trust issue and potential double standards could blow the whole alliance apart faster than a popped balloon. Who can you really trust when they're playing both sides? And crafting a digital currency with that kind of baggage? Forget about it.

I think that's the whole point of this new currency. to replace and use it against EUR and USD in the Global Trade market. but I don't think it'll reduce the effects and potential inflation cause by printing a new Fiat currency.
but those people must be highly educated and experts in Economics so they probably take everything in consideration before launching a new currency.

that is a sad fact. there are always wolves in sheep's clothing in any place and any organizations like that who are ready and willing to sell their dignity for money.

BRICS is a very specific alliance that was initially created as an alternative economic union, but ... but ... then political manipulation began, which will lead to nothing good. Russia tried to manipulate by trying to sabotage the markets, China tried to solve its economic problems at the expense of the BRICS members, it was all fueled by the squeals of "let's abandon the dollar", and the result was nothing. Expected.

Plus BRICS now has a bad image due to these processes. For example, the President of Argentina, Javier Milay, officially refused to join BRICS. He understands perfectly well that there will be no future for the union when the goals of the union are declared one way, but in fact very different steps are taken, and only for the benefit of individual participants.

Creating a unique currency from BRICS will not impact Bitcoin that much. Because they are already using the US dollar for international trades for decades and recently they have decided to create something new on their own. It did not have much impact in the past and if they choose to use something in replacement of US dollar I don't think there will be any impact to Bitcoin. These are international affairs that have nothing to do with normal usage of Bitcoin users.

On the other hand however, if they choose to use Bitcoin as their primary trading currency, then this could have a positive impact on Bitcoin. Other than that, I don't see anything special happening here if they choose to use a different currency created by them.

They may used crypto for their trade deal or even a few but I doubt the amount was considerable enough to influence the BTC price so it is not going to be any effect when they start using their own CBDC or some pegged tokens for all the BRICS. :)

Let's avoid any discussion about Bitcoin being attacked by Governments or institutions. Those notions are distracting and can be categorized as FUD. There won't be an attack on the dollar like there is in the real world. In my opinion, a new market for stable currency trading will emerge, and the size of that market will need to be determined with fiat exchange. It is only necessary for me to know the reasoning behind it from the top four countries and why they are only starting to consider it now.

brics is not a currency. its more of a commonwealth(group) of nations

their plan is to have their individual CBDC which can be exchanged via an m-bridge

the mbridge is like a forex reserve of quantities of units of each brics nations cbdc to rival the IMF

As far as I've seen so far only a couple of cases have been in the news about countries using bitcoin for their international trades and even that is on a very small scale which means they aren't affecting the market to begin with and even if they start using BRICS currency replacing dollar, that still doesn't mean ditching bitcoin altogether. Bitcoin is still a good investment to hold.

Considering that it is not yet released, you can't say what it is and is not. :)
So far they've stated they are planning to release a new "currency".

BTW this is a symbolic note they released last year
https://www.talkimg.com/images/2023/12/31/IWkLa.jpeg

The idea of a BRICS currency is still an idea. I don't even think that there is a project about such "BRICS digital currency".
Probably all the BRCIS countries will use their own national currencies(or their own CBDCs) for trading between each other.
The BRICS members will never accept Bitcoin payments for international trading. I don't know where did you come up with this idea?
Even if such "BRICS digital currency" becomes reality, I don't think that it will compete with Bitcoin. BTC is always will be "digital gold", while this BRICS currency will be used mostly for export/import deals and settlements.

So, if we believe all the FUD that are being spread... then millions of Dollars worth of bitcoins are being bought and transferred between the countries that are sanctioned by the West. Now, let's say for one moment that they create their own digital currency, then they will have no need to use Bitcoin, so the demand for Bitcoin will then decline.

I do not know if we can believe this and if there are really that much bitcoins being traded by the BRICS countries, but I think it will have a small impact, if some Oligarchs switch to another digital currency.  ::)

Only if we are dealing with minor amounts that could happen, minor referring to Bitcoin in circulation.
You are aware that every year a % of money is added? And that it's added towards people who already have money.
Just to secure parts of their Risk capital they have created a demand for a store of value Bitcoin represents.

Argentina can be removed from this "bill" :) And judging by the situation inside BRICS, I do not exclude that in 2024 we will learn about new countries that will leave this union, which has lost its economic sense.

Happy New Year !
May the new year bring peace and tranquility to your families ! And luck will always be with you ! May all your plans be realized and the result will be financial excess ! :)

Honestly, BRICS are not doing anything that would be beneficial for other nations, that's the trouble with it. Argentina already left, and I am not sure if many would continue if they have trouble with it.

You need to realize, some nations care about their freedom way more than money, like UK for example, they weren't even using Euro, the pound starling that they were using was still there, and they still went out of EU for example, and that brexit did cause them a lot of presidents and a lot of inflation as well and financially a lot of trouble as well. This is why I think BRICS will have a ton of trouble with them eventually, and the foundation has to be quite strong to keep it going, otherwise it will be a failed attempt.

This is the main problem of BRICS. It was conceived as a regional economic union, with plans for expansion, but it all ended with manipulations to satisfy or resolve the problems of several countries, and at the expense of other participants. Such an alliance will not last long. It will either exist nominally, or disintegrate, or be transformed into a new union where those countries that tried to use it only for their own selfish purposes will not accept.

The alliance is full of products and hardly any buyer.
China apart if they archive to broaden their middle class.

Everything depends on relations between different countries. First BRICS, if they start managing transactions in between them using specific currency then it will operate. However, it will only operate in between them only. This means the market size would be small and wont be expanding anytime soon. This can later cause issues while competing the USD market because we know very well that one is highly recognised throughout the world. So few countries switching to different currency or creating their own doesn't matter a lot. But for the sake of comparison let us say they implement Bitcoin as their currency then also they wont be able to go full scale on it. There are so many thing when two countries transact. There is paper trail, proof generations, taxation and much more that needs to be taken care of. Im not sure this can be done successfully while using highly volatile Bitcoin.

It's an interesting combination of countries...Though we all know which are the two powerhouses, and what their ethos generally is. Control and centralization are a big part of the Chinese and Russian ethos. Using Bitcoin? Unlikely, especially if the US is planning to profit from ETFs and EDX markets (pretty much a US government/corporation sponsored exchange).

I think, since China already have the Digital Yuan and India have a strong developer community in big name projects (like Polygon), the option that makes most sense is that a native cryptocurrency/"stable" blockchain will be created for international trade, with some sort of backing (like Gold, considering China and Russia have a TON of gold in comparison to other nations).

reading reports from the BIS (bank of international settlement) and from last years brics summit
they seem to want to move away from one central currency to instead have many state currencies and a bridge network to covert the currencies

things like each brics member has their own CBDC and they connect together with a things called m-bridge

as for the discussions last year there are public stuff like
https://www.ledgerinsights.com/brics-digital-currency-local-currency/

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

Simple question - can anyone confirm gold reserves in Russia and China?
I will answer:
1. China has classified all information about gold reserves, volumes, structure, etc. Therefore, what is publicized is only words.
2. Russia, being a pariah country with a degenerating economy, sells gold and ... constantly lies about everything. From its "greatness" to ... yes yes, gold reserves.

