How will the BRICS currency influence Bitcoin?

[DrBeer]

Look at the information on foreign economic transactions among the BRICS members, for the first half of 2023. China has been extremely active in promoting the yuan as a substitute for dollars, primarily to rogue countries that have problems with the dollar. And China offered them - let's trade for Yuan. We pay for your goods in Yuan. And we supply you with those goods that you cannot buy for dollars due to restrictions, and you will buy them for yuan.
..
Also the countries caught on this hook, bind themselves to the Yuan, because buying for Yuan is not only an exchange of bills for goods, it is also a restructuring of the banking system ... Also, China has repeatedly proposed to use the Yuan as a currency for mutual settlements within BRICS. China has proposed, not BRICS, let me clarify again China's excuse was that it has "the most powerful economy". So there are no contradictions in our dialog, as we are talking about different events !

this is where you are getting confused

this topic is about brics..
this topic is about the layout of brics economy
you can research it. the BIS(bank of international settlements) is heavily involved in it

OK, let's say that China does not offer the yuan as an alternative to the dolalr and as a BRICS currency. Let's go back to the BRICS currency. What do you think could be the BRICS currency? I assume that it should be similar to the project in Europe, which started with the ECU and then turned into a full-fledged EURO currency. What do you see as an analogy for the BRICS economic union ? One subtle nuance - what and how will the value of this currency be ensured, as this is one of the key points for the formation of a stable union currency ?
Why did I ask this question ? Is it about the fact that the BRICS alliance has countries with both complex economies (which someone has to "support") and countries that are almost isolated from the developed world? In Europe it was much easier in this sense, at least there were no "isolated countries", and weak economies were easily and powerfully financed by the power of the leading economies of the union.

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[Renampun]

Whatever they (BRICS) do, remember that it is the people who use Bitcoin, not the government. Until now we have seen big countries using Bitcoin as their opponent, but Bitcoin is still strong and there are still many people who use Bitcoin as a tool for transactions and trading.
As far as I know, all the countries that joined BRICS already have their own CBDC, but what happens is that people are not interested in it and prefer to use Bitcoin or other crypto assets rather than using the CBDC that the government issues.
bitcoin will remain strong, even if BRICS does not adopt it, they are afraid to fight bitcoin strongly and suppress, against bitocin = against citizens.

[umbara ardian]

On the surface, creating a global currency to rival the USD might seem like a lofty fantasy. The US dollar's dominance is deeply entrenched in the global financial system, and any challenger would face significant hurdles in terms of adoption, infrastructure, and trust. However, viewing the BRICS initiative solely through this lens overlooks the broader geopolitical and economic context.

While directly challenging the USD's dominance might be difficult, a BRICS currency could gradually erode its influence by offering an alternative for intra-BRICS trade and potentially attracting other nations seeking to diversify their financial holdings. This could contribute to a multipolar financial system where the USD's dominance is less absolute, creating a more equitable and balanced global economic landscape.

[pooya87]

Yeah, sure, autocratic states like russia and China are choosing to become a commonwealth. That is ridiculous. All of their policy is build around the idea of opposition to the Western world. Both in terms of values, religiously and traditionally, as well as military and economically. Moreover, they don't have an agreement about those issues within themselves as well. And the only thing that joins those countries is the above mentioned opposition to the Global West.

A common enemy has always been a good reason for creating coalitions, even short term ones. If you check the history of each of these countries, their main threat has always been the "West". Off the top of my head I can name some of them like Napoleon threat to Russia in the 1800's, Nazi threat to Russia in 1900's and NATO threat to Russia in 2000's. British threat to China in 1800's (Opium Wars) to today's NATO threat to China through Taiwan.

[DrBeer]

Yeah, sure, autocratic states like russia and China are choosing to become a commonwealth. That is ridiculous. All of their policy is build around the idea of opposition to the Western world. Both in terms of values, religiously and traditionally, as well as military and economically. Moreover, they don't have an agreement about those issues within themselves as well. And the only thing that joins those countries is the above mentioned opposition to the Global West.

