BRICS Pay going operational is a major step in dedollarisation

[pooya87]

The BRICS payment system is already created and even though it is in its very early stages but it is inevitable now.

Is it? Where, the AWS hostet Site is not from any BRICS member.

I have no idea who came up with that website or if it is even an "official" site with any kind of relation to any BRICS members. But as to where, you can read the first post one more time to see the where and how!

[WillyAp]

But as to where, you can read the first post one more time to see the where and how!

yeap I read the 1st page, looked up the site, checked their IP and their server.
and in my opinion its done to milk the incautious people in the Crypto scene.

Server in AWS, the US, as a BRICS Organisation does not fit. No names, no organization just blablabla.

[fillippone]

The president's press secretary Dmitry Peskov later reported that the banknote did not make much of an impression on the head of the Central Bank. He suggested that the symbolic banknote was made by the Chamber of Commerce and Industry. Peskov described it as "quasi-money" and noted that it is a symbol of the joint work of the BRICS countries.

Of course, even if the Ruble is a de facto shitcoin it perfectly serves the schemes of the Russian government. So it would be stupid for them to renounce to it to use a common mean of exchange.
I am so dubious of this allienace.

[DrBeer]

But as to where, you can read the first post one more time to see the where and how!

yeap I read the 1st page, looked up the site, checked their IP and their server.
and in my opinion its done to milk the incautious people in the Crypto scene.

Server in AWS, the US, as a BRICS Organisation does not fit. No names, no organization just blablabla.

This is the “normal solution” of apologists of “dedollarization” and “confrontation with the USA” - to shout, for the masses, about “independence from the USA”, as well as “risks of keeping funds/information/... on the resources managed by the USA”, and then... to place their resources in a company from the USA and demand payment in dollars . on the resources managed by the USA”, and then... place their resources in the company from the USA, and demand dollars in payment
I hope BRICS will purify itself from the scum of rogue countries, and build a quality, competitive economic union, which will mutually beneficial to realize interaction both within the union and in the world market !   

[Richbased]

In the newest BRICS meeting currently taking place in Russia, the new BRICS payment system called BRICS Pay was revelated and became operational. The gift card seen in the image above contains 500 rubles and it can be used to purchase stuff from any shop that supports the BRICS Pay system like the coffee shop below.

Russia have been at the forefront among the BRICS NATIONS so am not surprise they introduced this payment system. What i know is that the BRICS may actually achieve their quest even though it may not be gotten on an easy ground and may take a lot of time.

This is a major step in Dedollarisation specially since BRICS is expanding very rapidly as lots of countries are now applying to join it.

Inasmuch as the dollar still maintain it's relevance and dominance, am not totally against De-dollarization. Perhaps, we can still have 2 or more reserve currency apart from the dollar.

[pooya87]

Inasmuch as the dollar still maintain it's relevance and dominance, am not totally against De-dollarization. Perhaps, we can still have 2 or more reserve currency apart from the dollar.

It's just like Bitcoin. It wasn't created to replace anything but instead to provide the world with that alternative option. An option for anyone who wanted to "exit" that corrupt centralized system. That's is a lot like BRICS and its future payment system, an alternative Order for the global majority who doesn't want to be slaves to a centralized and abusive system controlled by a minority.

[Alpha Marine]

I thought they wanted to create a currency that can be used by all member countries withiut any restrictions? Something like the Euro? Whats the point of de dollaration if were just swapping one dominate currecy for another?
I mean, if i was the government of any country and i was tired of being forced to use the dollar for foreign exchange, why should i opt for the rubble? What makes it better than the dollar? If for anything i can state why the dollar is better.

Yuan has been overtake Dollar since many years ago, with BRICS this will strengthening Yuan more.

You can't just say things like these when you know it's false. The dollar has been the dominant currency cross border transactions till march this year when the yuan overtook it. So if the yuan just overtook the dollar in its own country, how come it has overtaken the dollar globally "many years ago"?
About 90% of foreign exchange transactions in the world are still done with the dollar, so I don't know where you got your data from. Countries like Russia, Saudi Arabia, Argentina, Brazil, Bangladesh, and Pakistan are countries that have used the Yuan more and that's not surprising at all.