So, I would definitely not use this information as a basis for any conclusions.

This discussion has been there for decades without implementation, it is not only the second world power states but also the third world powers through ECOWAS and OAU have come together to suggest the idea of one currency.

This is essential in weakening the economic powers of U.S through IMF, world bank, and the world stock market. Dollar being the sole means of exchange in the International market gives the U. S monopoly.

However, the fear of sanction and the U. S has bribed some influential politicians in those countries to thwart the effort.

Therefore , I don't see another currency battling the dollar or a digital coin that will weaken Bitcoin the future. With influential individuals like Elo Musk and others hiding their safe on crypto wallets. Most publicly stolen funds are hidden on crypto wallets without trace.

These influential people wouldn't want the devaluation of their treasures, so they will struggle to stop any attempt against Bitcoin.

 

In my opinion there is no unity among the BRICS to create their own digital currency. The have a common goal to reduce the international dependency on US Dollar, but no solution on how to achieve it. The problem is that all of the big countries like India, China and Russia want to see their own currency as the new world currency and are not willing to support someone else. Which is why I don't think that any of the digital currencies by BRICS are going to be a competition for Bitcoin. It won't change the demand for Bitcoins as it's still going to be the number one crypto currency that is accept all around the world. Russia is the only country at the moment engaged in a major war and being sanction by most of the western world, what makes the Rubel the least likely currency to reach any international dominance. Also, the west is very cautious with China and their control of the economy and their currency, which leaves India as the only real alternative to create a counterweight to the US Dollar. But India is not in the economic position to create their own stable digital currency that would settle the majority of international trade. The most likely outcome is that the US Dollar will lose more international market share, but at a slow rate and it won't be one currency alone that will take over the market share, rather a rise in bilateral trading between countries directly.

I don't think countries or governments creating their own digital currency will have much of an effect on Bitcoin, and I also don't think anything will happen to Bitcoin if the demand drops to the extent you're talking about. Also Bitcoin is Decentralized Crypto Currency and on the other hand they will be Government Controlled Digital Currency I think there is a big difference here.

I don't think anything like that will happen, but it could have a positive effect on Bitcoin against the dollar. And there is no question of demand drop, decentralize cryptocurrency with these fiat currencies should not be compared.
I don't think that BRICS countries opt to use Bitcoin for international trade because most of strong of them are already give ban on Bitcoin/cryptocurrency use. And it is already much clear that they making a new currency like the Euro in Europe.

its been made perfectly clear many times.. each country involved in brics will have their own CBDC and they will interchange those CBDC using what they call an M-bridge

I would argue that the BRICS currency is similar to the Euro, At least the BRICS currency is shared among a group of countries that are part of international trade. But In fact, in my opinion, it makes a lot of sense to use BTC in international trade. because bitcoin is a secure, decentralized coin, and can be sent anywhere instantly and can be stored offline easily. Why make the effort to start something new regarding BRICS or any other currency?

Bitcoin is already experiencing scarcity and we don't need to trust anyone for that scarcity to be maintained. In conclusion, bitcoin will continue to operate as usual, unaffected by the presence of BRICS, because it is true, as you said, the presence of BRICS is not to compete with bitcoin because the two have very large differences.

Both of these countries keep a lot of their economic and nation data confidential. In addition, if the US knew how much gold both of these nations held, they would have no incentive to publish this data either. Why? It might be an indicator that these nations are economically more stable/potentially more powerful than the US. Gold is a key indicator of a nations wealth, and if you think that neither of these nations have near as much/more gold than China/Russia just because the data isn't available, you'd be naive. China have used credit a lot more efficiently than the US or other countries, it is only logical to assume that they'd have been accumulating gold from wherever possible during the era where the US's dominance is becoming increasingly uncertain.

While the information and logic can't be used as a basis for any conclusions, this goes both ways.

To answer point 2, every country lies. I wouldn't be too quick to jump at Russia for being greater liars than every other country...the US as one example, is also built on lies. I don't think there is a measure for which country lies more than another, none are innocent, none are more honest than any other. Some are more obvious in that they lie, though that doesn't mean better liars are lying less.

Argentina is a special case that can't be used to extrapolate to other countries. The radical moves by the country is because of the radical who took power recently in their country who is known to be a "crazy person" (el-loco). He has been doing a lot of other crazy things too like starting to shut down the central bank and dump their local fiat.
His crazy actions even led to a whopping 160% inflation in Argentina!

He has not done anything, he has said a lot of cracy things, just as many others before him.

Brics doesn't bother the btc and not the USD it's just the brics countries own currency to trade better together.
First was bric the origin of name brics...later they told south africa come and join then it sounds better.

Most people are dealing with bitcoin thru USD and they just sell the USD to local currency because of how strong USD is against their currency and that's something that BRICS need to top which they're going to have a hard time because they're just starting now and the global market is dominated by the dollar which means that BRICS doesn't have that much influence to the movement of bitcoin because USD is still the globally traded currency and to be able to influence even a bit of what USD can do, they have to go to great lengths like banning USD in their international trades which is unlikely to happen if you ask me.

He has already done a lot of things that has inflicted significant damage to economy of Argentine hence the 161% inflation rate. I don't really follow that news closely but off the top of my head the $3.2 billion that his government "printed" is one of the horribly crazy things he did.

Let's assume your assumptions are correct. Then I can also say that China and Russia are hiding their real gold and foreign exchange reserves - this is being done in order not to show how much weaker they really are than the United States :) Or are we not considering this option? I know one thing - if someone is hiding something, it means that it is important for him that TRUE INFORMATION does not become publicly available. Well, again - if we take your assumption as logical, then it turns out that China and Russia are hiding their reserves so as not to show that the USA is WEAKER? ! But at the same time, the state propaganda of China and Russia is trying its best to prove this, which means that it is enough to show real gold reserves and simply show the “helplessness” of the United States, and without fabulous propaganda. Those. your assumption turns out to be contrary to reality, given that China and Russia have been opposing themselves to the West and, first of all, the United States over the past years, or even decades.

Regarding lies and Russia, everything is simple here. Lies are the basis of Russia's "greatness". And as the last 2 years have shown, Roshisi’s “fairy tales” about her greatness, power, army are... FAKE! And about the stable economy, the West’s dependence on Russia, about the strongest Russian army in the world, about Russia’s unparalleled weapons and technologies - you probably yourself know how many years we’ve all been told. But, I repeat once again, it all turned out to be fake. This means that Russia has been LIEING all these years. I lied to myself, to the world, to my citizens :)

They are not only hiding, they try to do the best they can to create another image. They offer the fake image of their state of things to seem more intimidating than they really are. I won't say that everything is fake, but a lot truly is. For example, I have come across an article (https://www.bloomberg.com/news/articles/2024-01-06/us-intelligence-shows-flawed-china-missiles-led-xi-jinping-to-purge-military) today, which shows that China missiles filled with water, not fuel because of corruption in the army. There are a lot of similar stories about Russia as well, not only in terms of an army, but economy and politics as well. That is why I won't consider their intention to overcome US dollar with their BRICS currency as something powerful and potential.