A common enemy has always been a good reason for creating coalitions, even short term ones. If you check the history of each of these countries, their main threat has always been the "West". Off the top of my head I can name some of them like Napoleon threat to Russia in the 1800's, Nazi threat to Russia in 1900's and NATO threat to Russia in 2000's. British threat to China in 1800's (Opium Wars) to today's NATO threat to China through Taiwan.

When you manipulate, do you assume everyone else doesn't know history ?

I'll give you a history course!

- 1939. Nazi Germany, together with the bloody communist regime, attack Poland. After that, the communist regime of the USSR attacks Finland and some other countries. Together and with the SUPPORT of Nazi Germany.

In 1939 there is a joint parade in Brest.
After the massacre in Poland, which they jointly organized there.

The parade on Red Square on May 1, 1941 was held on the 75th anniversary of May Day. The Soviet leadership wanted to demonstrate its military might to the world community. Nazi Germany's General Ernst Köstring and Colonel Hans Krebs were present in Red Square.

Until June 1941 the USSR trained and prepared tankers and pilots for the Nazi army !

And then the Nazi-communist friends quarreled, because someone decided that he could afford to violate the agreements. By this trait we can easily recognize the USSR/Russia

- "NATO's Threat to Russia in 2000". Nothing more delusional can be invented, you have outdone all manipulators

since the noughties, such events have OFFICIALLY taken place:
- Signing of bilateral agreements on joint work between Russia and NATO
- Putin personally voiced the idea of Russia joining NATO (easy to find - the truth cannot be deleted).
- Since 2003 Russia has opened several NATO bases in the framework of cooperation with NATO and provided them with all necessary assistance. The most famous base is the NATO base in Ulyanovsk, a major NATO transportation hub in Russia. Which was allegedly threatened by NATO. When you are making up lies, try to do your favorite "job" more qualitatively  


After exposing the primitive and willful lies, let's return to BRICS and the facts.

Argentina clearly pointed out the key problem with BRICS, which was conceived and implemented until 2022 as an economic union - "BRICS is more related to the political balance than to the advantages that the bloc can provide in trade between countries," - explained this decision Diana Mondino, who became the head of the Ministry of Foreign Affairs of Argentina under Milieu. I am sure that other countries will understand this nuance and will take measures not to become hostages and means for manipulation of some not very honest members of this union.

[franky1]

OK, let's say that China does not offer the yuan as an alternative to the dolalr and as a BRICS currency. Let's go back to the BRICS currency. What do you think could be the BRICS currency?  I assume that it should be similar to the project in Europe, which started with the ECU and then turned into a full-fledged EURO currency. What do you see as an analogy for the BRICS economic union ? One subtle nuance - what and how will the value of this currency be ensured,

you keep assuming "currency" singular
like previous posts you pretend to agree with everything i say then flip back to making speeches about a singular currency!

anyways
no not a EU STATE emulation. not a single reserve currency emulation..
it will be a commonwealth of sovereign countries using their own new modern independent currencies individually.
much like australia, england, canada.. all have trade partnership deals but have their own currency

each country having their own CBDC which forex barters at a exchange called an m-bridge

it wont be like a single fund of a single currency( meaning not IMF style reserve)
it will be more forex emulating and international settlements of each countries own reserves of their own currencies

you might want to check out the BIS where they have lots of reports of different CBDC's and the M-bridge

[DrBeer]

OK, let's say that China does not offer the yuan as an alternative to the dolalr and as a BRICS currency. Let's go back to the BRICS currency. What do you think could be the BRICS currency?  I assume that it should be similar to the project in Europe, which started with the ECU and then turned into a full-fledged EURO currency. What do you see as an analogy for the BRICS economic union ? One subtle nuance - what and how will the value of this currency be ensured,

you keep assuming "currency" singular
like previous posts you pretend to agree with everything i say then flip back to making speeches about a singular currency!

