New currency from BRICS countries

[I_RodimusPrime]

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

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

[retreat]

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

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

BRICS wants to develop their own currency because they really think that it is time for them to be free from the dominance of the US dollar, in my opinion it has nothing to do with BTC or to manipulate the crypto market, because their main goal is to destroy the dominance of the USD. You can read about it in this article https://cointelegraph.com/news/russia-talks-up-prospects-of-brics-countries-developing-new-currency

[Solosanz]

How can a centralized currency can manipulate Bitcoin? can you explain?

It's about politic problem and it's called as dedollarisation where these BRICS countries not want to use or adopt dollar anymore. To be honest there's no problem to Bitcoin because Bitcoin price isn't pegged with any currency and it's can't be manipulated.

[CoinEraser]

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

I see no possibility of manipulating Bitcoin in this announcement. Certainly it would have been nicer if they had agreed to use Bitcoin instead of creating a new currency, but unfortunately that didn't happen. If a new currency is actually created, it will tend to target the US Dollar and Euro in order to weaken these two currencies. As the BRICS countries want to back their new currency with gold and other rare-earth elements, it could become a strong currency. Surely you will be able to buy Bitcoins with it at some point, but I don't see any danger for Bitcoin. But maybe you can explain why you think it could be used to manipulate Bitcoin. I'd be interested in that. 

[I_RodimusPrime]

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

I see no possibility of manipulating Bitcoin in this announcement. Certainly it would have been nicer if they had agreed to use Bitcoin instead of creating a new currency, but unfortunately that didn't happen. If a new currency is actually created, it will tend to target the US Dollar and Euro in order to weaken these two currencies. As the BRICS countries want to back their new currency with gold and other rare-earth elements, it could become a strong currency. Surely you will be able to buy Bitcoins with it at some point, but I don't see any danger for Bitcoin. But maybe you can explain why you think it could be used to manipulate Bitcoin. I'd be interested in that. 

Let's say then people will move the money that they put in to BTC for the currency. Because if they think it as a strong currency like you said.

[nimogsm]

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

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

I don't think there will be any threat to Bitcoin.Their common currency (if one is created) will only work for internal transactions between countries in order to minimize the use of the dollar.I do not think that the cryptocurrency market will be of interest to these countries, since the payments will be for raw materials and various materials.

[Lucius]

Let's say then people will move the money that they put in to BTC for the currency. Because if they think it as a strong currency like you said.

Those who know the difference between Bitcoin and any other centralized currency will certainly not suddenly sell Bitcoin to invest in something backed by countries like China or Russia, especially if we consider the fact that these two countries are currently doing. Strong currencies are created over decades, they do not appear overnight and create some kind of instant dominance in the world.

The US, EU, UK, Australia, Japan, Canada and many other countries will certainly not accept this currency, and we are talking about the richest countries in the world. Don't be naive and don't believe in fairy tales

[ElmedoRator]

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

Do you mean price manipulation?And how does it happen? I really don't see the relevance of your conclusion.

In view of the fact that the BRICS bloc will change some economic terms when we will no longer see petrodollar dependence, I see that the dollar is gradually showing a gradual loss of position in the general economy.

Not sure what the impact will be on the crypto market but what I see here is that countries that don't want to be dependent on the US are proving that they are capable of self-responsibility in the face of the impositions so far.

[CoinEraser]

-snip-

Let's say then people will move the money that they put in to BTC for the currency. Because if they think it as a strong currency like you said.

I think certainly there will be some people currently holding dollars or euros who might move their money to the new currency. But I don't think people are withdrawing their money from Bitcoin to invest in the new currency. I see the new currency of the BRICS countries more as a competition for dollars and euros, but not for Bitcoin. Of course I could be wrong about that, but that's how I think about it at the moment. In addition, we first have to wait and see whether and when the new currency will actually come out and how strong it will really be. Maybe the new currency won't be as strong as I'm currently assuming. 

[DrBeer]

I would not like to disappoint the "BRICS supporters", but the BRICS currency already exists. This is the Chinese Yuan!
China is a wise country. And on the wave of hysterical cries of losers "LET'S REJECT THE DOLLAR", China supported their cries BUT very specifically:
- China redeemed Russia's dollar gold reserves for yuan
- China is buying up gold and DOLLARS in their gold reserves.
- China has filled the market of transactions within the BRICS with the yuan, and made it the main currency of mutual settlements.

China is reviving its "empire" on the backs of not the smartest "friends". Someone saves it, China, the economy, someone becomes just a depressive raw material appendage.

So I recommend considering this not as a "victory on the dollar", but as a victory over common sense

Reason? Very simple - soon these countries, except of course China - will get rid of the dollar. But in the technological age and the age of the world's financial institutions, they will not be able to live without the dollar. And they will already be completely dependent on the yuan and China. Who always acts only for his own benefit.

[Smack That Ace]

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

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

This is a war of great powers, a struggle for power in the world, it has nothing to do with bitcoin. Bitcoin is something very magical to us, but to them it is nothing, Bitcoin is not yet a rare asset that they have to fight for.

As far as I know, the BRICS alliance has been established for a long time, but recently, four Central Asian countries have joined. This union was formed to find a way to create a new currency and reduce dependence on USD and Euro. Things are just getting started, they have a long way to go to pull the USD down.

[LogitechMouse]

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

I watched a video a few hours ago regarding this one, and it seems like they really are doing it. They are also in talks with Saudi Arabia and Iran with this one. They don't want to use the dollar anymore (for pretty obvious reasons), and TBH, I've heard this news last year already. I'm pretty sure if this happens, it's the China who will become on top, and the currency they will use? It's the Yuan.

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

Manipulate Bitcoin? Even the huge institutions can't completely manipulate Bitcoin, then you are connecting them with Bitcoin? It's all politics here, and no crypto is involved, and that includes Bitcoin. At least don't connect what's happening right now with Bitcoin because after all, they can't manipulate Bitcoin because they aren't the one who created it.

[tjtonmoy]

It has nothing to do with Bitcoin. We have seen many countries creating their own digital currency called CBDC. And that didn't do anything towards Bitcoin. So I doubt it will create any effect on bitcoin whatsoever. And remember that Bitcoin is a decentralized Cryptocurrency. So nothing like this which is centralized and controlled by government will compare to Bitcoin.
The new currency will only be used to make transactions amongst themselves. At least this is what I can see from my understanding.

[blockman]

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

AFAIK, they're not making any new currency but instead the dollar as the main currency of their trades. They'll replace it with Chinese Yuan, correct me if I'm wrong with that.

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

I don't see any correlation that it's going to manipulate bitcoin. There could be some impact on it and we'll see how the development will go but it's still quite far to think of its relevance to bitcoin being manipulated by the.

[Ultegra134]

This is the first time I'm reading about this, but even if it's true and they actually develop it, the least it would affect would be Bitcoin. We're talking about a new fiat currency; how would that affect cryptocurrencies? I highly doubt that BRICS is keen on targeting Bitcoin; that's the least of their worries. Their prime target would be the USA, the U.S. dollar, and the western world in general. There's not a single chance that it's aiming to manipulate Bitcoin, and honestly, supposing it's developed, it wouldn't do much harm to the U.S. dollar either.

[mindrust]

I don’t think it has anything to do with btc. I think you need to realize that the world is not spinning around btc. These countries come up with a new currency so they can dump the USD. It seems like a futile attempt but still, at least they are making their goals clear: They don’t want to do any business with the USD. I can’t really blame them for this because the US has been weaponizing their currency for a very long time. Somebody has to say “enough” to this crap.

[so98nn]

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

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

It could be dollar reason or it could be really just using blockchain technology and its power. In any case they are definitely going against the bitcoin considering it will create an unwanted hype amongst the users and investors of same. Anyways that would be far more centralised and thus it will have it own pros and cons and our bitcoin would prosper the way it did throughout 10-12 years. It may happen that the BRICS project would turn out to be failure in long run since bitcoin is bitcoin and it’s user base has different niche with it.

[Vishnu.Reang]

Even though it was late still it's a brilliant futuristic idea of replacing dollar by other currencies for global trade. Because of dollar only so far all nations are suffering economically. Finally people outside NATO states will have sign, free from one sided dollar repression, sanction financial and military harmony.

[Latviand]

Even though it was late still it's a brilliant futuristic idea of replacing dollar by other currencies for global trade. Because of dollar only so far all nations are suffering economically. Finally people outside NATO states will have sign, free from one sided dollar repression, sanction financial and military harmony.

This also means that USD will not control the global market anymore, not to mention that when USD weakens, bitcoin will definitely go up and I am sure that a lot of us would want that to happen. My only fear with this is that China and Russia is leading this and it's definitely going to be bad for some Asian countries that aren't Chinese or Russian friendly.

[Freddie Boyer]

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

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

Given that the creation of new currencies by the BRICS countries has the potential to impact global currency markets, it is unclear whether this was specifically intended to manipulate BTC or other cryptocurrencies. I think the impact of any new currency on cryptocurrencies will depend on various factors such as the rate of adoption, stability and overall economic conditions of the countries involved.

[tabas]

Even though it was late still it's a brilliant futuristic idea of replacing dollar by other currencies for global trade. Because of dollar only so far all nations are suffering economically. Finally people outside NATO states will have sign, free from one sided dollar repression, sanction financial and military harmony.

That will take time. It's trendy that dollar is going to be devaluated because of this but then, it's hard to say if they can do what's being said to pull down dollars value through BRICS. Still, they're a few countries but then their economy will be impactful if they loose their ties with US and its dollar as its global currency for their trades. I think it's just there to start convincing other countries to join them with this globalization but then, many are still reluctant on it and won't jive in quickly just because it's been formed.

This also means that USD will not control the global market anymore, not to mention that when USD weakens, bitcoin will definitely go up and I am sure that a lot of us would want that to happen. My only fear with this is that China and Russia is leading this and it's definitely going to be bad for some Asian countries that aren't Chinese or Russian friendly.

We have to wait until it actually happens but for now, it's still controlling the world economy because it's the base of most trades and pairs of local currencies. I want to see bitcoin have its value go down but not optimistic to see that two countries go up as their ideology isn't optimistic and in line with most people.

[gunhell16]

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

Yang Brics is made under regulated business dude, has anyone read in this industry that the regulated coins in cryptocurrency can control Bitcoin? in the entire world today not a single country has yet controlled Bitcoin.

Honestly, I laughed at your question, it's like you're saying that a centralized has the ability to control decentralized concepts.

[DrBeer]

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

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

I answer your question. And my answer will be the only correct one And you can very easily check it now, and finally make sure - well, somewhere in 1-2 years.

The only currency of China's BRICS guinea pig club will be... Let's think about it?? There will be... Drumroll!!!!! YUAN! And only he!
The reason is extremely banal. If some time ago, BRICS was considered as a kind of union of countries that cannot get into the big leagues, but supposedly want to be one. But now, in connection with the policy and problems of China, China has decided to solve its problems "by proxy". Or rather, other people's wallets, the countries that he manages to very cleverly manipulate

I will not paint about the problems of China, I am sure that everyone who discusses the BRICS and currencies here is well aware of the difficult situation in the Chinese economy. If you don’t know, I’ll tell you, give the numbers, and explain why China is using a “pillow” of country-fools who will soon become “slaves of the yuan”.

[avikz]

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

How come creation of a new currency will manipulate bitcoin at all? BRICS countries will start reducing their dependency on the US dollar for international trade. That's what the aim of the new currency. It's definitely beneficial for these countries.

Not sure how you see it as a competitor or a potential manipulation tool? Can you explain your stand please? Because this new currency are not meant for the common people like you and I. It's purely an institutional money with very specific use cases.

[Zlantann]

I answer your question. And my answer will be the only correct one And you can very easily check it now, and finally make sure - well, somewhere in 1-2 years.

The only currency of China's BRICS guinea pig club will be... Let's think about it?? There will be... Drumroll!!!!! YUAN! And only he!
The reason is extremely banal. If some time ago, BRICS was considered as a kind of union of countries that cannot get into the big leagues, but supposedly want to be one. But now, in connection with the policy and problems of China, China has decided to solve its problems "by proxy". Or rather, other people's wallets, the countries that he manages to very cleverly manipulate

I will not paint about the problems of China, I am sure that everyone who discusses the BRICS and currencies here is well aware of the difficult situation in the Chinese economy. If you don’t know, I’ll tell you, give the numbers, and explain why China is using a “pillow” of country fools who will soon become “slaves of the yuan”.

Although I doubt the power of BRICS to unseat the dollar as the dominant currency globally underestimating this alliance might have some consequences. China has the second economy in the world and it has succeeded to attract other key economies like India and Russia. These nations can give the US and its partners a good economic fight.

When you talk about slavery, the US and its partners have been the slave masters of many developing nations. The US have weaponized SWIFT and the dollars and used them to manipulate the economy of many nations. The economies of some nations have been devastated by certain sanctions and restrictions placed by the US and its allies because such nations refused to accept an imposed policy. It will be a good experiment to have two slave masters so that nations can choose the lesser evil out of the two evils.

[serveria.com]

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

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

I don't think the idea behind this new currency is to manipulate Bitcoin. I'm also pretty skeptical regarding all these artificially created currencies. USD will die eventually and cease being a global reserve currency, but it has to die of natural causes so to say, any artificial new currencies are destined to fail. I guess they're doing this simply because they can't agree on which of their national currencies will be used as a reserve currency (Yuan or Ruble?)

[Jatiluhung]

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

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

There is no manipulation of bitcoins in relation to the agenda for creating a new currency within the BRICS. They are just trying to no longer depend on the dominance of the dollar. And for now they carry out international trade among the member countries with their respective currencies. But I see that Yuan's domination will develop in the future. but there are also reports that they are developing a digital currency for the BRICS. but China's trade is very broad and even reaches almost all countries. So I feel there will be a lot of use of Chinese Yuan in international trade in the future.

BRICS even seems to continue to expand its work and many other countries are interested in BRICS, for example, Saudi Arabia, several countries from Africa and several countries from Asean. And all have the same reason that is about reducing the dominance of the dollar.

Sourch :
- https://kripto.ajaib.co.id/negara-brics-arab-saudi-brasil-tiongkok-asean-menjauhi-dolar-as/
- https://jogja.tribunnews.com/amp/2023/02/13/bakal-tinggalkan-barat-arab-saudi-minat-gabung-blok-ekonomi-brics
- https://www.google.com/amp/s/amp.scmp.com/comment/opinion/article/3209345/brics-expanding-saudi-arabia-indonesia-and-beyond-holds-promise-challenges-remain

[Unbunplease]

The creation of new currencies may not affect bitcoin in any way, as these currencies may simply not be used on cryptocurrency exchanges. new currencies can be used for internal settlements. So I wouldn't get too euphoric about this news. Plans can change repeatedly.

[be.open]

BRICS even seems to continue to expand its work and many other countries are interested in BRICS, for example, Saudi Arabia, several countries from Africa and several countries from Asean. And all have the same reason that is about reducing the dominance of the dollar.

Yep, nineteen countries have expressed interest in joining the BRICS group of countries preparing to host the annual summit in South Africa.

[Lorence.xD]

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

How come creation of a new currency will manipulate bitcoin at all? BRICS countries will start reducing their dependency on the US dollar for international trade. That's what the aim of the new currency. It's definitely beneficial for these countries.

Not sure how you see it as a competitor or a potential manipulation tool? Can you explain your stand please? Because this new currency are not meant for the common people like you and I. It's purely an institutional money with very specific use cases.

Maybe OP's thought is that when a new currency joined in the market which can affect the economy, it might also affect's Bitcoin price which is I don't see. We all agree that US currency are dominating worldwide mostly in Asian countries which is I am part of. Having your own currency has its own benefits that you could also trade to other country like the US did. I think that's the case of OP

[Jatiluhung]

BRICS even seems to continue to expand its work and many other countries are interested in BRICS, for example, Saudi Arabia, several countries from Africa and several countries from Asean. And all have the same reason that is about reducing the dominance of the dollar.

Yep, nineteen countries have expressed interest in joining the BRICS group of countries preparing to host the annual summit in South Africa.

And if you look at the high interest of countries from Asia who want to join the BRICS. I think this is an indication that Dollar Domination is really going to continue to decline in Asia. I think that in the next few years there will be many changes in the global economic order, especially in the financial system and international trade. This is due to the many US policies which have always been considered controversial in recent years. This has fostered the desire of Asian countries to reduce the dominance of the US dollar. And China, which is now starting to have strong relations with almost all countries in Asia and outside Asia, seems to be taking advantage of this. and the proof is that there has been a lot of international trade that actually uses the Chinese Yuan at this time. I don't know if this has anything to do with the new world order or whatever it's called. it's just that the current direction of the global economy really isn't running in the same vein as it was 5 years ago.

[be.open]

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

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

I answer your question. And my answer will be the only correct one And you can very easily check it now, and finally make sure - well, somewhere in 1-2 years.

The only currency of China's BRICS guinea pig club will be... Let's think about it?? There will be... Drumroll!!!!! YUAN! And only he!
The reason is extremely banal. If some time ago, BRICS was considered as a kind of union of countries that cannot get into the big leagues, but supposedly want to be one. But now, in connection with the policy and problems of China, China has decided to solve its problems "by proxy". Or rather, other people's wallets, the countries that he manages to very cleverly manipulate

I will not paint about the problems of China, I am sure that everyone who discusses the BRICS and currencies here is well aware of the difficult situation in the Chinese economy. If you don’t know, I’ll tell you, give the numbers, and explain why China is using a “pillow” of country-fools who will soon become “slaves of the yuan”.

I do not think that the BRICS countries will agree to use the national currency of one of their members as a common currency for mutual settlements. The synthetic currency R5 (real, rouble, rupee, renminbi, rand) has more chances, but this question is still open.

[DrBeer]

...
Although I doubt the power of BRICS to unseat the dollar as the dominant currency globally underestimating this alliance might have some consequences. China has the second economy in the world and it has succeeded to attract other key economies like India and Russia. These nations can give the US and its partners a good economic fight.

When you talk about slavery, the US and its partners have been the slave masters of many developing nations. The US have weaponized SWIFT and the dollars and used them to manipulate the economy of many nations. The economies of some nations have been devastated by certain sanctions and restrictions placed by the US and its allies because such nations refused to accept an imposed policy. It will be a good experiment to have two slave masters so that nations can choose the lesser evil out of the two evils.

It's very easy to check my version. Let's compare the economy of the USA + the West, and the economy of the group of these "lucky ones"? And especially in the context of today's goals of creating BRICS. Let's make it even simpler, imagine and simulate 2 situations:
- the United States and the collective West, with their economies, will disappear. What is happening on Earth?
- BRICS is disappearing - what is happening on Earth?
I'm sure you understand perfectly well what is IMMEDIATELY more important for today's world economy .. And this is clearly not BRICS. Even despite the fact that there is half the population of the Earth, even though the BRICS is conditionally "the second economy in the world." Just model and you will understand that I am right

[kryptqnick]

There don't seem to be any follow-ups on this idea, so it remains an idea that might never get implemented. I really hope that they won't settle on using something like Bitcoin, as that would be terrible for BTC regulation around the world and for its reputation. As for other options, they can settle on a fiat currency or make a digital currency. I don't believe in them choosing a fiat currency because that would be a currency of a particular country, which would lead to the dominance of that country, and I don't think the rest will support that. If it's a digital currency, there are 2 options once again: a currency regulated by one power or by multiple powers. If it's regulated by one power (China or Russia, for example), then it will be undesirable for the rest (same reason as with fiat). If it's regulated (and operated) by multiple powers, I just don't see how it can work in practice because a centralized currency needs a centre.

[DrBeer]

I do not think that the BRICS countries will agree to use the national currency of one of their members as a common currency for mutual settlements. The synthetic currency R5 (real, rouble, rupee, renminbi, rand) has more chances, but this question is still open.

Who will ask them? )) They will be so cute to save the Chinese economy with their pockets! China has not just gathered the most ... well, to put it mildly, not smart "friends" ... Just watch!
Do you remember, about six months ago, when the hysteria "everyone is leaving the dollar" and "BRICS are switching to local currencies" began, I gave an example of Brazil-China mutual settlements. And even then he hinted that the Yuan would be the currency of the BRICS. Because even at that moment, the yuan was 80%+ in settlements between these countries. And now the situation is becoming quite clear - ONLY RMB! Just watch these "Chinese Rescuers"

[dansus021]

No they didnt wanna manipulate the bitcoin. Why you even think like that?

In my opinion is like same as other they want loose from the United States Dollar you can see that the US is like leader of country when something fvcked up on their economy all over the wold at least feel it.

and dollar is losing their value I mean like other fiat too but I think there is have something in mind too

[ringgo96]

I don't think this is a threat to bitcoin, maybe BRICS is planning to create a new currency because they want the family of the US dollar which is currently very dependent on them, they might want to regulate themselves how their currency is more valuable compared to other currencies such as the dollar currently it has become a mainstay of other countries, so I don't think this problem will become a processing on Bitcoin because the dollar and euro are their dominance at this time.

[Dalib]

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

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

This is an interesting news story, but its accuracy is questionable. All of these "news" items are designed to influence the price of Bitcoin or the cryptocurrency market.

In my personal opinion, this news is not worth paying attention to. If you believe in Bitcoin or cryptocurrency, just hold onto your investments and don't worry about short-term news.

[GigaBit]

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

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

We all know that BRICS basically means a group of 5 financial countries. But in recent times it has been thought of expansion. More countries want to join here. Many have already expressed their interest to join this strategic alliance for various opportunities. As far as I know more than 20 countries are looking to form an alliance for strategic reasons. Basically the main purpose of making this coin is working against the US dollar. If this currency is established, there will be a big fall in the US dollar. But in my perception BTC will have no effect on it.

[Kakmakr]

I hope it's some decentralized token and not a centralized token that are being controlled by China, because we all know the Chinese government wants to have control over everything their citizens are doing. 

There has already been some huge moves to shift away from the US Dollar, but it can explode in their face.. if the US and Europe market turn against them. We also know most African countries and other third world countries are deep in debt with the US and Europe, so that might also be a problem in the future. 

[Woodie]

I have not taken much interest in this, but seeing all the sanctions put on Russia backfiring ...
All I see now is Russia literally  going with the enemy of my enemy is my friend to counter/undo whatever pressure they tried to put on Russia is scary. If you look at this BRICS thing, these guys want to now use their Superpower status to destabilize the US currency and other economies  that peg their money using it...just not sure if Bitcoin is in crossfire but whatever currencies are introduced BTC will still flourish thats for sure.

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

I dont think bitcoin is of any interest to the guys, we all know the target currency here is the US dollar and if anything BTC could gain from this currency war

[misterrtwisterr]

Honestly, if anyone can introduce a petrodollar competitor, it's BRICS. Not because they're competent, but because USA won't have balls sending their military to China or Russia, like they did with last two guys who tried to pull the same thing.

[umbara ardian]

I see this message has nothing to do with bitcoin or the crypto market. Also, as for whether the new currency could be used to manipulate Bitcoin, I would say that it is unlikely. As for the BRICS countries wanting to create a new currency, I think they want to reduce the dominance of the US dollar. For example, in China, I see that they have been promoting their own currency, the renminbi, as an alternative to the US dollar. With Russia, Iran, Brazil, and a number of African countries allowing their exporters to receive payments directly in China's local currency, in the not too distant future the renminbi will become a formidable force.

[be.open]

I do not think that the BRICS countries will agree to use the national currency of one of their members as a common currency for mutual settlements. The synthetic currency R5 (real, rouble, rupee, renminbi, rand) has more chances, but this question is still open.

Who will ask them? )) They will be so cute to save the Chinese economy with their pockets! China has not just gathered the most ... well, to put it mildly, not smart "friends" ... Just watch!
Do you remember, about six months ago, when the hysteria "everyone is leaving the dollar" and "BRICS are switching to local currencies" began, I gave an example of Brazil-China mutual settlements. And even then he hinted that the Yuan would be the currency of the BRICS. Because even at that moment, the yuan was 80%+ in settlements between these countries. And now the situation is becoming quite clear - ONLY RMB! Just watch these "Chinese Rescuers"

It is in the countries of the Big Seven that no one asks anyone - as the main hegemon said, it will be so. And in the BRICS countries, cooperation is carried out on mutually beneficial terms, no one looks down on anyone, and there is no single decision-making center. In a sense, it is a peer-to-peer hierarchy, like the Bitcoin network. Perhaps that is why so many countries want to join the BRICS that they are tired of external pressure and manipulation attempts.

[DrBeer]

I hope it's some decentralized token and not a centralized token that are being controlled by China, because we all know the Chinese government wants to have control over everything their citizens are doing.

There has already been some huge moves to shift away from the US Dollar, but it can explode in their face.. if the US and Europe market turn against them. We also know most African countries and other third world countries are deep in debt with the US and Europe, so that might also be a problem in the future.

China is well aware that it is not able to replace the US and the dollar, or become their competitor. He has other goals. Its goal is to create around itself a belt of satellite countries that will be totally dependent on China/Yuan. How this will be implemented - let's wait quite a bit - the Chinese trap will soon slam shut, and everyone who has accepted the idea of "rejecting the dollar in exchange for the BRICS currency" will become completely dependent on what (I mean the currency and principles of interaction) that China will put in front of them . China openly declares that now HE is the second pole of the bipolar world, and it will LEAD this pole. And without total management and control of financial flows among its satellites, this task will not be solved for China!

[michellee]

I don't really know about it but I don't think BRICS is for manipulating BTC. But I feel that BRICS exists to prevent BTC from becoming the currency for the whole world because BTC cannot be controlled by one government.

Apart from that, BRICS also wants to be a solution to the de-dollarization that has occurred in several countries, especially in Asia. But I don't know what impact the dollar will have.

Apart from the BRICS, another SCO also wants to develop a new currency consisting of the People's Republic of China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. We should just wait for further news about this.

[davis196]

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

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

The BRICS countries couldn't care less about manipulating Bitcoin. How did you come up with this weird theory?
They simply want to dump the US dollar completely. I doubt that their attempt at creating an alternative global currency would be successful.
Using their own national currencies instead of the US dollar would be a way more successful approach.

It's very easy to check my version. Let's compare the economy of the USA + the West, and the economy of the group of these "lucky ones"? And especially in the context of today's goals of creating BRICS. Let's make it even simpler, imagine and simulate 2 situations:
- the United States and the collective West, with their economies, will disappear. What is happening on Earth?
- BRICS is disappearing - what is happening on Earth?

The economy of the so called "west" is artificially pumped by the money printing machines. BRICS countries have a big enough population and natural resources to survive without the "west". Can the "west" survive without the BRICS countries? Most likely yes, but at the cost of lowering the standard of living of the western middle class.

[mvdheuvel1983]

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

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

The BRICS wouldn't have any  more impact on Bitcoin than the Dollar is already having. As a matter of fact, to me the proposed currency is just a new improved dollar nothing more. It may even help to reduce the volatility of Bitcoin which to an extent is a result of over dependence on the dollar ( this is my hypothesis) . Well I am happy with the new development and look forward to it coexisting with Bitcoin in the future.

[DrBeer]

The economy of the so called "west" is artificially pumped by the money printing machines. BRICS countries have a big enough population and natural resources to survive without the "west". Can the "west" survive without the BRICS countries? Most likely yes, but at the cost of lowering the standard of living of the western middle class.

Okay, let's assume. But then what do the BRICS countries do? And why do they often have huge inflation, economic problems, and dependence on Western markets for consumption and technology?
And who gave these countries technology? From agricultural to high-tech? Equipment ? You can't become smart just by printing money, and you can't invent a processor or the Internet Or do you have another theory? I'll be happy to listen to it!
And explain - why are all the "independent, non-printing money" BRICS economies so afraid of losing the EU / US markets, and so afraid of sanctions, from those whose economy is built only on paper printing, which, by the way, BRICS does not use? China, for example, has been trying for the second year to persuade the United States not to introduce new and reduce existing technological sanctions restrictions? All in anticipation of your answer!

[kryptqnick]

I hope it's some decentralized token and not a centralized token that are being controlled by China, because we all know the Chinese government wants to have control over everything their citizens are doing. 

There has already been some huge moves to shift away from the US Dollar, but it can explode in their face.. if the US and Europe market turn against them. We also know most African countries and other third world countries are deep in debt with the US and Europe, so that might also be a problem in the future. 

That's actually what I fear, the decentralized scenario. It's hard to issue a centralized token that will be under the control of several BRICS countries simultaneously, so a decentralized token that none of them control might be the next best thing. And if they choose a decentralized coin that already exists, so that they don't have to deal with liquidity and there's already some significant demand for that coin, whatever they choose will become the target of Western sanctions and regulations. I just hope it won't be Bitcoin and that a decentralized coin is an unacceptable choice for a bunch of countries that favour authoritarianism over democracy and thus control over freedom.

[slapper]

I hope it's some decentralized token and not a centralized token that are being controlled by China, because we all know the Chinese government wants to have control over everything their citizens are doing.

There has already been some huge moves to shift away from the US Dollar, but it can explode in their face.. if the US and Europe market turn against them. We also know most African countries and other third world countries are deep in debt with the US and Europe, so that might also be a problem in the future.

China is well aware that it is not able to replace the US and the dollar, or become their competitor. He has other goals. Its goal is to create around itself a belt of satellite countries that will be totally dependent on China/Yuan. How this will be implemented - let's wait quite a bit - the Chinese trap will soon slam shut, and everyone who has accepted the idea of "rejecting the dollar in exchange for the BRICS currency" will become completely dependent on what (I mean the currency and principles of interaction) that China will put in front of them . China openly declares that now HE is the second pole of the bipolar world, and it will LEAD this pole. And without total management and control of financial flows among its satellites, this task will not be solved for China!

China's crafty plan, a satellite belt? Bold! By shackling countries to China and the Yuan, they're quietly asserting dominance. But at what price? The danger? A homogenized, competition-free financial world. If China's the only player, innovation might stall, ideas wither.

Yet, China's ascent could spark good things. Imagine a bipolar globe, China leading the other pole, focusing on sustainability, social duty. They've made strides; it'll go on. Risks and rewards, China's strategy has them. The crux? Balancing rivalry and teamwork for a thriving financial landscape. Let's be unpredictable!

[Gyfts]

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

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

The BRICS countries couldn't care less about manipulating Bitcoin. How did you come up with this weird theory?
They simply want to dump the US dollar completely. I doubt that their attempt at creating an alternative global currency would be successful.
Using their own national currencies instead of the US dollar would be a way more successful approach.

It's very easy to check my version. Let's compare the economy of the USA + the West, and the economy of the group of these "lucky ones"? And especially in the context of today's goals of creating BRICS. Let's make it even simpler, imagine and simulate 2 situations:
- the United States and the collective West, with their economies, will disappear. What is happening on Earth?
- BRICS is disappearing - what is happening on Earth?

The economy of the so called "west" is artificially pumped by the money printing machines. BRICS countries have a big enough population and natural resources to survive without the "west". Can the "west" survive without the BRICS countries? Most likely yes, but at the cost of lowering the standard of living of the western middle class.

I wouldn't put it past them. The only country to worry about in "BRICS" would be China. India's economy is not yet large enough and they're more democratized than the CCP. China's looking to form dependence on Yuan by other countries -- does it seem so wildly speculative that China predicts Bitcoin to be a future threat? Do not think short term -- think 10-20 years down the line. Could there reasonably be a world in which countries use decentralized currencies to conduct bilateral trades/transactions that would cause China some concern if their long term goal is Yuan dependence onto other countries?

[justdimin]

China is well aware that it is not able to replace the US and the dollar, or become their competitor. He has other goals. Its goal is to create around itself a belt of satellite countries that will be totally dependent on China/Yuan. How this will be implemented - let's wait quite a bit - the Chinese trap will soon slam shut, and everyone who has accepted the idea of "rejecting the dollar in exchange for the BRICS currency" will become completely dependent on what (I mean the currency and principles of interaction) that China will put in front of them . China openly declares that now HE is the second pole of the bipolar world, and it will LEAD this pole. And without total management and control of financial flows among its satellites, this task will not be solved for China!

Like USA did to other nations? I understand that you are an American and go around the forum protecting USA and its interest because that is what nationalism does to you. But even though I agree what you said about China is true, it doesn't change the fact that USA has ruined multiple nations with the exact same method as well. Look at Latin America, between disrupting the governments, putting oil companies that basically steal oil out of it, and forcing plenty of small nations to keep accepting dollars, there are so many nations that did so badly so far.

I think that is going to be a tough one, it is going to be a trouble. I believe that every nation should deal with their own currency between each other, and that's how the world will be much better place, not USA, not China, each nation uses their own currency between each other.

[Davidvictorson]

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

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

I like this because personally, I would like to see how it ends and the effects it will have on the economic, financial and other sectors of the countries that are both  directly and indirectly. I am curious. So will other south-African countries impose the use of the new currency? Will they create their own "BRICs World Bank" and give out low interest loans to undeveloped countries? There's a lot of interesting things that's going to happen soon.

[uneng]

I doubt they are going to create a personal currency for BRICS. What really matters are the businessmen of these countries and I'm sure that between using dollar or any other unknown random currency they are going to prefer dollar yet... At least it has a history of reputation along the centuries, compared to other fiat currencies. It's not perfect, but among the disponible alternatives, it's the finest one.

Who in sane mind would prefer a currency launched by the most populist and liar global leaders of the world, such as Putin, Xi Jinping and Lula?

[usekevin]

In this three countries are developed countries,the rest two are developing countries.The developed nation will support the developing countries by the economic funds allocation.When the new currency was launched like the European nation,the currency will be supplied through out this countries.So the internal transaction will be very smooth because of same money used in this five countries.If the developing country India and South Africa want to exchange their goods to Brazil,Russia,China will be easy one.So this two country can earn more money and became a developed country.For this all the five country need the full cooperation.

[Antotena]

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

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

What do you mean by manipulate BTC? Is that enough to manipulate bitcoin price? This is not the first sovereign nations to build something like this and they are using it for settlement and legal tender, no way that can be a tool to manipulate the price of bitcoin, they don't hold the power to control the price of bitcoin that is used around the world.

[DrBeer]

Like USA did to other nations? I understand that you are an American and go around the forum protecting USA and its interest because that is what nationalism does to you. But even though I agree what you said about China is true, it doesn't change the fact that USA has ruined multiple nations with the exact same method as well. Look at Latin America, between disrupting the governments, putting oil companies that basically steal oil out of it, and forcing plenty of small nations to keep accepting dollars, there are so many nations that did so badly so far.

I think that is going to be a tough one, it is going to be a trouble. I believe that every nation should deal with their own currency between each other, and that's how the world will be much better place, not USA, not China, each nation uses their own currency between each other.

I am a citizen of a beautiful European country - Ukraine, which is now suffering from a terrorist massacre organized by the terrorist country Russia. But the good thing is that soon we will drive an aspen stake into the heart of rashizm!

Do you think that if I say real things, give arguments, give logical answers and show causal relationships - I am definitely a US citizen?
You are obsessed with the United States, the only thing I can say.

But back to your question "How did the US deal with other countries" and the topic. And what - the United States issued counterfeit dollars to other countries? Or does not support the dollar? Or do they have a third world economy? What have they "done with other countries"? Waiting for examples with facts, within the framework of this topic?

[DrBeer]

It is in the countries of the Big Seven that no one asks anyone - as the main hegemon said, it will be so. And in the BRICS countries, cooperation is carried out on mutually beneficial terms, no one looks down on anyone, and there is no single decision-making center. In a sense, it is a peer-to-peer hierarchy, like the Bitcoin network. Perhaps that is why so many countries want to join the BRICS that they are tired of external pressure and manipulation attempts.

Thank you so much - I laughed heartily in the morning, and now in a good mood for the whole day

Honestly, if anyone can introduce a petrodollar competitor, it's BRICS. Not because they're competent, but because USA won't have balls sending their military to China or Russia, like they did with the last two guys who tried to pull the same thing.

All true, but there is a nuance. The US will not attack a degraded Russia, because.. It is already being slowly swallowed up by China. Russia is just a bargaining chip in the big geopolitical game of the two major powers. And believe me - for the United States, some kind of counterbalance is always needed: this holds back both sides, and it is beneficial for the United States itself - there is always someone to "write off the budget" to. Think a little wider than populist slogans!

[barbara44]

I wouldn't put it past them. The only country to worry about in "BRICS" would be China. India's economy is not yet large enough and they're more democratized than the CCP. China's looking to form dependence on Yuan by other countries -- does it seem so wildly speculative that China predicts Bitcoin to be a future threat? Do not think short term -- think 10-20 years down the line. Could there reasonably be a world in which countries use decentralized currencies to conduct bilateral trades/transactions that would cause China some concern if their long term goal is Yuan dependence onto other countries?

I feel like whatever nations can do, they are allowed to it, not like anyone forces them to do anything. Lets assume that China is spending money and time on making other nations depend on them, if other nations don't fall for it, they can avoid it, but if other nations end up accepting that, then there is nothing we can do about it.

For example, China is spending tens of billions of dollars to build amazing infrastructures, literally making the nation from scratch, its airports, roads, hospitals and so much more and in return they only want one thing; trade them using yuan and nothing else. They don't even meddle with us spending dollar in trading with others, they only want us to trade using yuan with them, if more then that's great but the only requirement is them.

Is that a trick to make us depend on them? Surely, but they are at least giving something in return too, so far we have used dollars with everyone and USA offered absolutely nothing for it, so this is at least better.

[flyingcarpet]

How can a centralized currency can manipulate Bitcoin? can you explain?

It's about politic problem and it's called as dedollarisation where these BRICS countries not want to use or adopt dollar anymore. To be honest there's no problem to Bitcoin because Bitcoin price isn't pegged with any currency and it's can't be manipulated.

I think the person who started the thread is looking at it from the wrong angle. I agree with what you said.

I think he must have looked at it from the wrong angle. Because comparing a central currency and bitcoin is not a correct comparison. They must be making such a decision as a result of developments that have arisen together with political reasons. This has nothing to do with bitcoin. A study to reduce the dominance of the dollar in the world. Probably so. It's not about Bitcoin.

[naira]

All true, but there is a nuance. The US will not attack a degraded Russia, because.. It is already being slowly swallowed up by China. Russia is just a bargaining chip in the big geopolitical game of the two major powers. And believe me - for the United States, some kind of counterbalance is always needed: this holds back both sides, and it is beneficial for the United States itself - there is always someone to "write off the budget" to. Think a little wider than populist slogans!

Btw you can see the better side and give us a little bit of security. I mean it is true that the United States needs a balance and at the same time becomes a political cycle that is quite hot so that all sides will be very clearly divided. Team A and camp B showed themselves in their respective lines. In addition to geopolitical counterweights, of course this is also tied to how the world economy works. The US will continue to be a competitor that is always a reference for Russia and China, so that it has indirectly shown that US power is not really easy to get rid of in terms of world economic control.

[teosanru]

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

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

I don't think so this will happen, BRICS isn't that big and that United organization that it can create it's own currency. Especially India and China Don't have those sweet relationships as well. Also even if for a second imagine it's true, this will not be because they want to manipulate bitcoin, it'll be because they want to counter the dominance of dollar and Euro in the world. So i don't think this is effecting bitcoin.

[Fortify]

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

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

The only country with a powerful enough economic background to create a reserve country in the "BRICS" (a meaningless grouping of countries by the way, as they are widely disparate and have tenuous economic links) is China. India is never going to enter into any sort of monetary union with China because they are both rivals in Asia trying to wrestle the most power in the region. South Africa is a legitimate, but fairly small economic power in the scheme of things. It would make more sense if some Middle Eastern countries were within the grouping but they are clearly missing too. It's a very flawed methodology to imply these countries would ever willingly share a currency.

[rahulzx]

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

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

in my point of view they have long time plan with how to handle global leadership to strongest party that can handle economics & etc. This century have become to conquer the world not from military power but from economical power.

[|MINER|]

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

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

In my opinion I think there will nothing to do with brick to manipulate bitcoin. Like others saying I also think that to stabilise Brick as a new currency for get out of the dominance from the US dollar. As China is coming in with big countries like Russia, I think it can create a strong position against the US dollar in the global market. Of course, it is assumed that Europe will not take it well, it remains to be seen how the medialist takes it. I think this initiative step can play a big role in getting rid of the monopoly of dollar, maybe it will take time to be fully effective but I am optimistic.

[Baoo]

Hmmm, what’s the purpose of launching this new digital currency? Are they trying to manipulate the market?
Are they planning to break Bitcoin down? Of couse they are.
To be honest, this reminded of the failed attempt  from wealthy banks when they created XRP coin and boosted large funds just to end Bitcoin and Ethereum. In addition to that, probably they have another purpose of creating this coin which is ending the dominance of some FIAT such as, Euro and USD toward their economies. Hopefully, this new coin BRICS will affect positively on the market.

[nurilham]

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

How BRICS manipulates BTC price?
As far as I know, BRICS isn't made to influence BTC, it is to strengthen the finances of BRICS countries. If BRICS is getting stronger, it just brings impact on dollars, not on Bitcoin price. Bitcoin has nothing to do with BRICS, Bitcoin will always grow whatever happens in dollars. So, I think we shouldn't be so afraid of BRICS, only people who hold dollars must worry about the issue.

https://www.themoneycloud.com/market-insights/current-events/2015/05/what-does-brics-new-currency-reserve-mean-for-you

[Argoo]

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

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

I don't think so this will happen, BRICS isn't that big and that United organization that it can create it's own currency. Especially India and China Don't have those sweet relationships as well. Also even if for a second imagine it's true, this will not be because they want to manipulate bitcoin, it'll be because they want to counter the dominance of dollar and Euro in the world. So i don't think this is effecting bitcoin.

Talk about the new currency of the BRICS countries exists only at the level of the conversations themselves and no more. Although the Russian embassy in Kenya said "the BRICS countries are planning to introduce a new trading currency that will be backed by gold", the New Development Bank, a financial institution created by the BRICS bloc, said in an official statement that it does not have any immediate plans to create a single currencies.

Instead, BRICS members Brazil, Russia, India, China and South Africa are pushing for more bilateral trade in local currencies. They are not ready to challenge the global dominance of the dollar.

Developing something alternative is more of a medium-to-long-term ambition," Leslie Maasdorp, vice president and chief financial officer of the New Development Bank, told Bloomberg. "There are currently no proposals to create a BRICS currency."

Before the virtual BRICS summit, Indian Foreign Minister Dr. S. Jaishankar stated that "there is no idea of a BRICS currency". "Currencies will remain a national issue for a long time to come," Jaishankar added.

https://finance.obozrevatel.com/analytics-and-forecasts/poka-v-rossii-padaet-kurs-rublya-v-kremle-pridumali-valyutu-kotoraya-zamenit-dollar-pyitayutsya-vtyanut-partnerov.htm

[KingsDen]

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

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

BRICS wants to develop their own currency because they really think that it is time for them to be free from the dominance of the US dollar, in my opinion it has nothing to do with BTC or to manipulate the crypto market, because their main goal is to destroy the dominance of the USD. You can read about it in this article https://cointelegraph.com/news/russia-talks-up-prospects-of-brics-countries-developing-new-currency

This is not about Bitcoin. Bitcoin has not killed anyone and neither has Bitcoin declared the World War 3 that countries will come together to fight.
This fight is against the dollar and not Bitcoin. I once read that the West Africans wanted to make this move to have one unified currency and it died a natural death because they do not have the political will accomplish it.
Let me see how this will work.

[Jatiluhung]

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

How BRICS manipulates BTC price?
As far as I know, BRICS isn't made to influence BTC, it is to strengthen the finances of BRICS countries. If BRICS is getting stronger, it just brings impact on dollars, not on Bitcoin price. Bitcoin has nothing to do with BRICS, Bitcoin will always grow whatever happens in dollars. So, I think we shouldn't be so afraid of BRICS, only people who hold dollars must worry about the issue.

https://www.themoneycloud.com/market-insights/current-events/2015/05/what-does-brics-new-currency-reserve-mean-for-you

Well I agree that the agenda on everything relating to the BRICS has absolutely nothing to do with Bitcoin. Whether it's the CBDC system developed by the BRICS countries or the agenda for creating a new currency for BRICS members or something like that. all of that is only made to facilitate transactions between countries that are members of the BRICS and for all countries that want to engage in transactions with BRICS members. dedollarization may be another goal. But what is certain is that the BRICS wants to strengthen their economy on the global stage and want to defeat American domination which has so far proven to dominate the global economy.

[DrBeer]

All true, but there is a nuance. The US will not attack a degraded Russia, because.. It is already being slowly swallowed up by China. Russia is just a bargaining chip in the big geopolitical game of the two major powers. And believe me - for the United States, some kind of counterbalance is always needed: this holds back both sides, and it is beneficial for the United States itself - there is always someone to "write off the budget" to. Think a little wider than populist slogans!

Btw you can see the better side and give us a little bit of security. I mean it is true that the United States needs a balance and at the same time becomes a political cycle that is quite hot so that all sides will be very clearly divided. Team A and camp B showed themselves in their respective lines. In addition to geopolitical counterweights, of course this is also tied to how the world economy works. The US will continue to be a competitor that is always a reference for Russia and China, so that it has indirectly shown that US power is not really easy to get rid of in terms of world economic control.

It's all about the world economy and the world as a whole, it's better when there is:
- Two poles holding each other back.
- Better honest opponents than dishonest friends. I mean, China, at this point, realizes that stupid confrontation, terror, violence - will not do it any good, and is guaranteed to do it harm. That is why China in 2023 OPENLY declared that there are now two poles of geopolitics in the world - the US and China. China threw Russia out of the international arena.

Plus China is quite dependent on the western market and much more, and they benefit from cooperation, albeit with some economic confrontation. That said, China is much more predictable and honest in terms of its words, promises, commitments and treaties. So the world is "balanced" again, all that is left is to remove a world point of instability and terror in every sense.

[Wildwest]

actually this news has been very popular in all media, and this is not a threat to bitcoin but a big threat to the dollar because with the presence of a new currency the dollar will definitely be abandoned and this becomes a new economic competition for the country, and can weaken the dollar, BRICS is a country that is indeed very influential so this is a way to free yourself from the dominance of the dollar, And this will not affect Bitcoin because Bitcoin is not one of the legitimate currencies for now, so its value remains safe and there will definitely be another increase.

[DrBeer]

actually this news has been very popular in all media, and this is not a threat to bitcoin but a big threat to the dollar because with the presence of a new currency the dollar will definitely be abandoned and this becomes a new economic competition for the country, and can weaken the dollar, BRICS is a country that is indeed very influential so this is a way to free yourself from the dominance of the dollar, And this will not affect Bitcoin because Bitcoin is not one of the legitimate currencies for now, so its value remains safe and there will definitely be another increase.

Can you explain the phrase "because with the presence of a new currency the dollar will definitely be abandoned and this becomes a new economic competition for the country" ? I remember - there was a new, quite strong currency EURO.... backed by a stable European economy and many other things. И... nothing happened, nobody abandoned the dollar en masse and switched to the Euro. And here is BRICS, a collection of, to put it mildly, not the most advanced economies, plus it includes outright pariah countries. And who's going to believe in their currency?! Are you serious?
The smartest BRICS members - China and India - are not going to give up the dollar at all

Please explain why anyone should change the dollar to the yuan ?  Very interesting to hear !

[Jatiluhung]

actually this news has been very popular in all media, and this is not a threat to bitcoin but a big threat to the dollar because with the presence of a new currency the dollar will definitely be abandoned and this becomes a new economic competition for the country, and can weaken the dollar, BRICS is a country that is indeed very influential so this is a way to free yourself from the dominance of the dollar, And this will not affect Bitcoin because Bitcoin is not one of the legitimate currencies for now, so its value remains safe and there will definitely be another increase.

The BRICS is indeed quite shocking the world with their economy which is even getting stronger. Even the BRICS Members will probably add more. Even from the Twitter account page @BRICSinfo, I got information that there are about 15 more countries that are interested in joining BRICS. Even Saudi Arabia and the United Arab Emirates which have strong economies also seem to be on the list. This will certainly further strengthen BRICS' position in the global economy. Especially China and Russia which have more influence there. But all this seems to prove that China is really serious about competing with America in terms of the economy. A weaker dollar may one day occur. but I don't think in the near future. because America also has a very strong economic power. so defeating the US Dollar is the hardest thing for any country.


Sourch: https://twitter.com/BRICSinfo/status/1678069729431285762?s=20

[DrBeer]

actually this news has been very popular in all media, and this is not a threat to bitcoin but a big threat to the dollar because with the presence of a new currency the dollar will definitely be abandoned and this becomes a new economic competition for the country, and can weaken the dollar, BRICS is a country that is indeed very influential so this is a way to free yourself from the dominance of the dollar, And this will not affect Bitcoin because Bitcoin is not one of the legitimate currencies for now, so its value remains safe and there will definitely be another increase.

The BRICS is indeed quite shocking the world with their economy which is even getting stronger. Even the BRICS Members will probably add more. Even from the Twitter account page @BRICSinfo, I got information that there are about 15 more countries that are interested in joining BRICS. Even Saudi Arabia and the United Arab Emirates which have strong economies also seem to be on the list. This will certainly further strengthen BRICS' position in the global economy. Especially China and Russia which have more influence there. But all this seems to prove that China is really serious about competing with America in terms of the economy. A weaker dollar may one day occur. but I don't think in the near future. because America also has a very strong economic power. so defeating the US Dollar is the hardest thing for any country.


Sourch: https://twitter.com/BRICSinfo/status/1678069729431285762?s=20

Twitter is of course the most reliable source of the most real information
One simple question - can you find and show everyone here the information - the exchange rate of all currencies, of the BRICS member countries, against the dollar, which they are "effectively fighting". A graph for the last 3 months ?
When you find it, and very probably you will not want to publish it, you will realize that the fairy tale about "BRICS is really shocking the world with its economy, which is even getting stronger" is a fairy tale !
Unfortunately many people see the "public", "advertising" side of BRICS, but not everyone BEFORE they realize what China is really doing, with its "anti-western friends". And I don't understand yet - where it will lead to ! The problem is that when the veil comes off - these "friends" will be in a very difficult position. At the same time, China is really MONOPOLIZING and will CONTROL the economy of its "friends". Or rather "guinea pigs"

[el kaka22]

That would be pretty impossible for it to happen and we are not going to see something like this.

I am not saying that BRICS can't do that , but it is obvious that it would require a wealth that would be insanely difficult to break and even with EURO in this case, Germany has provided so much just to keep the power, and it was definitely the wrong move without a doubt, if they stayed with Mark then they would have been more powerful alone, and yet they wanted to make the whole Europe more powerful together, so Germany had to be less powerful just to make nations like Italy and Greece more powerful, hell Greece bankrupted a million times and saved so many times just because of this like a spoiled child. This won't work as an idea, so it has nothing to do with BRICS.

[DrBeer]

That would be pretty impossible for it to happen and we are not going to see something like this.

I am not saying that BRICS can't do that , but it is obvious that it would require a wealth that would be insanely difficult to break and even with EURO in this case, Germany has provided so much just to keep the power, and it was definitely the wrong move without a doubt, if they stayed with Mark then they would have been more powerful alone, and yet they wanted to make the whole Europe more powerful together, so Germany had to be less powerful just to make nations like Italy and Greece more powerful, hell Greece bankrupted a million times and saved so many times just because of this like a spoiled child. This won't work as an idea, so it has nothing to do with BRICS.

The idea of the EU was precisely to unite the different-level economies of the Union countries for deeper integration, lower costs, and transition to common rules and standards. Yes, Germany, in the first place, took on the responsibility of actually "maintaining" some countries. But the expectation was that they would correctly evaluate the assistance and support and raise their economies to EU standards.

Greece is a great example you have given. Please do not take offense to the residents of Greece - but... Being a country with an ancient history, which has given the world so much useful things, having a very good economy, and suddenly go to the status of a "kept woman" of the EU?! I understand perfectly well that the basis lies in the populism of the government, when many billions of dollars were invested not in the economy, its development, but in pensions, salaries, all sorts of allowances, surcharges and other ineffective spending of money. You have simply - wasted them! Now there are huge debts, distrust, and "crooked views" ...

[Ozero]

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

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

I don't think so this will happen, BRICS isn't that big and that United organization that it can create it's own currency. Especially India and China Don't have those sweet relationships as well. Also even if for a second imagine it's true, this will not be because they want to manipulate bitcoin, it'll be because they want to counter the dominance of dollar and Euro in the world. So i don't think this is effecting bitcoin.

So far, there is no information about any new currency for the BRICS countries. Moreover, the very financial bodies of this organization still object even to the planning of issuing a new currency to serve this economic union of states. Therefore, this is still nothing more than talk that has no serious grounds. Judging by the fact that this group of countries does not include the most developed countries, they will not give up some strong influence on the world economy. But everything will depend on the format in which these countries will work and what their goals of cooperation will be.

[Who is John Galt?]

So far, there is no information about any new currency for the BRICS countries. Moreover, the very financial bodies of this organization still object even to the planning of issuing a new currency to serve this economic union of states. Therefore, this is still nothing more than talk that has no serious grounds. Judging by the fact that this group of countries does not include the most developed countries, they will not give up some strong influence on the world economy. But everything will depend on the format in which these countries will work and what their goals of cooperation will be.

If we imagined that countries that have practically nothing in common, except for an ancient article that used the acronym BRIC, create a common digital currency, then why? None of these countries has expressed a desire to abandon the national currency in favor of any other, moreover, they are now actively engaged in the regulation of their own currencies. There were no global decisions on the part of the entire BRICS, it is still bilateral relations between different countries. Accordingly, it is clear that there are no real prerequisites for such a common currency to succeed, so it would hardly be created. No need.

[Unbunplease]

There are a number of difficulties in introducing this currency. For example, whose currency will have the largest share. At the moment, this role is claimed by the yuan, but whether other countries will agree to it. As far as I know, India is not entirely happy with the proposed conditions

[coupable]

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

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

I don't think so this will happen, BRICS isn't that big and that United organization that it can create it's own currency. Especially India and China Don't have those sweet relationships as well. Also even if for a second imagine it's true, this will not be because they want to manipulate bitcoin, it'll be because they want to counter the dominance of dollar and Euro in the world. So i don't think this is effecting bitcoin.

Talk about the new currency of the BRICS countries exists only at the level of the conversations themselves and no more. Although the Russian embassy in Kenya said "the BRICS countries are planning to introduce a new trading currency that will be backed by gold", the New Development Bank, a financial institution created by the BRICS bloc, said in an official statement that it does not have any immediate plans to create a single currencies.

Instead, BRICS members Brazil, Russia, India, China and South Africa are pushing for more bilateral trade in local currencies. They are not ready to challenge the global dominance of the dollar.