I do not think that there would be too much of a connection between the two. I mean it would impact the fiat world a lot there is no doubt about that and BRIC currency would definitely consider the dollar depowerment a lot in the future, that is greatly obvious and it is made just for that purpose anyway, this is why we need to consider that as a change in the fiat world.

However, when it comes to crypto world, I do not think that there is anything that we need to worry about, it feels like there is really nothing that would change in the crypto world. Why would Bitcoin be impacted by anything BRICS related? Them having a single currency doesn't seem to have any type of long term impact on crypto itself and should be staying the same.

Any totalitarian countries, have a mandatory second and third component: corruption and lies. And this is a systemic process. Yes, in China they say that even thousands of corrupt officials are punished, but ... here again as about Chinese gold - no one knows who really went to jail, and whether he really committed the crime of which he is accused !?!?
The second, and I would say the most powerful example is Russia, where there is total plunder and total lies, both at the domestic level and at the level of geopolitics. They lie to others, lie to themselves, steal from others and from themselves. The only problem is that the West is playing loyalty and liberality again, and allows thieves and corruptors from totalitarian countries to enjoy all the benefits of Western culture and markets for funds obtained illegally....

Returning to gold - I do not exclude that Russia through the friends of the international criminal Putin, has long ago exported the main reserves of gold to the EU or the U.S., because they do not plan to live in Russia, and are trying hard to steal in Russia to go to the West.

the UK also did not disclose PROOF of how much gold was hoarded in the bank of england
the US also did not disclose PROOF of how much gold was hoarded in fort knox

I'm not denying it :)
But let me clarify - my question about withholding information was related to a slightly different topic. It referred to the phrase "like Gold, considering China and Russia have a TON of gold in comparison to other nations". Do you understand the difference ? The emphasis was on the fact that China and Russia allegedly have the largest gold reserves. Not Britain, not the US, but China and Russia :)
I will add moreover - whether it is China, Russia, Britain, USA, Japan, Indonesia, Paraguay, Burma, I am doubtful about such an indicator as gold reserves in the state reserves. There are a lot of historical facts that speak about regular falsification of these indicators ! Therefore, for me it is not important who says about their gold reserves, for a simple reason - they are actually not realistically verifiable.

I agree, this data you mentioned about is not really checkable. Third parties don't have access to prove it, that is why the image created by those countries remains acceptable and active. Even if the others suspect lies and plunder, they are not able to prove it with the common geopolitical means. Hence, they are forced to play this hypocritical game, because there is little chance that those images together with threats and accusations might be true.

NO, because even if BRICS countries create and print their own currency, it doesn't signify that the U.S. Dollar will merely disappear. The Dollar WILL continue to exist and remain to have demand in international trade. But if a BRICS currency does cause the price of Bitcoin to go down, it will give traders arbitrage opportunities bringing the price back up.

Plus the presumption that a BRICS currency would be an automatic success upon issuance is laughable.


No, the situation will probably be the same is the one we currently have today.


There's also some theories that Fort Knox doesn't hold any, or enough Gold, that's why the U.S. abandoned the Gold Standard because they couldn't pay the Gold owed to Dollar holders.

BRICS has a very good long-term perspective because it is seen from the population of the members of the BRICS countries themselves, especially in the future the market could get bigger, both in the fields of agriculture, oil and gas mining, industrial technology, etc. It also seems that BRICS will not take long to expand and will eventually weaken the dollar. Whether we admit it or not, if we look at the countries that joined the Brics, they all oppose the US, of course the aim of creating the Brics is to weaken the dollar which has been monopolizing too much of the world with its dollar.

As for the impact on bitcoin, I don't think it will have any effect because bitcoin and Brics have different goals. After all, Bitcoin is a currency that has unlimited freedom and no one can control it. So there is no need to worry too much about BRICS, BRICS' presence is only to fight the dollar.

the gold standard was mainly used as the base conversion for INTERNATIONAL trade from 1870
it slipped in and out a few times (early 1920's, 1932-1944) and finally permanently depegged/terminated in the 1970's

the reason was, USA becoming the dominant super power of international conversion but wanted to inflate its position to insure super power status continuation and couldnt do that while pegged to gold.. so they invented a new peg SDR (aka petrodollar)

and its this petrodollar that brics are fighting to get away from. not USA's gold.. in short its not a gold fight

brics are not moving back to a gold backed system. they are inventing their own CBDC per country of brics.. where they can issue new currency each and inflate/deflate all they want from their central banks.. and then convert by a master bridge network, not involving gold nor petro dollar as a medium. but straight barter/forex

in very short we will see the amero group using IMF tools as their international bridge.. and the brics group using BIS tools as their international bridge

I think that BRICs is heading towards fiat failure and quite quickly. Especially Russia. The people will see Bitcoin as a safe storage of value and attempt to invest while they can, however they can. Even if the country decides to "make Bitcoin illegal". As China and India have tried to do and failed on many occasions. Brasil is looking at their El Salvador and Mexico neighbors, who are making exciting strides towards Bitcoin (El Salvador has recognized Bitcoin as legal tender and Mexico has been showing signs of doing the same in the near future).

We will definitely see some exciting news about Bitcoin from BRICs in the upcoming months/years. Of that I am certain.

did you know new assets are free from regulation.. like pokemon cards
like alcohol pre 1920

but for a government to be able to (control)licence and permit it, they first need to ban it, and then list exclusion reasons why someone can be permitted..

did you know america also banned bitcoin.
US done it overnight and unnoticed (see: bitlicence)

other countries done it covertly over a bit more time.
while china just big announced the ban.. and are taking time to write out the regulations to permit it.. but slowly you see them doing it. just not yet

as for those thinking that china cant survive without the US

did you know that india has more population than the US, UK, Europe put together
so china just needs to do more trade deals with india to offset losses from US, UK, Europe
add in south america. means china can gain customers
add in africa means china can gain customers

thus no need to cater to US,UK, EU to survive

BRICS is a rather feeble attempt by countries to overturn the US petrodollar... not gonna happen. Its pointless really because to trade with any non BRICS country they have to resort back to the US dollar. And even if they use a gold backed currency US owns the largest gold reserves in the world.

What is your source for this? I haven't heard anything that is noteworthy. Plus wasn't Bitcoin banned like 10 times in China. And I'm pretty sure Saudi Arabia has a ban on it too. So in short no it won't influence Bitcoin.

In comparison these countries have nowhere near what the US has. https://www.gold.org/goldhub/data/gold-reserves-by-country

Bitcoin is doing very well alongside the Existing powerful currencies like the US dollar, so if the BRICS nations were to create there own currency and perhaps reduce the use of Bitcoin, I don't think that it'll have any major impact on Bitcoin. Maybe for a short term but eventually Bitcoin will recover and pick up again, because it's only on the national levels that Bitcoin usage will be affected, but millions of their citizens can still go ahead in holding Bitcoin.

Remember that more people are being more aware of the potentials of Bitcoin as a decentralized digital currency that gives them privacy in transactions and a valuable investment asset, so if a few drops Bitcoin and more adopts it, then it's a win for it.

