New currency from BRICS countries

[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

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[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.