anyways
no not a EU STATE emulation. not a single reserve currency emulation..
it will be a commonwealth of sovereign countries using their own new modern independent currencies individually.
much like australia, england, canada.. all have trade partnership deals but have their own currency

each country having their own CBDC which forex barters at a exchange called an m-bridge

it wont be like a single fund of a single currency( meaning not IMF style reserve)
it will be more forex emulating and international settlements of each countries own reserves of their own currencies

you might want to check out the BIS where they have lots of reports of different CBDC's and the M-bridge

Okay, let's accept your concept as true. Then let's start getting more specific! Question:
1.What do you think the BRICS alliance is? Is it an economic union? Is it a political alliance? Is it a mix of the previous options - then specify the shares of economic and political "weights" in this case ? Something else - then specify !
2. The topic of this thread is called "How will the BRICS currency influence Bitcoin?".  "currency" is "currency" but not "currencies".
Then the question is - what can we discuss about the BRICS currency ?  What kind of currency is it ?

[pooya87]

since the noughties, such events have OFFICIALLY taken place:
- Signing of bilateral agreements on joint work between Russia and NATO
- Putin personally voiced the idea of Russia joining NATO (easy to find - the truth cannot be deleted).
- Since 2003 Russia has opened several NATO bases in the framework of cooperation with NATO and provided them with all necessary assistance. The most famous base is the NATO base in Ulyanovsk, a major NATO transportation hub in Russia. Which was allegedly threatened by NATO. When you are making up lies, try to do your favorite "job" more qualitatively 

You can always interpret history however you like but it won't change facts

Russia, like a lot of other countries, decided to eliminate the colonizers' threat by joining the globalization bandwagon. That meant begging to join NATO, the economic relations with Europe that included selling them super cheap gas, etc. Sooner or later they all realize the colonizers don't want to add new members, like the truth Turkey faces over and over including recently when they outright told Turkey that "they're not worth it and can never join EU"!

It's funny how you had nothing to say about other threats I mentioned in my tiny comment regarding history and could only come up with the NATO related propaganda

[franky1]

OK, let's say that China does not offer the yuan as an alternative to the dolalr and as a BRICS currency. Let's go back to the BRICS currency. What do you think could be the BRICS currency?  I assume that it should be similar to the project in Europe, which started with the ECU and then turned into a full-fledged EURO currency. What do you see as an analogy for the BRICS economic union ? One subtle nuance - what and how will the value of this currency be ensured,

you keep assuming "currency" singular
like previous posts you pretend to agree with everything i say then flip back to making speeches about a singular currency!

anyways
no not a EU STATE emulation. not a single reserve currency emulation..
it will be a commonwealth of sovereign countries using their own new modern independent currencies individually.
much like australia, england, canada.. all have trade partnership deals but have their own currency

each country having their own CBDC which forex barters at a exchange called an m-bridge

it wont be like a single fund of a single currency( meaning not IMF style reserve)
it will be more forex emulating and international settlements of each countries own reserves of their own currencies

you might want to check out the BIS where they have lots of reports of different CBDC's and the M-bridge

Okay, let's accept your concept as true. Then let's start getting more specific! Question:
1.What do you think the BRICS alliance is? Is it an economic union? Is it a political alliance? Is it a mix of the previous options - then specify the shares of economic and political "weights" in this case ? Something else - then specify !

again for the dozenth prompt.. not my concept. you might want to finally take some time to look at BRICS and BIS and read stuff away from social/mainstream media.. you will learn quicker by reading source material compared to asking questions on social media and waiting for others to spoon feed you answers
so please look at some source material that not just some news media site

anyways
its not going to be centralised politics (so not EU model)
its more about trade deals and mutual cooperation.. more of a commonwealth
EG not full on united laws, cultures, policies, but sharing of things like if criminals get extradited and knowledge sharing
they form their own agreements

i think i have told you this a few times now.. so please dont keep asking. and instead go look for some source information