And even one upping that, we could say that we are talking about something that is regarding crypto, not dollar. Lets assume that dollar gets devalued, lets assume that in a dreamy world for BRICS nations, dollar is no longer the most powerful one, nor Euro is, lets assume that Brics is the most used currency. Does that really change anything for bitcoin?

It would worth more dollars, but the purchasing power would be similar. Imagine that part, and you will see that BIRCS currency will not change much for bitcoin, it would not really make you be able to buy more with bitcoin, it would keep the purchasing power similar, give or take. There is always a need to buy more bitcoin for bitcoin price to go up, that's the only way.

In my opinion, it is not a decline, in fact Bitcoin will experience a quite significant increase. Because if BRICS creates its own currency it will certainly have an impact on Bitcoin, with the development of BRICS its currency, Bitcoin has the potential to experience great growth in the future. As we know, although Bitcoin does not have a direct relationship with the BRICS currencies or the US dollar, Bitcoin is clearly influenced by both, this can be seen when the dollar weakens, Bitcoin rises. So, bitcoin will continue to grow as BRICS weakens the dollar. Apart from that, Bitcoin also benefited from the decline in the value of the US dollar due to the presence of BRICS which caused the price of bitcoin to increase.

It won't work with India because India is basically China's competitor that wants to replace it to to trade with each other. So the trades between them can not be high.
You are correct about the rest of the world though as China is working globally.

Something interesting to point out is that US,UK,EU need China and their colonies to survive. For example the day France loses its African colonies is the day that it becomes a country weaker and more destroyed than Afghanistan! Or for example if China stopped its exports to US completely today, tomorrow US economy would be crippled with severe shortage of strategic goods leading to domestic chaos.

india is the fashion nation china needs, china is the tech nation india need
both dont need usa to survive

just based on number of consumers
(US,UK,Canada,EU)          340M+70M+40M+450M = LESS THAN india alone
china can drop uk,us,eu,canada 100% and live on serving india more
add in south america, africa, middle east, rest of asia and the brics wont even notice the US(lack of)

That only works when everyone in India can be made into a chinese tech customer and stop buying products from western companies.

They're not gonna buy tech stuff from China if the majority of the tech they are buying comes from Apple, Samsung, Sony, etc. Temu, Shein and AliExpress are taking ground here but it's not enough to make the average person flip.

It's harder than you think.

this topic is about brics right... now tell me the 'I' of BR'I'CS
if brics really does rally together to not rely on the west.. the I will use the C

not sure why you dont see how the likes of Xiaomi phone brand in india suddenly jumped in demand. and how sony is not even close
heck sony is not even in india's top 10 popular phone brand

France becomes weaker and more destroyed than Afghanistan? Simply, how do you predict that? French has great universities, educated population, good infrastructure, good logistics, good doctors and many other benefits over many other country, especially over Afghanistan. There is simply no way that France will become weaker or more destroyed than Afghanistan, there is simply no way unless nuclear weapons explode on their heads.
By the way, what will happen to China if America stops trading with them? Won't their economy be in severe trouble?

What do you mean in a fashion nation? Clothing/shoes manufacturing? And that's all India needs to fulfill China? And how are Indians going to buy Chinese goods? EU, US and allies have too much power to ignore.

Are Indians able to buy new smartphones every year? Or are majority of their population able to pay a lot of money into it?
There is a big difference between BRICS and US/EU. I have never seen someone leaving EU or the USA to move in India or Brazil to start a better life while millions of people move from BRICS to US/EU to survive and feed their families. There are so many things that people ignore.

It would be a bit of an exaggeration to say that France would be more destroyed than Afghanistan when it lost its African colonies, but it cannot be denied that with the loss of its African colonies, France would be somewhat weaker.

As for China and the US, both will be devastated if they stop trading with each other in all fields. In my opinion, although BRICS and the US will confront each other in many fields, our world is a chain and each country is closely linked in certain aspects. Therefore, they cannot completely cut off contact with each other in all fields no matter what happens.
China needs the US to be able to export goods and vice versa, the US also needs a large supplier of goods like China, it can be said that both need each other to survive.

The creation of BRICS currency as an alternative to Bitcoin is a kind of fantasy or unrealistic. If countries want to unite and introduce a single currency system the influence of the largest and most powerful economy must be accepted. Apart from the core BRICS countries other countries are also doing business in local currencies. But creating an alternative to Bitcoin would be an attempt to change the structure of global governance in general terms.

I think you misunderstand the motivating factor for the establishment of this group, they do not want the participation of the strong Western countries.

They want to establish a "New" competition for the Western dominance by the West over the global economy. Those coutries misused their "power" according to them to advantage their own pockets.  

Situation in Afghanistan isn't bad because they didn't have great universities, doctors, infrastructure, etc. Have you even seen Afghanistan before the foreigners came to fight their wars there? It was one of the most beautiful and modern places on earth at the time.

Europe without colonies goes back to dark ages, the most recent one was the 20'th century. Each year with wars amongst different regional powers that destroyed each other. The only time they haven't been at each other's throats has been over the past couple of decades after European War 2 (aka World War 2).
So yes, I do believe that France without its colonies (eg. if Africans keep kicking them out and most importantly if they can get rid of the colonization tools such as the plague called Franc) would be on a devastating path starting from devastation of its economy and followed by regional conflicts. Wars that would destroy all its infrastructure just like what the colonizers did to Afghanistan.

It will crash hard but it will survive because US is not the only export target China has and Chinese economy and GDP as I keep repeating is not a Ponzi Scheme like US economy is, it is based on actual domestic production.

The "fight" that you guys have about UK or USA or basically just lets say "west" to nations the in the east, such as Russia and China, is lovely to see by people who are not from any of those nations. I suggest you keep that up, we love it when West fights East, and vice versa, it benefits us the most.

I do hope that USA economy crashes, I also hope Chinese one too, and UK too and Russia too, when that happens, it always benefits us from smaller nations, at least nations that are not that big. We benefit from the crumbs when the cake is gone, and if it is like this, I am all for it. I believe that the reality is that crypto will be getting greater and greater, we are going to keep seeing people invest a lot more to it.

1. the BRICS was not originally an "alliance against the dollar", it was an alliance "for regional development". It is enough to read about the history, goals.  But then, somewhere in the last 2-3 years, China started to actively stir up information noise about "de-dollarization" and quietly began to promote "yuanization"/ It was at this point that BRICS turned from a union, an economic union with good potential, into a political squabble and a club of saviors of the Chinese economy. As a result, they lost the unity of goals and prospects for consolidated development, which is now well observed. Argentina has left the union, India does not want China's hegemony, China is not very successful in pushing its yuan...At the same time it is quietly accumulating dollar reserves and US government bonds, while continuing to incite everyone else to give it up :) I think many people have already realized WHY China is doing this.....

2. Regarding the real reserves of China and Russia - no one doubts that there is a huge gap between their statements and the real state of affairs :)

Yes, let all the major power's economies crash and all the smaller nations start fighting with each other which will lead to World War 3. Great idea after all i must say. This will also help to reduce the over population problem of the earth. A powerful nation is essential to keep stability in the world because just think what North Korean would do if the USA didn't exist. south Korea would be no more and japan would also be in danger do you think little kim would stop there?