[Swordsoffreedom]

I thought they wanted to create a currency that can be used by all member countries withiut any restrictions? Something like the Euro? Whats the point of de dollaration if were just swapping one dominate currecy for another?
I mean, if i was the government of any country and i was tired of being forced to use the dollar for foreign exchange, why should i opt for the rubble? What makes it better than the dollar? If for anything i can state why the dollar is better.

So why is the United States willing to do whatever it takes to protect the dollar's position? Why have they tried to maintain the dominance of the USD for over 100 years and are willing to crush anything they feel threatens the USD and their power? Where are you from? It seems you are satisfied with the domination and imposition of the United States. But if you come from a country that is subject to hundreds of sanctions from the United States, from military to economic, making your country unable to develop and living in poverty. You will see how important dedollarization is.

Some countries are falling into poverty, inflation is increasing, partly due to corrupt governments but many countries are falling into poverty because of bans or exploitation by powerful countries such as the United States, France, England...BRICS is moving towards a multipolar world with more choices for other countries, not a dictatorial world.

[Alpha Marine]

So why is the United States willing to do whatever it takes to protect the dollar's position? Why have they tried to maintain the dominance of the USD for over 100 years and are willing to crush anything they feel threatens the USD and their power? Where are you from? It seems you are satisfied with the domination and imposition of the United States. But if you come from a country that is subject to hundreds of sanctions from the United States, from military to economic, making your country unable to develop and living in poverty. You will see how important dedollarization is.

I think you totally missed my point so let me explain.
I don't know how you concluded that I liked the domination the USD has on foreign exchange. My point is, what is the point of swapping the dollar for the currency of another country? I mean, if my country can't use our local currency for international trade then what's the point? How is the rubble better than the USD?
It only shows that Russia wants their currency to be what the US currency is and so do China. It simply means they're all different people with the same agenda. They don't care about my country or other countries. They just care about 2 things. The strengthening of their currency and country and the crippling of their rivals. So why should I take sides in a business like that?

The US is willing to do whatever it takes to maintain dominance in foreign exchange because it strengthens their currency and economy and that is also why China and Russia are also doing whatever it takes. Don't kid yourself to believe any one of them actually cares about other countries because they would do the same if they had the power.
China shows signs of invading Taiwan while Russia is currently trying to invade Ukraine but you believe they're the saints that are better than the US? Think again.  

[pooya87]

I mean, if i was the government of any country and i was tired of being forced to use the dollar for foreign exchange, why should i opt for the rubble? What makes it better than the dollar? If for anything i can state why the dollar is better.

The example in OP is using Ruble because the conference was inside Russia where BRICS Pay was revealed; and when in Russia you use their local currency. When BRICS Pay is released and you go to other countries, you'd pay using their local currency but inside the same payment system.

About 90% of foreign exchange transactions in the world are still done with the dollar,

Your stat is a decade or two old. The current percentage is sitting around 50%.

[DrBeer]

So why is the United States willing to do whatever it takes to protect the dollar's position? Why have they tried to maintain the dominance of the USD for over 100 years and are willing to crush anything they feel threatens the USD and their power? Where are you from? It seems you are satisfied with the domination and imposition of the United States. But if you come from a country that is subject to hundreds of sanctions from the United States, from military to economic, making your country unable to develop and living in poverty. You will see how important dedollarization is.

I think you totally missed my point so let me explain.
I don't know how you concluded that I liked the domination the USD has on foreign exchange. My point is, what is the point of swapping the dollar for the currency of another country? I mean, if my country can't use our local currency for international trade then what's the point? How is the rubble better than the USD?
It only shows that Russia wants their currency to be what the US currency is and so do China. It simply means they're all different people with the same agenda. They don't care about my country or other countries. They just care about 2 things. The strengthening of their currency and country and the crippling of their rivals. So why should I take sides in a business like that?