[Kakmakr]

Whatever they (BRICS) do, remember that it is the people who use Bitcoin, not the government. Until now we have seen big countries using Bitcoin as their opponent, but Bitcoin is still strong and there are still many people who use Bitcoin as a tool for transactions and trading.
As far as I know, all the countries that joined BRICS already have their own CBDC, but what happens is that people are not interested in it and prefer to use Bitcoin or other crypto assets rather than using the CBDC that the government issues.
bitcoin will remain strong, even if BRICS does not adopt it, they are afraid to fight bitcoin strongly and suppress, against bitocin = against citizens.

The BRICS countries opened a can of worms, when they started to make noises about developing their own currency and also starting to settle payments with their own currencies.

This has a psychological impact on global trading and also in the dominance that Western currencies had over all those nations that used it.

Your smaller developing countries now has an alternative global reserve currency and also the opportunity to strengthen their own local fiat currency.

This is a big gamble, but if it succeeds... Western dominance will be reduced.

[paxmao]

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...

It doesn't. The "BRICS" coin would be in essence the Yuan (Remimbi), the rest of a theoretical pot of coins that would combine into a BRICS coin are either not very useful due to their inestability or they would be insignifican in comparison with the trade volume that China has with the whole world. I do not see Ruzzia yielding to getting paid in Yuan nor the opposite. Not easy thing.

[DrBeer]

since the noughties, such events have OFFICIALLY taken place:
- Signing of bilateral agreements on joint work between Russia and NATO
- Putin personally voiced the idea of Russia joining NATO (easy to find - the truth cannot be deleted).
- Since 2003 Russia has opened several NATO bases in the framework of cooperation with NATO and provided them with all necessary assistance. The most famous base is the NATO base in Ulyanovsk, a major NATO transportation hub in Russia. Which was allegedly threatened by NATO. When you are making up lies, try to do your favorite "job" more qualitatively 

You can always interpret history however you like but it won't change facts

Russia, like a lot of other countries, decided to eliminate the colonizers' threat by joining the globalization bandwagon. That meant begging to join NATO, the economic relations with Europe that included selling them super cheap gas, etc. Sooner or later they all realize the colonizers don't want to add new members, like the truth Turkey faces over and over including recently when they outright told Turkey that "they're not worth it and can never join EU"!

It's funny how you had nothing to say about other threats I mentioned in my tiny comment regarding history and could only come up with the NATO related propaganda

When you write something like this, insert before the text the phrase “I don’t care about reality, about facts, I live in an alternative reality,” and then your posts won’t cause uproarious laughter Colonizers, globalization, cheap gas, ... - just a selection of words from propaganda manual... They have forgotten about reptilians and the global conspiracy - if only there was a complete picture

Regarding "It's funny how you had nothing to say about other threats I mentioned in my tiny comment regarding history and could only come up with the NATO related propaganda"

Well, let's look at your "facts"?

"A common enemy has always been a good reason for creating coalitions, even short term ones. If you check the history of each of these countries, their main threat has always been the "West". Off the top of my head I can name some of them like Napoleon threat to Russia in the 1800's, Nazi threat to Russia in 1900's and NATO threat to Russia in 2000's. British threat to China in 1800's (Opium Wars) to today's NATO threat to China through Taiwan."

1. “the main threat has always been the “West”” - do you want me to refute nonsense?
2. “Napoleon’s threat to Russia in the 1800s” - you should read history, what were the causes and consequences of this conflict
3. The Opium Wars - an ordinary war of two empires - between the British Empire and the Qing Empire. Before blurting out such “facts”, do you at least study history?
4. Taiwan, its independence is now threatened only by China. The USA does not threaten China, the USA supports the independence and right to self-determination of Taiwan You have big problems with the cause-and-effect relationship, I have already drawn your attention to this more than once

Question - why did you so silently miss the history lesson where your FAKES are broken? Can you refute what I wrote?