If the USA economy crashes it will create such instability in worldwide economy that we don't know its aftermath. Crypto will also be affected because there is so much USD inflow in crypto than other currencies.

might want to check the BIS website.. not social media
its not a YUANIZATION
its not a scenario of all countries using the YUAN
its instead multiple CBDC collectively swapping via an m-bridge with no single "reserve" master currency
each country has its own CBDC

If USA didn't exist or hadn't meddled in that region, the conflict there wouldn't have gotten to this stage and Japan hadn't been nuked and occupied all these years not allowing them to even have a half decent military so they wouldn't have been in any danger to begin with :P

Most likely it will happen in the near future. The world is changing, it became obvious a decade ago, but it became even more obvious after the beginning of the full-scale war russia started against Ukraine. The big countries feel their power, might and even right to invade smaller states. The result of these wars will show how exactly the situation will unfold further. We don't know the aftermath, that's for sure. But what we know is that the world cannot exist no longer the way it has been for the last 60-70 years, when it was obvious which country was a global leader and mentor. This role is more vacant now than years before.

To some degree they'll probably move the bitcoin market but they're still in infancy so I don't think that they're going to influence too much but I think they'll affect the world market even more than the bitcoin market so it's not really a problem for us anytime soon.
If US didn't stop the rampage of Japan in the Pacific theatre, there's a possibility that Korea wouldn't even be a thing anymore because Japan would've kept a foothold there for so long that we would've just accepted that Korea is just a part of the Imperial Japan. I feel like there's been a lot of apocalypse events that would've happened if the US didn't interfere at some level, even if we were to say that they're an opportunist it's still a good thing that they somehow intervened, I mean imagine a world rife of communists.

The tens of millions of people who were murdered by US regime's interventions across the world would disagree with you.

Yeah we don't have a world with communist ruling it, instead we are witnessing a world where imperialists and colonizers took over. Their most recent murdering rampage is a genocide that is still going on inside Palestine where in the past 100 days they're leaving behind 1000 casualties every day, half of them are children!

Tell me - what is your benefit, for you and your country, of the collapse of the economies of China and the USA ?  Just please elaborate - what will happen, what will be affected, what positive aspects will be for you/your country. Also please tell us how you assess the risks of the world economy, after the collapse of the economies of China and the U.S., and why it will not affect your country, of course - negatively will not affect ?  I would like to understand what your country's economy can give to the world, in the absence of the above two, given the real problems of the world ? :)

I don't think the brics has may plan to create a currency that would be able to compete with the US dollar. The creation of the BRICS is for countries to reunite and tackle to excessive sanctions that United States government is using to tackle countries that do not succumb to there idea or instructions. The United States had been exercising her power attacking other countries that do not want to support their ideas. The BRICS is just need and I think with time the countries in the association had been planing of ways they could dish out the USD so that the influence would not be too excessively used against smaller countries or countries that do not have the power to fight for themselves.

I agree, English is not my native language, and maybe I did not convey the main idea very well. I will try to explain it more simply. I wanted to say that over the last 2 years, China has been trying to promote its yuan to the BRICS countries, while actively promoting another topic - de-dollarization. You can simply find information in the interval 2022-2023, where China, at every opportunity, says "let's transfer settlements between us - in yuan", "our strongest economy is behind the yuan - it is more stable than the US dollar", "the dollar is not stable, the yuan is more flexible, we will help you all" - these are their open proposals. But what I completely agree with you - China has been suggesting other countries to abandon the dollar, while not abandoning the dolar itself !
A good example is when China sold the "very stable yuan" to russia for, you guessed it.... DOLLARS, after which, in 3 months the yuan suffered a very bad inflation. Losses of Russia - tens of billions of dollars, respectively - the same level of income of China, on the very process of "dedollarization".  :)

the media speculation of "use yuan" is not a BRICS plan. its a separate thing regarding the "Belt and Road Initiative"(BRI) also known as "new silk road" project.
whereby china gave out loans to many countries to construct seaports, highways, etc. but those loans were to be repaid in USD. china wanted them repaid in Yuan.

media mis-interpreted a multinational construction project(BRI) with the BRICS commonwealth project
(2 separate projects with similar abbreviations, but have different scopes of function)

I'm not arguing, your opinion has a right to life, but...I disagree. I know a different story, or I judge a story by other FACTS :)
1. What I completely agree with - yuanization is definitely not a BRICS project. It is a FACT !

2. Let me clarify again - it is a project of China to save its economy. And I must give credit to China, it behaved extremely cunningly - supporting and inflating the topic of BRICS dedolarization, it "in a friendly manner" offered its own solution - "let's make yuan the inter-union currency of BRICS". This is also a FACT !
What is pleasing - not all the governments of the member countries turned out to be fools, and would have realized this "friendly help"

3. China makes loans in yuan, and expects repayment in yuan. Logically, this is also a mechanism for "exporting inflation". At the same time, do not forget that China also issues loans in dollars and demands repayment in dollars. And in this case it uses a very clever mechanism, I have already described it - the loans are essentially returned immediately, the obligations remain on the one who received the loan, and often - the object of investment, then, by "coincidence" gets China a small percentage of its value. The "perfect example" is the construction in Sri Lanka, with the involvement of "Chinese investment", read what global problems it led to. And this is not the only such "Chinese investment project in friendly countries".  It is also a FACT

DrTroll is twisting every fact like always but also I have to say it's not just about the Belt and Road thing as you said.
You see BRICS is also an economic bloc to address the flaws in the previous unipolar world where for example a country that needed a loan had to beg US regime (ie. IMF regardless of what I stands for) and then US dictated a lot of things in that country's domestic affairs and at the end even after the country complied they didn't receive the loan in full and they also had to end up paying back a much higher amount since US decided to increase interest rates which would bankrupt that country even more.

For example take Pakistan, a couple of years ago they needed a loan from IMF specially after the flood. US demanded a lot of changes in their country that included increasing the gas price that crippled their economy even more. After complying with all of them, they didn't even receive the full loan!

Now enters BRICS and of course big economies like China with a ton of money to give out as loans. Now these countries can easily take a loan from BRICS and not have anybody meddle in their domestic affairs like forcing them to increase gas price to get the loan! Or replay a higher amount back because China increased their interest rates. Since BRICS currency is not created yet, they take the loan in something like Yuan. They use the loan for anything they want though, not just for B.R.I.

This is a win-win situation, China is strengthening Yuan while weakening Dollar and the win-win situation is at least for now until the New World Order is solidified.

On a matter of contemptuousness, average individuals from the BRICS would have such as an opportunity for profitable source without on a private note without undermining what the biased visions of their BRICS government thoughts might be.
But a tussle of economical bridges amongst both the BRICS and the US, I wouldn't think of rh BRICS government would ever be submissive to adopt the system of the Bitcoin. I can bet there could be something cooking behind of the BRICS in alliance with such related zones that frowns against the capacity of the US $. Probably it would take time to be revealed. And the US would definitely not sleep on board while they are suppressed in due time neither would the BRICS and it's alliance give it up a loyalty to the US $. This would really cause a global panic and clearly without being sentimental, an unjust and uncalled-for and unnecessary awareness of power tussles.

