How will the BRICS currency influence Bitcoin?

[Kakmakr]

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

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

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

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

Let's discuss this...

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[MFahad]

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

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

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

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

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

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

Let's discuss this...

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

[crwth]

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

[EarnOnVictor]

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

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

[Tytanowy Janusz]

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

[Jawhead999]

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

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

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

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

[DrBeer]

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

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

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

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

Let's discuss this...

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

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

[livingfree]

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

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

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

[Die_empty]

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

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

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

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

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

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

[0t3p0t]

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

[Fortify]

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

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

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

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

Let's discuss this...

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

[hyudien]

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

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

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

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

Let's discuss this...

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

[|MINER|]

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

[WillyAp]

For everyone's reference, BRICS is the emerging national economy now.

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

[Zaguru12]

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

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

[Charles-Tim]

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

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

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

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

[alankasman]

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

Let's discuss this...

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

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

[cabron]

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

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

[moneystery]

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

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

[btc78]

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

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

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