Quote from: Argoo on July 10, 2023, 04:29:22 AM

Quote from: teosanru on May 07, 2023, 06:55:19 PM

Quote from: I_RodimusPrime on March 31, 2023, 05:25:20 AM

Couple of hours ago there is in news on Twitter saying BRICS countries (Brazil, Russia, India, China, South Africa) are developing a new currency. It was mentioned by State Duma Deputy Chairmen btw.

As I can see all these things to manipulate BTC right? What are your thoughts about this?

I don't think so this will happen, BRICS isn't that big and that United organization that it can create it's own currency. Especially India and China Don't have those sweet relationships as well. Also even if for a second imagine it's true, this will not be because they want to manipulate bitcoin, it'll be because they want to counter the dominance of dollar and Euro in the world. So i don't think this is effecting bitcoin.

Talk about the new currency of the BRICS countries exists only at the level of the conversations themselves and no more. Although the Russian embassy in Kenya said "the BRICS countries are planning to introduce a new trading currency that will be backed by gold", the New Development Bank, a financial institution created by the BRICS bloc, said in an official statement that it does not have any immediate plans to create a single currencies.

Instead, BRICS members Brazil, Russia, India, China and South Africa are pushing for more bilateral trade in local currencies. They are not ready to challenge the global dominance of the dollar.

In this regard, this news can be considered as one of the chapters of the challenge between the conflicting major powers, the United States against China. In parallel with this, China had announced the study of the project to establish a cbdc with Saudi Arabia within the framework of the policy of reducing the use of the dollar, and also China had already begun to experiment with the use of the digital yuan in one of its major provinces, pending its circulation to the rest of the provinces of the country.
In my opinion, the implementation of this project is not as easy as it should be. This is probably due to the dominance of the dollar in the first place, since most of the BRICS countries do not have an interest in entering into a direct confrontation with the United States, and for various other economic reasons.