It seems like he's anti-superpower, I get his point of view in his other posts and bigger glasses (not just to his own country).https://bitcointalk.org/index.php?topic=5473385.msg63162743#msg63162743
But I think it's too much to pray like that, most of their wars are based on government commands and not all of their people vote on those decisions. Meanwhile, the economy crissis is a pain for all people.

you might want to do some research.. i can back up my stance..
i already told you to research the BIS to see the actual plans for BRICS ecomony..
i already told you to research the BRI to see the "silkroad" deals are not related to BRICS membership

once you can see they are separate deals with separate function, purpose, goals, financing, economics, etc.. it becomes clear

brics:
is a multi-CBDC connecting via a m-bridge of forex barter of each CBDC independently. with no middle/central reserve master currency (thus not yuanization)

BRI:
the media news of china demanding every country(100+) repay china in yuan. is not limited or related to the brics nations. if you research more you will see its to do with loans china did with many countries(over 100(thus not brics specific)) in regards to the trade deals of developing the "new silk road"(BRI) .. where china as a independent state financing the BRI(not brics). want their loans repaid in yuan for the separate BRI project(unrelated to brics)

it is funny to watch you say that if china are handing out yuan it must be BRICS.. but then say brics is not invented yet so yuan is brics equivalent.. as your bases to pretend that BRICS=YUAN (facepalm)

rather then realise the different economics and trade deals are at play for the different projects

the BRI is not limited to "brics" memebers. so not related to brics
 

That's not what I said. Your are not wrong about other stuff either, you are just too focused on BRICS as a currency as opposed to seeing the bigger picture where BRICS is the up and coming economic bloc that China, as one of the biggest members, is trying to expand and strengthen by getting more members in. Part of it is de-Americanization and de-dollarization.

A lot of these countries do not have enough independence to make such a big decision, mostly because their money is tied up in some Western banks. Like the situation with African nations and France or Iraq and US! Giving them loans (financial aid) and other helps with building infrastructure, etc. gives them a little bit of that independence to make such decision like joining BRICS.
Besides some of those countries receiving loans from China don't make sense as part of B.R.I. like West African nations or a country like Pakistan that was left out of B.R.I. and yet receives the loans from China.

So I say again: it's not only about the Belt and Road thing.

they are not creating an alternative of bitcoin. they are creating an alternative of Euro and USD. I don't think they claimed anything like that. but by the look of that. it is more like a join currency of BRICs Like Euro.
Creating an alternative of Bitcoin is not a new thing. we alreadh have thousands of them. they are Called "Altcoin" if you don't know  ;D ;D

how will the falling economy of big countries benefit small nations? I am not understanding what you are trying to say. I don't think falll of those countries would benefit small countries. there are a lot of countries who are dependent on the loans and financial help of these countries. if they fall then these countries will suffer too. and other countries will Indirectly be affected as well.

Certainly it will not. You also can see why most people voicing their believes are not leaders of any kind. They just voice their opinion.

This suffering only occurs and applies to small countries which very often depend on large countries before any collapse occurs. Because there are also small countries that do not depend on big countries in any way, so the fall that befell big countries will not have an effect on small countries that do not have loans and financial assistance from these countries.

As long as the opinion is reasonable and has actually happened, I don't think it's a problem to express it because in any discussion very different opinions can emerge. However, in economic terms, especially in BRICS, of course there will be an effect caused by the increasing number of countries wanting to join BRICS, because this will also give rise to currency competitiveness in a quite subtle, but very definite way. So many countries are now starting to explore this so that they don't always depend on the US dollar.

Everything you write is TRUTH, and a real situation. I'm not disputing that. The problem is you don't hear what I'm saying. I'm talking about a completely different process. The process that BRICS did not start, but the process that CHINA tried to start :)

Look at the information on foreign economic transactions among the BRICS members, for the first half of 2023. China has been extremely active in promoting the yuan as a substitute for dollars, primarily to rogue countries that have problems with the dollar. And China offered them - let's trade for Yuan. We pay for your goods in Yuan. And we supply you with those goods that you cannot buy for dollars due to restrictions, and you will buy them for yuan. Do you realize what this game leads to? China "drains" depreciated yuan, buys for them as many goods as it wants, which it can then re-export for dollars, for example. Also the countries caught on this hook, bind themselves to the Yuan, because buying for Yuan is not only an exchange of bills for goods, it is also a restructuring of the banking system ... Also, China has repeatedly proposed to use the Yuan as a currency for mutual settlements within BRICS. China has proposed, not BRICS, let me clarify again :) China's excuse was that it has "the most powerful economy". So there are no contradictions in our dialog, as we are talking about different events !


"BRI:
the media news of china demanding every country(100+) repay china in yuan. is not limited or related to the brics nations. if you research more you will see its to do with loans china did with many countries(over 100(thus not brics specific)) in regards to the trade deals of developing the "new silk road"(BRI) .. where china as a independent state financing the BRI(not brics). want their loans repaid in yuan for the separate BRI project(unrelated to brics)" - About China's loans, that's a separate topic :) I'll just leave one word and you'll understand exactly what it's about and what "Chinese loans" really are :)

this is where you are getting confused

this topic is about brics..
this topic is about the layout of brics economy
you can research it. the BIS(bank of international settlements) is heavily involved in it

china is not proposing a yuanisation of BRICS as a master single reserve currency.

..
side projects/individual contracts like BRI and trade deals with russia are loaned in yuan instead of dollar. but thats private contracts with china-russia

other side economics of russian sanction evasions where russia are using the yuan. much the same as paranoid bitcoiners use XMR. this does not mean XMR is going to replace bitcoin.. its just russia are using yuan as a stop-gap to do international trade outside the watchful gaze of the UN-US

the de-dollarisation is not the same as yuanisation
even china are not seeking to become a eastern world "one world currency" they have plans for individual CBDC per country with a barter/forex m-bridge in the middle

---

did you know that for decades western media were stupidly saying how chinas currency is all controlled via one app that has everyones life story and social media and medical history where everyone is rated and their accounts can be stopped for anti social behaviour by "tyrant china"

and that story is easily debunked by anyone going to a currency exchange kiosk and asking for yuan.. no registration or life story needed

..
im british and my ancestors as far back as i can research were. but even i can see passed the western media and look at real source info to realise china is not doing what western media portray

heck did you know there are more mexicans locked up in US detention camps than uyghurs in chinese camps
..
look passed the western media exaggerating the russia-china deals and private contracts of independent countries to some how be BRICS plans
and instead look at the actual BRICS plans

I see no competition coming here between the BRICS nations currency and Bitcoin. So far, the BRICS currency isn't going to be limited in its supply as Bitcoin, and besides, Bitcoin is a cryptocurrency and the BRICS currency is a flat currency. Furthermore, Bitcoin is an investment opportunity, a store of value and the only freedom form of money we have, Therefore when compared both currencies, Bitcoin is more secured because of its decentralized nature over the centralized nature of fiat currency.

   BRICS
What excites me more is the mentioning of bitcoin.The BRICS is trying to promote their stability and functionality amongst us,just so it can prove how capable and effective its adoption will create.BRICS will go through or face some challenge from the growing size to its influence with other countries.BRICS is a centralized currency,while bitcoin is a decentralized currency so if there should be any influence or support it is from bitcoin to BRICS.

Moreover,the BRICS nation is trying everything in their power to trend more or increase a phenomenal existence and it will take a very long time and effort to adapt to their strategies and economical system.
But BRICS can collaborate with bitcoin as they may improve or influence the global economic activities.

I think the only way is to work in hand with bitcoin to alleviate this fait controversies in countries,fighting money laundering issues and be more focused on finding a solution to execute a better plan to enhance financial technology.Thus,partnership and joint agreement can shape the future of the cryptocurrency industry and the BRICS countries.

It is similar to the euro But I don't think it affects the Bitcoin or other cryptocurrency assets

Besides that BRIC has a lot of differences countries so I don't think they will move to the newly created fiat because different countries meaning different rule and different economic and they not at the same island as Europe did.

But I highly agree if BRICS member use their own currency to other bric member and this might hurt the us dollar

It's not so much a matter of common, same land as it is a matter of common values. The BRICS countries do not have a shared value field. They are united only by the desire to resist the global West, and the United States as a leader. They rallied around this idea, but overthrowing a leader requires a replacement, and these countries cannot agree among themselves which of them will become the new leader. Therefore, the basis for their union is shaky.

its a union not a leadership
each country has its own cbdc

Yes, exactly. I don't think we need to think too much that the presence of BRICS will have an impact on Bitcoin, some even say it will kill Bitcoin. Even though we all know the characters of the two are different. For example, as you said, the supply of Bitcoin is limited, while BRICS does not exist, in fact in the future it will be like the dollar currency, because the presence of BRICS also wants to weaken the dollar, not bitcoin.

Given the current state of the dollar, politics, inflation, etc. BRISC will also be like that in the future. So the best strategy to build wealth while protecting against losses is Investing in Bitcoin and keeping a small amount of fiat money will be more profitable in the future.

Maybe it is a union right now (I doubt that, but let's suppose). It can be a union until their goal is reached. Which is to overthrow the USA from the leader position. But after that (if it even possible for them to do, of course) they will find themselves in a situation where they will have to decide, who exactly will replace the USA as a leader. And it makes all the question to be about leadership.

de-dollarisation does not = yuanization

imagine this
replacing IMF denominated in $$, for a new BIS structure of settlements in dozens of CBDC
instead of everyone moving funds into USD bank accounts at IMF
brics countries will use a m-bridge(forex esq) where there will be dozens of reserves of different currency

I know that de-dollarisation does not = yuanization. But it doesn't mean that BRICS countries don't make efforts to change the balance of power. And also what I meant was that not every country in the BRICS structure believe that it is China that has to become this new leader instead of the US. They don't have agreement within themselves, and that is what makes them unstable.

The biggest error the BRIC countries commit is to believe that by leaving the $ they will be free.
Dependencies is what the global econnomy is about, one dedends on the other. 

there is no single country becoming leader...
it is like instead of being run by an empire. they are choosing to become a commonwealth

Yeah, sure, autocratic states like russia and China are choosing to become a commonwealth. That is ridiculous. All of their policy is build around the idea of opposition to the Western world. Both in terms of values, religiously and traditionally, as well as military and economically. Moreover, they don't have an agreement about those issues within themselves as well. And the only thing that joins those countries is the above mentioned opposition to the Global West.

It may seem counterintuitive for autocratic states like Russia and China to form a commonwealth. These states, despite their political differences, recognize the benefits of economic interdependence. By forming a commonwealth, they may aim to create a more stable economic bloc that can counterbalance Western dominance. They may view the formation of a commonwealth as a response to geopolitical realities.

They might believe that aligning themselves with like-minded nations can enhance their geopolitical influence and act as a counterforce against perceived Western hegemony. In this view, the commonwealth could be a strategic maneuver to reshape global power dynamics. They may believe they can better address shared security challenges, even if they disagree on other issues.

Autocratic states might argue that a commonwealth provides a platform for preserving and promoting their unique cultural identities in the face of what they perceive as Western cultural imperialism. Critics may still assert that the primary motive behind such collaborations is opposition to the Western world, but proponents might argue that there are additional, pragmatic reasons for forming a commonwealth.

OK, let's say that China does not offer the yuan as an alternative to the dolalr and as a BRICS currency. Let's go back to the BRICS currency. What do you think could be the BRICS currency? I assume that it should be similar to the project in Europe, which started with the ECU and then turned into a full-fledged EURO currency. What do you see as an analogy for the BRICS economic union ? One subtle nuance - what and how will the value of this currency be ensured, as this is one of the key points for the formation of a stable union currency ?
Why did I ask this question ? Is it about the fact that the BRICS alliance has countries with both complex economies (which someone has to "support") and countries that are almost isolated from the developed world? In Europe it was much easier in this sense, at least there were no "isolated countries", and weak economies were easily and powerfully financed by the power of the leading economies of the union.

Whatever they (BRICS) do, remember that it is the people who use Bitcoin, not the government. Until now we have seen big countries using Bitcoin as their opponent, but Bitcoin is still strong and there are still many people who use Bitcoin as a tool for transactions and trading.
As far as I know, all the countries that joined BRICS already have their own CBDC, but what happens is that people are not interested in it and prefer to use Bitcoin or other crypto assets rather than using the CBDC that the government issues.
bitcoin will remain strong, even if BRICS does not adopt it, they are afraid to fight bitcoin strongly and suppress, against bitocin = against citizens.

On the surface, creating a global currency to rival the USD might seem like a lofty fantasy. The US dollar's dominance is deeply entrenched in the global financial system, and any challenger would face significant hurdles in terms of adoption, infrastructure, and trust. However, viewing the BRICS initiative solely through this lens overlooks the broader geopolitical and economic context.

While directly challenging the USD's dominance might be difficult, a BRICS currency could gradually erode its influence by offering an alternative for intra-BRICS trade and potentially attracting other nations seeking to diversify their financial holdings. This could contribute to a multipolar financial system where the USD's dominance is less absolute, creating a more equitable and balanced global economic landscape.

A common enemy has always been a good reason for creating coalitions, even short term ones. If you check the history of each of these countries, their main threat has always been the "West". Off the top of my head I can name some of them like Napoleon threat to Russia in the 1800's, Nazi threat to Russia in 1900's and NATO threat to Russia in 2000's. British threat to China in 1800's (Opium Wars) to today's NATO threat to China through Taiwan.

When you manipulate, do you assume everyone else doesn't know history ? :)

I'll give you a history course!

- 1939. Nazi Germany, together with the bloody communist regime, attack Poland. After that, the communist regime of the USSR attacks Finland and some other countries. Together and with the SUPPORT of Nazi Germany.

In 1939 there is a joint parade in Brest.
After the massacre in Poland, which they jointly organized there.

The parade on Red Square on May 1, 1941 was held on the 75th anniversary of May Day. The Soviet leadership wanted to demonstrate its military might to the world community. Nazi Germany's General Ernst Köstring and Colonel Hans Krebs were present in Red Square.

Until June 1941 the USSR trained and prepared tankers and pilots for the Nazi army !