In this regard, this news can be considered as one of the chapters of the challenge between the conflicting major powers, the United States against China.  In parallel with this, China had announced the study of the project to establish a cbdc with Saudi Arabia within the framework of the policy of reducing the use of the dollar, and also China had already begun to experiment with the use of the digital yuan in one of its major provinces, pending its circulation to the rest of the provinces of the country.
In my opinion, the implementation of this project is not as easy as it should be.  This is probably due to the dominance of the dollar in the first place, since most of the BRICS countries do not have an interest in entering into a direct confrontation with the United States, and for various other economic reasons.

[justdimin]

The BRICS is indeed quite shocking the world with their economy which is even getting stronger. Even the BRICS Members will probably add more. Even from the Twitter account page @BRICSinfo, I got information that there are about 15 more countries that are interested in joining BRICS. Even Saudi Arabia and the United Arab Emirates which have strong economies also seem to be on the list. This will certainly further strengthen BRICS' position in the global economy. Especially China and Russia which have more influence there. But all this seems to prove that China is really serious about competing with America in terms of the economy. A weaker dollar may one day occur. but I don't think in the near future. because America also has a very strong economic power. so defeating the US Dollar is the hardest thing for any country.

China and Russia are not doing as well as you think they are. China has one of the all time worst real estate bubbles (like 2008 USA one) which is hurting their economy right now, this is not an attack on china or anything, it happens to anyone and even USA had the worst economy they had during 2008 so it is normal and not a way of diminishing their power, it is just that they are on a terrible period right now, I am sure they will get better one day but that's not today.

Russia has the war situation of course and their ruble is getting less and less valuable as we have seen, it is worst than before the war and was even worse for a while. So when you combine those two together, you get China and Russia not being those giant economies they were.

[DrBeer]

....
Instead, BRICS members Brazil, Russia, India, China and South Africa are pushing for more bilateral trade in local currencies. They are not ready to challenge the global dominance of the dollar.
....

...But so far they can't even establish settlement in any other currency than the yuan. Which China really needs Attempts to trade in rupees have failed, Russia for example has not yet received a noticeable part of the proceeds for the sold oil. Nothing is heard about other currencies ... You see, how interesting it turns out - all participants WANT to trade for their currencies, but... it turns out only for yuan and without the right to exchange it for normal currencies like dollar, euro, yen,.... What went wrong in such a powerful union with such strong players?  I think it's some kind of magic And most importantly, I wonder who benefits from it? No one can tell me ?

[slapper]

The BRICS is indeed quite shocking the world with their economy which is even getting stronger. Even the BRICS Members will probably add more. Even from the Twitter account page @BRICSinfo, I got information that there are about 15 more countries that are interested in joining BRICS. Even Saudi Arabia and the United Arab Emirates which have strong economies also seem to be on the list. This will certainly further strengthen BRICS' position in the global economy. Especially China and Russia which have more influence there. But all this seems to prove that China is really serious about competing with America in terms of the economy. A weaker dollar may one day occur. but I don't think in the near future. because America also has a very strong economic power. so defeating the US Dollar is the hardest thing for any country.

China and Russia are not doing as well as you think they are. China has one of the all time worst real estate bubbles (like 2008 USA one) which is hurting their economy right now, this is not an attack on china or anything, it happens to anyone and even USA had the worst economy they had during 2008 so it is normal and not a way of diminishing their power, it is just that they are on a terrible period right now, I am sure they will get better one day but that's not today.

Russia has the war situation of course and their ruble is getting less and less valuable as we have seen, it is worst than before the war and was even worse for a while. So when you combine those two together, you get China and Russia not being those giant economies they were.

They are experiencing the negative effects of their excessive bubble economy. But let's not forget that even bubbles can produce a rainbow. China's economic tenacity and flexibility in the face of adversity is fascinating to see. However, you make a valid argument; today is not their lucky day. This brings us to Russia. There's no denying how upsetting this situation is. Like trying to clean your house by lighting it on fire, war accomplishes nothing and is hardly an indication of sound judgement on anyone's part. Despite the fall of the rouble, we must not underestimate Russia. Similar to how history tends to repeat itself, so do economic cycles. Keep in mind, my friend, that the international stage is not a chessboard. It's more like a game of Jenga, where one misstep may bring the whole structure tumbling down.

[DeathAngel]

It’s exciting to see countries challenging the US as a reserve currency. I think maybe some have had enough of being bullied by America. This could even be bullish for bitcoin because the US may look to hedge somewhere to try & fight back to preserve their status. Interesting times ahead I believe.

[Jatiluhung]

actually this news has been very popular in all media, and this is not a threat to bitcoin but a big threat to the dollar because with the presence of a new currency the dollar will definitely be abandoned and this becomes a new economic competition for the country, and can weaken the dollar, BRICS is a country that is indeed very influential so this is a way to free yourself from the dominance of the dollar, And this will not affect Bitcoin because Bitcoin is not one of the legitimate currencies for now, so its value remains safe and there will definitely be another increase.

The BRICS is indeed quite shocking the world with their economy which is even getting stronger. Even the BRICS Members will probably add more. Even from the Twitter account page @BRICSinfo, I got information that there are about 15 more countries that are interested in joining BRICS. Even Saudi Arabia and the United Arab Emirates which have strong economies also seem to be on the list. This will certainly further strengthen BRICS' position in the global economy. Especially China and Russia which have more influence there. But all this seems to prove that China is really serious about competing with America in terms of the economy. A weaker dollar may one day occur. but I don't think in the near future. because America also has a very strong economic power. so defeating the US Dollar is the hardest thing for any country.


Sourch: https://twitter.com/BRICSinfo/status/1678069729431285762?s=20

Twitter is of course the most reliable source of the most real information
One simple question - can you find and show everyone here the information - the exchange rate of all currencies, of the BRICS member countries, against the dollar, which they are "effectively fighting". A graph for the last 3 months ?
When you find it, and very probably you will not want to publish it, you will realize that the fairy tale about "BRICS is really shocking the world with its economy, which is even getting stronger" is a fairy tale !
Unfortunately many people see the "public", "advertising" side of BRICS, but not everyone BEFORE they realize what China is really doing, with its "anti-western friends". And I don't understand yet - where it will lead to ! The problem is that when the veil comes off - these "friends" will be in a very difficult position. At the same time, China is really MONOPOLIZING and will CONTROL the economy of its "friends". Or rather "guinea pigs"

I think it would be great if you yourself had to show about it. " the information - the exchange rate of all currencies, of the BRICS member countries, against the dollar, which they are "effectively fighting". A graph for the last 3 months " Because that's your percentage. I hope you explain it in more detail along with complete data from the most trusted sources you can find. So that I can learn and understand more quickly about this. 

And of course you also have the right references or information so you can come to this one conclusion.
"you will realize that the fairy tale about "BRICS is really shocking the world with its economy, which is even getting stronger" is a fairy tale !

[Oluwa-btc]

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

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

I haven't read or seen any news related to the creation of a new currency, I have only come across the case of using and adopting Bitcoin as the general currency. They have all decided to dump the dollar for good
Well, even if they get to create a new currency in between, Bitcoin can not be manipulated. There's no difference from the currency and the fiat currency. In times of financial woes and crises Bitcoin will definitely stand out regardless.

[boyptc]

BRICS isn't made to be against Bitcoin but they're focusing on the de-dollarization and only one opponent which is the US and its US dollars. There is no manipulation for Bitcoin just because of this allegiance.

Maybe the thought that's being built is because Bitcoin's price is being tallied with the USD. Thus, the price of Bitcoin can be manipulated because of the BRICS.

But wherever I look at the point, there's no essence for them to manipulate Bitcoin. This is like an alliance that has been there planned for a long time and it's just been made into reality this year.

[Gyfts]

I wouldn't put it past them. The only country to worry about in "BRICS" would be China. India's economy is not yet large enough and they're more democratized than the CCP. China's looking to form dependence on Yuan by other countries -- does it seem so wildly speculative that China predicts Bitcoin to be a future threat? Do not think short term -- think 10-20 years down the line. Could there reasonably be a world in which countries use decentralized currencies to conduct bilateral trades/transactions that would cause China some concern if their long term goal is Yuan dependence onto other countries?

I feel like whatever nations can do, they are allowed to it, not like anyone forces them to do anything. Lets assume that China is spending money and time on making other nations depend on them, if other nations don't fall for it, they can avoid it, but if other nations end up accepting that, then there is nothing we can do about it.

For example, China is spending tens of billions of dollars to build amazing infrastructures, literally making the nation from scratch, its airports, roads, hospitals and so much more and in return they only want one thing; trade them using yuan and nothing else. They don't even meddle with us spending dollar in trading with others, they only want us to trade using yuan with them, if more then that's great but the only requirement is them.

Is that a trick to make us depend on them? Surely, but they are at least giving something in return too, so far we have used dollars with everyone and USA offered absolutely nothing for it, so this is at least better.

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

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

[DrBeer]

actually this news has been very popular in all media, and this is not a threat to bitcoin but a big threat to the dollar because with the presence of a new currency the dollar will definitely be abandoned and this becomes a new economic competition for the country, and can weaken the dollar, BRICS is a country that is indeed very influential so this is a way to free yourself from the dominance of the dollar, And this will not affect Bitcoin because Bitcoin is not one of the legitimate currencies for now, so its value remains safe and there will definitely be another increase.

The BRICS is indeed quite shocking the world with their economy which is even getting stronger. Even the BRICS Members will probably add more. Even from the Twitter account page @BRICSinfo, I got information that there are about 15 more countries that are interested in joining BRICS. Even Saudi Arabia and the United Arab Emirates which have strong economies also seem to be on the list. This will certainly further strengthen BRICS' position in the global economy. Especially China and Russia which have more influence there. But all this seems to prove that China is really serious about competing with America in terms of the economy. A weaker dollar may one day occur. but I don't think in the near future. because America also has a very strong economic power. so defeating the US Dollar is the hardest thing for any country.


Sourch: https://twitter.com/BRICSinfo/status/1678069729431285762?s=20

Twitter is of course the most reliable source of the most real information
One simple question - can you find and show everyone here the information - the exchange rate of all currencies, of the BRICS member countries, against the dollar, which they are "effectively fighting". A graph for the last 3 months ?
When you find it, and very probably you will not want to publish it, you will realize that the fairy tale about "BRICS is really shocking the world with its economy, which is even getting stronger" is a fairy tale !
Unfortunately many people see the "public", "advertising" side of BRICS, but not everyone BEFORE they realize what China is really doing, with its "anti-western friends". And I don't understand yet - where it will lead to ! The problem is that when the veil comes off - these "friends" will be in a very difficult position. At the same time, China is really MONOPOLIZING and will CONTROL the economy of its "friends". Or rather "guinea pigs"

I think it would be great if you yourself had to show about it. " the information - the exchange rate of all currencies, of the BRICS member countries, against the dollar, which they are "effectively fighting". A graph for the last 3 months " Because that's your percentage. I hope you explain it in more detail along with complete data from the most trusted sources you can find. So that I can learn and understand more quickly about this. 

And of course you also have the right references or information so you can come to this one conclusion.
"you will realize that the fairy tale about "BRICS is really shocking the world with its economy, which is even getting stronger" is a fairy tale !

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

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

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

[bots1]

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

[Velemir Sava]

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

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

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

[AmoreJaz]

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

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

[bitgolden]

They are experiencing the negative effects of their excessive bubble economy. But let's not forget that even bubbles can produce a rainbow. China's economic tenacity and flexibility in the face of adversity is fascinating to see. However, you make a valid argument; today is not their lucky day. This brings us to Russia. There's no denying how upsetting this situation is. Like trying to clean your house by lighting it on fire, war accomplishes nothing and is hardly an indication of sound judgement on anyone's part. Despite the fall of the rouble, we must not underestimate Russia. Similar to how history tends to repeat itself, so do economic cycles. Keep in mind, my friend, that the international stage is not a chessboard. It's more like a game of Jenga, where one misstep may bring the whole structure tumbling down.

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

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

[Jgcmah]

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

[Unbunplease]

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

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

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

[coupable]

There are a number of difficulties in introducing this currency. For example, whose currency will have the largest share. At the moment, this role is claimed by the yuan, but whether other countries will agree to it. As far as I know, India is not entirely happy with the proposed conditions

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

[Cryptomultiplier]

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

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

[Bushdark]

There are a number of difficulties in introducing this currency. For example, whose currency will have the largest share. At the moment, this role is claimed by the yuan, but whether other countries will agree to it. As far as I know, India is not entirely happy with the proposed conditions

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

[adzino]

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

[Swordsoffreedom]

There are a number of difficulties in introducing this currency. For example, whose currency will have the largest share. At the moment, this role is claimed by the yuan, but whether other countries will agree to it. As far as I know, India is not entirely happy with the proposed conditions

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

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

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

[Strongkored]

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

[Minecache]

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

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

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

[speeder]

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

[bots1]

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

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

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

[hyudien]

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

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

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

[DrBeer]

News is that BRICS is working on a gold-backed currency to trade and will probably announce this in the coming months. Speculations are that the currency might be crypto, but, I think they will not adopt crypto as a currency to trade. BRICS is launching it to reduce the dominance of the USD. However, India has backed off from this proposal as they think it is China's plan for its global dominance. India, at the moment, is looking to strengthen its currency.

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

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

[Abiky]

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

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

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

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

[Ozero]

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

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

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

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

[disconnectme]

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

[hannahB4]

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

[coupable]

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

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

[lizarder]

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

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

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

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

[Ayers]

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

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

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

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

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

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

[DrBeer]

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

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

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

Doesn't have value ? Can you ARGUMENTATIVELY make that assumption ?  
And question number two - please describe YOUR view of what is the value and security of currency ? In simple words, without abstruse economic metaphors. So that everyone understands the idea and can discuss ?
Believe me - it will be very interesting for everyone ! Both you and I will discover a lot of things that you have not thought about, using only statements of BRICS participants, but not quite understanding the structure of the world economy, "scales", and the real value of currencies ...

[freedomgo]

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

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

[DrBeer]

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

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

[Ayers]

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

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

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

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

[pooya87]

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

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

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

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

[Gallar]

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

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

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

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

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

[Pierre 2]

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

[DrBeer]

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

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

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

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

Why don't you answer my question first and then I'll answer yours ?  Because it's not nice to have a dialog like this, going away from answering a question and asking your own Let's stick to the logic of dialog. And so - I am waiting for your answer. Preferably reasoned.

Regarding "let's wait" and "Why do we always try to prove ourselves right" - there is such a concept as dialog, exchange of opinions. This is exactly it Based on experience and knowledge, some events are possible to model and predict some things I can in advance and refute erroneous opinions...

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

[Argoo]

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

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

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

[MusaMohamed]

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

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

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

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

[Wend]

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

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

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

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

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

[DrBeer]

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

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

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

South Africa has a funny situation. They are now in a panic looking for a way out, because they want to "eat the fish and ...." without sitting on the twine .
They've already tried to persuade them to send someone from his gang instead of an international criminal. It's a bust. They made up all sorts of stories - it didn't work. Yesterday someone mumbled "we can't arrest him - Russia will attack us" ) Now it sounds ridiculous... But - if we host him and don't arrest him - South Africa will be kicked out of many international institutions, and South Africa is very undesirable now. In short - a perfect example of how not to make friends with international criminals and pariahs....

And about the "New BRICS currency" - I'm betting on the yuan Tales about some other monetary surrogates do not look serious.

[pooya87]

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

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

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

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

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

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

[be.open]

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

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

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

South Africa has a funny situation. They are now in a panic looking for a way out, because they want to "eat the fish and ...." without sitting on the twine .
They've already tried to persuade them to send someone from his gang instead of an international criminal. It's a bust. They made up all sorts of stories - it didn't work. Yesterday someone mumbled "we can't arrest him - Russia will attack us" ) Now it sounds ridiculous... But - if we host him and don't arrest him - South Africa will be kicked out of many international institutions, and South Africa is very undesirable now. In short - a perfect example of how not to make friends with international criminals and pariahs....

And about the "New BRICS currency" - I'm betting on the yuan Tales about some other monetary surrogates do not look serious.

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

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

[Abiky]

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

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

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

I think it will take decades before BRICS countries defeat the US Dollar for good. The "greenback" is still too powerful to go away that easily. But I'd say this is the beginning of the end for US hegemony. I've thought BRICS would use BTC as their main currency especially to avoid sanctions and whatnot. But now I see that won't be the case with their plans to make a currency of their own backed by Gold. Whenever this will become a success or a failure, it's yet to be seen.

I don't think this will have a negative impact over BTC, especially when the Bitcoin blockchain is decentralized. It's likely BTC will survive alongside a basket of Fiat currencies for generations. Who knows how BRICS' actions will shape the future? Just my thoughts

[Ayers]

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

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

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

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

Why don't you answer my question first and then I'll answer yours ?  Because it's not nice to have a dialog like this, going away from answering a question and asking your own Let's stick to the logic of dialog. And so - I am waiting for your answer. Preferably reasoned.

Regarding "let's wait" and "Why do we always try to prove ourselves right" - there is such a concept as dialog, exchange of opinions. This is exactly it Based on experience and knowledge, some events are possible to model and predict some things I can in advance and refute erroneous opinions...

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

Because as long as you can answer my question, you will get the question you are asking me.

Well, as pooya87 said, I'm not correct in saying that they have eliminated USD in international trade, but they are reducing their reliance on it and things are still going. You are just trying to argue and always think you are right, you have no proof that what you say will definitely happen. Therefore, I do not want to argue at length because everyone has their own arguments and stubbornness, even if we are wrong, we will never admit it. So I like to let time answer all, I don't rush to conclude who is right and who is wrong, I have enough time to wait with you.

[pooya87]

I've thought BRICS would use BTC as their main currency especially to avoid sanctions and whatnot. But now I see that won't be the case with their plans to make a currency of their own backed by Gold.

As much as I like bitcoin but it is not yet ready for mass adoption, the price of it is too unreliable for such a large long term commitment like what BRICS countries are making. Imagine if you buy a million barrels of oil (what oil tankers usually carry) worth $80 million in bitcoin and the price drops by 10% which is a normal thing in bitcoin. That is $8 million loss. That's not favorable.
However a centralized currency created and controlled by them is a lot more reliable because they dictate its value (exchange rate) so it can be kept fixed.

At this point bitcoin is good for small size trades and as a small portion of the reserved assets of the country.

[dothebeats]

I've thought BRICS would use BTC as their main currency especially to avoid sanctions and whatnot. But now I see that won't be the case with their plans to make a currency of their own backed by Gold.

As much as I like bitcoin but it is not yet ready for mass adoption, the price of it is too unreliable for such a large long term commitment like what BRICS countries are making. Imagine if you buy a million barrels of oil (what oil tankers usually carry) worth $80 million in bitcoin and the price drops by 10% which is a normal thing in bitcoin. That is $8 million loss. That's not favorable.
However a centralized currency created and controlled by them is a lot more reliable because they dictate its value (exchange rate) so it can be kept fixed.

At this point bitcoin is good for small size trades and as a small portion of the reserved assets of the country.

Yes, the risk will be too much. Bitcoin goes up and down, and it would be too much of a loss if countries starts adapting it as a formal currency. Hence, it is truly more favorable and proper to have a new currency compared to adapting bitcoin currency. Additionally, after all, the new development of currency is more of a way for BRICS to ultimately remove themselves from US colonialism.

[DrBeer]

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

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

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

I think it will take decades before BRICS countries defeat the US Dollar for good. The "greenback" is still too powerful to go away that easily. But I'd say this is the beginning of the end for US hegemony. I've thought BRICS would use BTC as their main currency especially to avoid sanctions and whatnot. But now I see that won't be the case with their plans to make a currency of their own backed by Gold. Whenever this will become a success or a failure, it's yet to be seen.

I don't think this will have a negative impact over BTC, especially when the Bitcoin blockchain is decentralized. It's likely BTC will survive alongside a basket of Fiat currencies for generations. Who knows how BRICS' actions will shape the future? Just my thoughts

I think the scenario described is from the realm of fiction. And not even science fiction.
Reasons? Simple - none of the BRICS countries, or even all of them together, will be able to compete with the US and its economy.
And especially if you look into the eyes of truth and realize that all the BRICS attempts to get away from the dollar, at best, will turn out to be an approach to the yuan, and the import of Chinese economic problems, or rather pumping them to countries that have left the normal international settlements, going to the "monopoly" yuan from China.
Of course, we can assume a certain situation with the total collapse of the U.S. economy.... But rather the economies of BRICS members will show themselves from the bad side, and by the way they already show themselves - today Russia, China, Brazil,... have large-scale problems. And no one is going to save them or subsidize them

And Bitcoin, with its volatility, uneven distribution of mining (you can say monopolization by some market participants) - will not be able to become a stable and secured currency.

[lizarder]

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

It is not meant to belittle, but economic power can affect the geopolitical conditions of each country and look further at how the conditions of countries that do not have economic power are treated. The population size does not affect whether or not developing countries and in fact a large population will hinder economic processes from running perpendicularly, unskilled work or labor will only be needed differently in other countries and in their own country it is not certain that they will get a decent job.

India cannot be equated with China which has developed so much and China's economic power is so strong because they control several products to the Asian market, China is also strong in terms of technology and many scientists who were born there have succeeded in creating miracles that have never been discovered by other countries.

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

Not talking about the possibility or not, but the opportunity to reach the dollar domination stage will be difficult to break in the near future. Even though many countries have eliminated the dollar in international trade, the power of the dollar is still very strong and this is proof that breaking the domination of the dollar is not something easy. Optimism is indeed important for some countries that have joined the BRISC, but they need to strengthen their economy first to compete under any conditions.

[dothebeats]

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

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

BRICS wants to develop their own currency because they really think that it is time for them to be free from the dominance of the US dollar, in my opinion it has nothing to do with BTC or to manipulate the crypto market, because their main goal is to destroy the dominance of the USD. You can read about it in this article https://cointelegraph.com/news/russia-talks-up-prospects-of-brics-countries-developing-new-currency

I agree. This is more on the political side now. And it's heavily being discussed for a long period now. I think OP thought that a new currency will affect BTC somehow but it's just way out of the system as it is more of a political matter.