[franky1]

side note
china developed many "free trade zones"
which opened china up more then some western countries that want to control trade.

heck even the UK brexited EU so that the UK can set up its own freeports to emulate chinas free trade zones
yet the UK is still having issues setting up freeports even now years after brexit

UK freeports are a gimmick compared to chinas zones.. UK freeports are just a industrial/business piece of land, only from for a few businesses to manufacture/repackage goods

china offers better independence of international trade..
but western media love to find small nuggest of negativity about china, as their whataboutism to hide the westerns issues. but dare anyone point out the whataboutism to reveal the issues with western countries. topics end up spiralling into patriotic arguments of who can show western adoration more. and the facts get dismissed and replaced with admirations

[retreat]

The BRICS currency is designed as a currency that will facilitate transactions between member countries which will replace the dollar or the country's local currency. So in the future, by using the BRICS currency, BRICS members will be able to carry out cross-border transactions without needing to use their currency or dollars as a contract. The purpose of the BRICS currency is only to disrupt the dominance of the US dollar or the use of local currencies in transactions across BRICS member countries, it will not interfere with Bitcoin or other Cryptocurrencies because from the start the BRICS member countries did not use them in their transactions.

[franky1]

The BRICS currency is designed as a currency that will facilitate transactions between member countries which will replace the dollar or the country's local currency. So in the future, by using the BRICS currency, BRICS members will be able to carry out cross-border transactions without needing to use their currency or dollars as a contract. The purpose of the BRICS currency is only to disrupt the dominance of the US dollar or the use of local currencies in transactions across BRICS member countries, it will not interfere with Bitcoin or other Cryptocurrencies because from the start the BRICS member countries did not use them in their transactions.

there is no brics currency (singular)
BRICS plan on a multi currency model

[DrBeer]

The BRICS currency is designed as a currency that will facilitate transactions between member countries which will replace the dollar or the country's local currency. So in the future, by using the BRICS currency, BRICS members will be able to carry out cross-border transactions without needing to use their currency or dollars as a contract. The purpose of the BRICS currency is only to disrupt the dominance of the US dollar or the use of local currencies in transactions across BRICS member countries, it will not interfere with Bitcoin or other Cryptocurrencies because from the start the BRICS member countries did not use them in their transactions.

One simple question - WHY? Why should they replace, for example, the dollar, which can also be used for international trade outside the BRICS? Every action must have a PURPOSE, or REASON. What is the GOAL, taking into account what I described above, of the “BRICS currency”? Otherwise, it looks like this - you have an elevator at home that serves all floors, for example from the first to the 25th. But you and your neighbors from the 9th to the 15th floor say - “no, this elevator is not suitable for us, we will make our own elevator!” At the same time, you will travel to the 9th floor on the main one (this symbolizes interaction with the rest of the world markets in dollars), and then change to yours (pay each other in “BRICS currency”).

[pooya87]

Speaking of BRICS we may end up seeing it thrive a lot sooner with how things are going domestically inside United States.
The United States central government just placed sanctions on one of its own States... the state of Texas. LOL. This is in form of pausing the liquified gas deals with the state in order to put economic pressure on them!!!
This is over the fight they have over that border thing that got the supreme court involved too.

This is more interesting when Texas is one of the States that has always wanted to separate and gain its independence and it also has a lot of energy that the rest of the States depend on....

The more dollar falls apart, the more countries look for alternatives... keep an eye on bitcoin too... #USSR

[franky1]

anyone still confused by brics economics...?

well go check out iraq
to join brics they had to ban using the dollar and.. guess what.. not use yuan as a yuanization, nor move to a new single currency global system, but instead re-instate its iraqi dinar. yep, to join brics iraq needed to have its own currency, to move away from us dollar reliance.

(it pays to actually research)

[DrBeer]

The BRICS currency is designed as a currency that will facilitate transactions between member countries which will replace the dollar or the country's local currency. So in the future, by using the BRICS currency, BRICS members will be able to carry out cross-border transactions without needing to use their currency or dollars as a contract. The purpose of the BRICS currency is only to disrupt the dominance of the US dollar or the use of local currencies in transactions across BRICS member countries, it will not interfere with Bitcoin or other Cryptocurrencies because from the start the BRICS member countries did not use them in their transactions.

there is no brics currency (singular)
BRICS plan on a multi currency model

I have read a lot of information on BRICS and modeling relations, and I can say the following:

1. An attempt to “push the yuan” as the internal currency of the BRICS WAS on the part of China, this is a fact! Yes, this was not an “order”, but there were “affectionate offers” under the auspices of “rapid de-dollarization” in settlements between the BRICS countries

2. The concept of a monocurrency, in the form of which one country wanted it to be the yuan, and this was promoted by China (and this is a FACT), was correctly understood by the participants and, accordingly, was REJECTED. BRICS has no plans to compete with the dollar or replace it with something: “The New Development Bank, a financial institution created by the emerging markets bloc BRICS, does not have any immediate plans to create a single currency for the group, said its vice president and chief financial officer.
While the BRICS members - Brazil, Russia, India, China and South Africa - are pushing to expand trade with each other in local currencies, they are not ready to challenge the dollar's global dominance, Leslie Maasdorp said in an interview. on Wednesday with Bloomberg TV's Haslinda Amin.
“Developing something alternative is more of a mid- to long-term goal,” he said. "There are currently no proposals to create a BRICS currency."

3. Now and in the near future, there will be “no single BRICS currency”, “no multi-currency BRICS”, there will be, as before, mutual settlements in local currencies, where possible. AS IT WAS before! Reasons - BRICS members are quite disparate for economic purposes, and do not want to sacrifice their currency for someone else’s.

4. The key authors of the “need for de-dolarization” are Russia, Iran and China. Reasonable - I think everyone understands! 2 rogue countries, under sanctions which cannot participate in international trade in dollars. And a country which needs to save its economy by any means and which has half of its external debt denominated in dollars...

[pooya87]

anyone still confused by brics economics...?

BRICS and everything about it is still under development not solid finished plans set in stone that everyone is following already.
At this point there are multiple options that are being used and/or discussed by different countries, they include:

• Replacing dollar with another currency like Yuan for international trades and reserve currency
• Using own fiat currencies among small economic blocs (eg. what's going on in ASEAN)
• Set off (usually between neighbor countries)
  
• Using CBDCs
• Introducing a new currency called BRICS

Saying BRICS is one of these methods and not the rest is wrong.

to join brics they had to ban using the dollar

They didn't exactly ban using dollar.
You see after US invaded Iraq 20 something years ago, they've taken control of a lot of things in that country including all their money. In fact US has used that as a means to pressure Iraqi government to let the occupation continue. Basically all the money that Iraq earns (like by selling its oil) goes to United States then if US regime decides they give a small percentage of it back to the Iraqi government to cover a tiny portion of its budget. The rest goes to US for the "cost of their war" lol.

Iraq had no other choice but to dump the dollar, the budget deficit is rising rapidly and lately US refuses to give any of their money back so they had no choice but to seek a solution.

not use yuan as a yuanization, nor move to a new single currency global system, but instead re-instate its iraqi dinar.

Iraq is indeed using Yuan they're even calling it "PetroYuan" as the replacement for "PetroDollar".
The Dinar usage is also for "internal transactions" where usage of dollar is completely banned since they're trying to decrease the demand for the dollar in their inflating economy and help prevent the exchange rate from shooting up more.
BTW Dinar hadn't gone anywhere to need to be "re-instated".