And then the Nazi-communist friends quarreled, because someone decided that he could afford to violate the agreements. By this trait we can easily recognize the USSR/Russia :)

- "NATO's Threat to Russia in 2000". Nothing more delusional can be invented, you have outdone all manipulators :)

since the noughties, such events have OFFICIALLY taken place:
- Signing of bilateral agreements on joint work between Russia and NATO
- Putin personally voiced the idea of Russia joining NATO (easy to find - the truth cannot be deleted).
- Since 2003 Russia has opened several NATO bases in the framework of cooperation with NATO and provided them with all necessary assistance. The most famous base is the NATO base in Ulyanovsk, a major NATO transportation hub in Russia. Which was allegedly threatened by NATO. When you are making up lies, try to do your favorite "job" more qualitatively  ;D

---

After exposing the primitive and willful lies, let's return to BRICS and the facts.

Argentina clearly pointed out the key problem with BRICS, which was conceived and implemented until 2022 as an economic union - "BRICS is more related to the political balance than to the advantages that the bloc can provide in trade between countries," - explained this decision Diana Mondino, who became the head of the Ministry of Foreign Affairs of Argentina under Milieu. I am sure that other countries will understand this nuance and will take measures not to become hostages and means for manipulation of some not very honest members of this union.

you keep assuming "currency" singular
like previous posts you pretend to agree with everything i say then flip back to making speeches about a singular currency!

anyways
no not a EU STATE emulation. not a single reserve currency emulation..
it will be a commonwealth of sovereign countries using their own new modern independent currencies individually.
much like australia, england, canada.. all have trade partnership deals but have their own currency

each country having their own CBDC which forex barters at a exchange called an m-bridge

it wont be like a single fund of a single currency( meaning not IMF style reserve)
it will be more forex emulating and international settlements of each countries own reserves of their own currencies

you might want to check out the BIS where they have lots of reports of different CBDC's and the M-bridge

Okay, let's accept your concept as true. Then let's start getting more specific! Question:
1.What do you think the BRICS alliance is? Is it an economic union? Is it a political alliance? Is it a mix of the previous options - then specify the shares of economic and political "weights" in this case ? Something else - then specify !
2. The topic of this thread is called "How will the BRICS currency influence Bitcoin?".  "currency" is "currency" but not "currencies".
Then the question is - what can we discuss about the BRICS currency ?  What kind of currency is it ? :)

You can always interpret history however you like but it won't change facts ;D

Russia, like a lot of other countries, decided to eliminate the colonizers' threat by joining the globalization bandwagon. That meant begging to join NATO, the economic relations with Europe that included selling them super cheap gas, etc. Sooner or later they all realize the colonizers don't want to add new members, like the truth Turkey faces over and over including recently when they outright told Turkey that "they're not worth it and can never join EU"!

It's funny how you had nothing to say about other threats I mentioned in my tiny comment regarding history and could only come up with the NATO related propaganda :D

again for the dozenth prompt.. not my concept. you might want to finally take some time to look at BRICS and BIS and read stuff away from social/mainstream media.. you will learn quicker by reading source material compared to asking questions on social media and waiting for others to spoon feed you answers
so please look at some source material that not just some news media site

anyways
its not going to be centralised politics (so not EU model)
its more about trade deals and mutual cooperation.. more of a commonwealth
EG not full on united laws, cultures, policies, but sharing of things like if criminals get extradited and knowledge sharing
they form their own agreements

i think i have told you this a few times now.. so please dont keep asking. and instead go look for some source information

The BRICS countries opened a can of worms, when they started to make noises about developing their own currency and also starting to settle payments with their own currencies.

This has a psychological impact on global trading and also in the dominance that Western currencies had over all those nations that used it.

Your smaller developing countries now has an alternative global reserve currency and also the opportunity to strengthen their own local fiat currency.

This is a big gamble, but if it succeeds... Western dominance will be reduced.

It doesn't. The "BRICS" coin would be in essence the Yuan (Remimbi), the rest of a theoretical pot of coins that would combine into a BRICS coin are either not very useful due to their inestability or they would be insignifican in comparison with the trade volume that China has with the whole world. I do not see Ruzzia yielding to getting paid in Yuan nor the opposite. Not easy thing.

When you write something like this, insert before the text the phrase “I don’t care about reality, about facts, I live in an alternative reality,” and then your posts won’t cause uproarious laughter :) Colonizers, globalization, cheap gas, ... - just a selection of words from propaganda manual... They have forgotten about reptilians and the global conspiracy - if only there was a complete picture :)

Regarding "It's funny how you had nothing to say about other threats I mentioned in my tiny comment regarding history and could only come up with the NATO related propaganda"

Well, let's look at your "facts"? :)

"A common enemy has always been a good reason for creating coalitions, even short term ones. If you check the history of each of these countries, their main threat has always been the "West". Off the top of my head I can name some of them like Napoleon threat to Russia in the 1800's, Nazi threat to Russia in 1900's and NATO threat to Russia in 2000's. British threat to China in 1800's (Opium Wars) to today's NATO threat to China through Taiwan."

1. “the main threat has always been the “West”” - do you want me to refute nonsense? :)
2. “Napoleon’s threat to Russia in the 1800s” - you should read history, what were the causes and consequences of this conflict :)
3. The Opium Wars - an ordinary war of two empires - between the British Empire and the Qing Empire. Before blurting out such “facts”, do you at least study history? :)
4. Taiwan, its independence is now threatened only by China. The USA does not threaten China, the USA supports the independence and right to self-determination of Taiwan :) You have big problems with the cause-and-effect relationship, I have already drawn your attention to this more than once :)

Question - why did you so silently miss the history lesson where your FAKES are broken? Can you refute what I wrote? :)

side note
china developed many "free trade zones"
which opened china up more then some western countries that want to control trade.

heck even the UK brexited EU so that the UK can set up its own freeports to emulate chinas free trade zones
yet the UK is still having issues setting up freeports even now years after brexit

UK freeports are a gimmick compared to chinas zones.. UK freeports are just a industrial/business piece of land, only from for a few businesses to manufacture/repackage goods

china offers better independence of international trade..
but western media love to find small nuggest of negativity about china, as their whataboutism to hide the westerns issues. but dare anyone point out the whataboutism to reveal the issues with western countries. topics end up spiralling into patriotic arguments of who can show western adoration more. and the facts get dismissed and replaced with admirations

The BRICS currency is designed as a currency that will facilitate transactions between member countries which will replace the dollar or the country's local currency. So in the future, by using the BRICS currency, BRICS members will be able to carry out cross-border transactions without needing to use their currency or dollars as a contract. The purpose of the BRICS currency is only to disrupt the dominance of the US dollar or the use of local currencies in transactions across BRICS member countries, it will not interfere with Bitcoin or other Cryptocurrencies because from the start the BRICS member countries did not use them in their transactions.

there is no brics currency (singular)
BRICS plan on a multi currency model

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”).

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!!! ;D
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

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)

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...

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 (https://en.wikipedia.org/wiki/Set-off_(law)) (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".

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

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.

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

https://talkimg.com/images/2024/01/29/k40tD.png

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

“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...

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.

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

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.

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.

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!

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.

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.

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

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?

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.

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