New currency from BRICS countries

[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?

[1714609801]

1714609801

[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.