[DrBeer]

....

Because as long as you can answer my question, you will get the question you are asking me.

Well, as pooya87 said, I'm not correct in saying that they have eliminated USD in international trade, but they are reducing their reliance on it and things are still going. You are just trying to argue and always think you are right, you have no proof that what you say will definitely happen. Therefore, I do not want to argue at length because everyone has their own arguments and stubbornness, even if we are wrong, we will never admit it. So I like to let time answer all, I don't rush to conclude who is right and who is wrong, I have enough time to wait with you.

That's the problem - you're wrong
They have NOT eliminated dollars from international trade. They still trade with the rest of the world in dollars. Because, for example, China cannot buy Western technology for yuan. And Russia can't buy anything of quality for their rubles )
And if you do not read the ramblings of "experts" like the one you quoted. like the one you quoted, and really study the subject area, you will realize that there was a partial replacement and not by the common currency of BRICS, but by yuan, and not to replace the dollar, but to "pump" the problems of the Chinese economy on these unfortunates )
PS. I also recommend to study, for example, the formation of China's reserves, where the growth of investments in U.S. securities, as well as hysterical attempts of Russia to get at least some currency instead of yuan and rupees.
I applaud India - to "divorce" Russia in such a way is a financial show of world scale

[WatChe]

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

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

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

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

China USD reserves are around 3 Trillon USD, so China itself will suffer huge blow if dollar collapse unless they get rid of there all USD holdings. Meanwhile there are news that 40 more countries are in line to join BRICS and this is enough to prove that the platform is getting popular globally. The most interesting part is that gulf countries are also taking interest in joining BRICS and if that happens then what will be fate of billion of USD that belongs to gulf countries but residing in US banks?

[be.open]

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

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

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

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

China USD reserves are around 3 Trillon USD, so China itself will suffer huge blow if dollar collapse unless they get rid of there all USD holdings. Meanwhile there are news that 40 more countries are in line to join BRICS and this is enough to prove that the platform is getting popular globally. The most interesting part is that gulf countries are also taking interest in joining BRICS and if that happens then what will be fate of billion of USD that belongs to gulf countries but residing in US banks?

Yep, to be precise, 22 countries have already submitted official applications for membership in the BRICS and about the same number of informal applications. If all these requests are granted, BRICS will become not only the largest economic alliance in the world, but will also take a dominant position. I have already said earlier that the most interesting moment in the upcoming BRICS summit will not be the creation of a common BRICS currency (this is a very difficult project to implement and a matter for a more distant future), but in what architecture the BRICS will expand, because the issue of expansion itself has actually already been decided. Simply put, will the expansion continue in a peer-to-peer manner, as was already the case with South Africa's entry into the alliance, or will it be a second-level architectural solution. We'll see soon.

[dothebeats]

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

It will absolutely take a long time for that to happen. The system will have to adjust for it as it will be a long process and change. However, it will mostly not affect the bitcoin system as widely as others may say, after all this change is mostly a political talk and will focus on that for awhile.

[MusaMohamed]

As much as I like bitcoin but it is not yet ready for mass adoption, the price of it is too unreliable for such a large long term commitment like what BRICS countries are making. Imagine if you buy a million barrels of oil (what oil tankers usually carry) worth $80 million in bitcoin and the price drops by 10% which is a normal thing in bitcoin. That is $8 million loss. That's not favorable.

Taking care of an individual capital and investment is more easily than doing it for a nation. I can stake my capital, accept risk and afford to lose it but honestly I can not do it with my national treasury. Especially if I don't host a public referendum for that decision. A national treasury can not be staked with a very volatile asset like Bitcoin.

However a centralized currency created and controlled by them is a lot more reliable because they dictate its value (exchange rate) so it can be kept fixed.

Governments can control their fiat currrencies, CBDCs and adjust their policies to support their currencies. They don't control inflation well but at least they will feel safer when they can control their currencies with their power and policies. With Bitcoin, they know that they can not control it because of its high decentralization.

At this point bitcoin is good for small size trades and as a small portion of the reserved assets of the country.

I agree with you that a small portion of a national treasury as a reserved asset is acceptable by assessing risk.

[pooya87]

~
China USD reserves are around 3 Trillon USD, so China itself will suffer huge blow if dollar collapse unless they get rid of there all USD holdings. Meanwhile there are news that 40 more countries are in line to join BRICS and this is enough to prove that the platform is getting popular globally. The most interesting part is that gulf countries are also taking interest in joining BRICS and if that happens then what will be fate of billion of USD that belongs to gulf countries but residing in US banks?

Interest in joining BRICS from all countries even from US-slave countries like France, shows the New World Order and the weakening of United States and the fiat they keep printing called dollar! However, this "weakening" is slowly happening and I don't think the chances of a catastrophic collapse is that high right now hence bag holding a lot of dollars in reserve while slowly dumping it as China is doing is the low risk move.

P.S. Is there any source that shows China's reserve currencies explicitly separated by their type? Because it seems like all sources including the state administration report an aggregated value of all assets (not just dollars) converted to dollar, it even states the change in value is due to "asset price changes" and I know some sources like worldbank reporting the $3.17 trillion include China's gold reserves in it.

[royalfestus]

It appears that the US is gradually recognizing the potential threat to its economy, but it seems to be resorting to its usual approach of pressuring African countries, warning them about potential consequences if they don't comply. The US has assigned Nuland to visit South Africa before the upcoming BRICS meeting, aiming to convince them to align with their position. Additionally, four more countries have joined, bringing the total number of supporters to 44.

[be.open]

P.S. Is there any source that shows China's reserve currencies explicitly separated by their type? Because it seems like all sources including the state administration report an aggregated value of all assets (not just dollars) converted to dollar, it even states the change in value is due to "asset price changes" and I know some sources like worldbank reporting the $3.17 trillion include China's gold reserves in it.

In short, no.

In more detail, China is a very mysterious country with a closed economy that is difficult to externally analyze. There are quite good reasons to believe that in addition to the huge official gold and foreign exchange reserve of $3+ trillion, China has a commensurate shadow gold and foreign exchange reserve, which China uses to artificially maintain an undervalued yuan and actively spends on colossal infrastructure projects, such as building millionaire cities "for growth". By some estimates, China consumes 40 times more concrete than the United States, with comparable economies.

[MusaMohamed]

P.S. Is there any source that shows China's reserve currencies explicitly separated by their type? Because it seems like all sources including the state administration report an aggregated value of all assets (not just dollars) converted to dollar, it even states the change in value is due to "asset price changes" and I know some sources like worldbank reporting the $3.17 trillion include China's gold reserves in it.

Gold reserves by country. China is a first nation in the table and their gold reserves is more than double of Japan reserves. They have 2,068.36 tonnes than 845.97 of Japan.

[Abiky]

As much as I like bitcoin but it is not yet ready for mass adoption, the price of it is too unreliable for such a large long term commitment like what BRICS countries are making. Imagine if you buy a million barrels of oil (what oil tankers usually carry) worth $80 million in bitcoin and the price drops by 10% which is a normal thing in bitcoin. That is $8 million loss. That's not favorable.
However a centralized currency created and controlled by them is a lot more reliable because they dictate its value (exchange rate) so it can be kept fixed.

At this point bitcoin is good for small size trades and as a small portion of the reserved assets of the country.

Sadly, that's the hard truth. BTC is extremely-volatile, which means you can either win big or lose it all in an instant. BRICS countries need something stable that would help them move money across borders with ease. The only logical option would be to make their own currency that would be under their complete control. I'd imagine the new currency would be digital, making use of Blockchain tech for cross-border payments. And backing it with Gold, would make sure the currency will retain its purchasing power no matter what. Similar to what the US did in the old days (except Blockchain tech didn't exist back then).

Whenever BRICS' efforts to displace the USD as the world's reserve currency will become a success or a failure, it's yet to be seen. It's going to take years, if not, decades before this happens. Either way, BTC will keep soaring towards new heights thanks to its decentralized and censorship-resistant design. Just my opinion

[DrBeer]

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

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

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

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

China USD reserves are around 3 Trillon USD, so China itself will suffer huge blow if dollar collapse unless they get rid of there all USD holdings. Meanwhile there are news that 40 more countries are in line to join BRICS and this is enough to prove that the platform is getting popular globally. The most interesting part is that gulf countries are also taking interest in joining BRICS and if that happens then what will be fate of billion of USD that belongs to gulf countries but residing in US banks?

Yep, to be precise, 22 countries have already submitted official applications for membership in the BRICS and about the same number of informal applications. If all these requests are granted, BRICS will become not only the largest economic alliance in the world, but will also take a dominant position. I have already said earlier that the most interesting moment in the upcoming BRICS summit will not be the creation of a common BRICS currency (this is a very difficult project to implement and a matter for a more distant future), but in what architecture the BRICS will expand, because the issue of expansion itself has actually already been decided. Simply put, will the expansion continue in a peer-to-peer manner, as was already the case with South Africa's entry into the alliance, or will it be a second-level architectural solution. We'll see soon.

About BRICS dominance is a very funny joke.
No, I understand that a lot of people, instead of improving the life and economy of their country, are living the dream of "the collapse of the USA", and constantly consuming their products, goods and technologies, thus supporting the USA
I don't understand how people try to make wishful thinking so primitively.

Dominance is possible if someone/something is more powerful, stable, and wealthy.

Now just look at this "alliance" - It seems that only India's economic situation is more or less good today. And the rest are either global problems or fakes
China is a huge internal economic problem. They found a way out, to pull the yuan on all "BRICS test subjects", exporting inflation and problems to them.
Russia is just a fake country and a pariah.
Brazil - wave after wave of economic crises are hitting the economy
If I am wrong - correct me, and provide data on the stability of other potential participants of this "union to save china"

[harapan]

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

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

The BRICS (Brazil, Russia, India, China and South Africa) have demonstrated their intentions to abandon the USD as a global reserve currency.There's no need for debate because no matter what,people still choose the US dollars to BRICS.
The BRICS is yet to stand on its own and manifest properly.The creation of BRICS cannot decline the work force or influence of the US dollar.

[Abiky]

The BRICS (Brazil, Russia, India, China and South Africa) have demonstrated their intentions to abandon the USD as a global reserve currency.There's no need for debate because no matter what,people still choose the US dollars to BRICS.
The BRICS is yet to stand on its own and manifest properly.The creation of BRICS cannot decline the work force or influence of the US dollar.

People will choose the currency that's most convenient for them. The USD is the preferred currency of the public because of its position as the world's reserve currency. But that won't last for long, especially when with the weaponization of the USD. Countries are slowly moving away to other currencies that are more open for global trade.

If BRICS' new currency gathers the attention of countries worldwide, it could easily displace the USD as the world's next reserve currency. Backing its value with Gold is the first step towards achieving said goal. I would be surprised if BRICS goes as far as backing its own currency with Bitcoin. That would be even better for the world economy. We can't predict what will happen in the future, so lets hope for the best.