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?

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[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.