The US is willing to do whatever it takes to maintain dominance in foreign exchange because it strengthens their currency and economy and that is also why China and Russia are also doing whatever it takes. Don't kid yourself to believe any one of them actually cares about other countries because they would do the same if they had the power.
China shows signs of invading Taiwan while Russia is currently trying to invade Ukraine but you believe they're the saints that are better than the US? Think again.  

You don't really understand what drives the key ideologues of “dedollarization”.
They don't want to make their currency better, they want to make another currency worse, to make everyone around them worse, to violate international standards and rules. This is a peculiarity of rogue and criminal countries - they don't know how to create, they don't want to make life better in their countries, they want to make life around them worse to look good against their background
Well, and plus to escape from deserved punishment, and they do not hide it, for example Putin (international criminal) said “We must give up the dollar, because with its help the Global West and the USA with its help punish us (deservedly)”.

If this is true - I ask the author of the topical, habitually delete the post containing the truth

[WillyAp]

Your stat is a decade or two old. The current percentage is sitting around 50%.

Is it?

https://www.forbes.com/sites/katharinabuchholz/2023/08/31/us-dollar-defends-role-as-global-currency-infographic/

[pooya87]

If you want to know how serious the new BRICS payment system that is being developed is, just look how increasingly scared US presidents are after the latest BRICS meeting. Trump who still hasn't taken office threatened BRICS members by 100% tariffs if they made this payment system

If BRICS Pay as some users in this board love to convince us is such an insignificant thing that will fail and all that, why is US regime so scared of it?!!

[WillyAp]

If you want to know how serious the new BRICS payment system that is being developed is, just look how increasingly scared US presidents are after the latest BRICS meeting. Trump who still hasn't taken office threatened BRICS members by 100% tariffs if they made this payment system

If BRICS Pay as some users in this board love to convince us is such an insignificant thing that will fail and all that, why is US regime so scared of it?!!

They look at that at state level. One level down and most businesses are happy with the $.
The people are not happy are the ones who run a business based on theft or else. Could even be one which is legal in your country but illegal in the US.
Businesses would also take Gummi bears as currencies if those could be freely converted and are not being subject to inflation, sanctions.

The issue is that legacy media plays the music that the US is losing its status. Surely the US is not the same as in 1950. Still its a long way till the US are on a level like Spain or Turkey or worse Zimbabwe. 

[Akbarkoe]

If you want to know how serious the new BRICS payment system that is being developed is, just look how increasingly scared US presidents are after the latest BRICS meeting. Trump who still hasn't taken office threatened BRICS members by 100% tariffs if they made this payment system

If BRICS Pay as some users in this board love to convince us is such an insignificant thing that will fail and all that, why is US regime so scared of it?!!

I see it, Trump said it as a form of threat to those who want to join BRICS, especially those who are still dependent on the American market or goods from America, of course it becomes a complicated thing for countries that are still dependent.

Whether it fails or not is uncertain, we need to see the development, this dedollarization step if it continues to be done must be very threatening to the dollar and the US, therefore it is a bad plan when the US cannot control the dollar users gradually and they switch, then the possibility of collapse will occur, and the usual step in a few hundred years before experiencing economic collapse, they (the threatened country) will force the position by waging war.

[pooya87]

The people are not happy are the ones who run a business based on theft or else.

Exactly why Trump is unhappy about it because the US government runs on stealing other nation's money and when the world abandons the dollar, they won't be able to rob them any more.

Still its a long way till the US are on a level like Spain or Turkey or worse Zimbabwe. 

Right again.
Abandoning dollar is a slow process and it won't happen overnight. It would be a couple of more years before the collapse of the debt base US economy. But if for example the world were to dump the dollar today, before the week ends there won't be any US economy left and before the month ends half the US population will have left for their original countries (that's another problem with colonies like the US).

[Synchronice]

If you want to know how serious the new BRICS payment system that is being developed is, just look how increasingly scared US presidents are after the latest BRICS meeting. Trump who still hasn't taken office threatened BRICS members by 100% tariffs if they made this payment system

If BRICS Pay as some users in this board love to convince us is such an insignificant thing that will fail and all that, why is US regime so scared of it?!!

I probably haven't achieved 1/100 what Trump has achieved in his life and who am I to judge but I think that his statements are very stupid. He will set 100% tax tariff? Really? What a stupid idea. First of all, the USA is a number one country. When such countries tries to be bully towards an alliance of many countries, that is a message for these countries to do something behind the scene and protect themselves from the Big Bully. It's simple, when you threaten someone, they are trying to get stronger. Also 100% tax tariff is like it's only them who are benefiting and not the USA.
It sucks that the USA doesn't have a better candidate than Trump and Joe/Kamala. 70+ people shouldn't be in politics (including Putin).

[WillyAp]

Right again.
Abandoning dollar is a slow process and it won't happen overnight. It would be a couple of more years before the collapse of the debt base US economy.

I bet the dollar will last longer than the US is one single country. Even if the society crumbles people need a currency.
The dollar everyone known, Crypto well if 15% know a little it is quiete a lot.

The people won't abandon the $. Look how the $ has developed in trade.

[franky1]

I bet the dollar will last longer than the US is one single country. Even if the society crumbles people need a currency.
The dollar everyone known, Crypto well if 15% know a little it is quiete a lot.

The people won't abandon the $. Look how the $ has developed in trade.

USD is only used by ~330m people
indian rupee is used by over 1 billion people
chinese yuan is used by over 1 billon people

in short, the dollar is not as important/relevant/most useful as you might think.. and the world is now realising it

when you look into the BIS (bank of international settlements) which have been involved in alot of stuff brics related.. you will also see that they are going to be allowing central banks of the world to have a 2-5% hedge of their reserves, by being hoarded as crypto, and all central banks have to start publishing, accounting and disclosing their crypto holdings by january 2025. which is why you are suddenly seeing countries mentioning they want/have/will have bitcoin as part of their reserves

many countries lobbied to be allowed to have reserves as bitcoin, which is a step away from limiting themselves to only things like bonds. thus this means less reliant on the US bonds market

[WillyAp]

USD is only used by ~330m people
indian rupee is used by over 1 billion people
chinese yuan is used by over 1 billon people

in short, the dollar is not as important/relevant/most useful as you might think.. and the world is now realising it

Hilarious hehehehe

The US $ is official tender in 11 countries:
See https://en.wikipedia.org/wiki/International_use_of_the_U.S._dollar
Even though wiki does not disclose numbers they at least acknowledge that the US currency is used in many parts of this world. Soon also on Mars.

Other nations besides the United States use the U.S. dollar as their official currency, a process known as official dollarization. For instance, Panama has been using the dollar alongside the Panamanian balboa as the legal tender since 1904 at a conversion rate of 1:1. Ecuador (2000), El Salvador (2001), and East Timor (2000) all adopted the currency independently. The former members of the U.S.-administered Trust Territory of the Pacific Islands, which included Palau, the Federated States of Micronesia, and the Marshall Islands, chose not to issue their own currency after becoming independent, having all used the U.S. dollar since 1944. Two British dependencies also use the U.S. dollar: the British Virgin Islands (1959) and Turks and Caicos Islands (1973). The islands Bonaire, Sint Eustatius and Saba, now collectively known as the Caribbean Netherlands, adopted the dollar on January 1, 2011, as a result of the dissolution of the Netherlands Antilles.

The US dollar is an official currency in Zimbabwe, along with the euro, sterling, the pula, the rand, and several other currencies. A series of Zimbabwean Bond Coins was put into circulation on 18 December 2014 in 1, 5, 10, and 25 cent denominations, and afterwards 50 cent and 1 dollar bonds coins, which are pegged at the same rate as American coins.

The use of the US grafically: