Russian President Vladimir Putin addressed Russia’s position within the BRICS alliance regarding using the U.S. dollar. Contrary to the BRICS bloc’s ongoing de-dollarization efforts, Putin clarified that Russia is not planning to abandon the dollar entirely but will limit its use as a settlement currency. Describing the dollar as a “pillar of U.S. power,” Putin highlighted that the global trend toward alternative currencies is just a response to evolving economic dynamics.

Vladimir Putin Confirms Russia Won’t Ban Dollar 

In a recent interview, Vladimir Putin affirmed that Russia will not completely abandon the U.S. dollar, despite ongoing de-dollarization discussions within BRICS. Instead, Russia aims to reduce the dollar’s role in transactions, focusing on using it sparingly in global settlements. Putin stated that while payments in dollars are gradually decreasing, the move is part of a natural shift driven by changing global economic conditions rather than an outright dismissal of the U.S. currency.

Simultaneously, BRICS continues working on a unified payment system to reduce reliance on the dollar. This new system, rooted in the payment networks of each member country, will facilitate financial autonomy by enabling transactions in local currencies. The initiative is part of the bloc’s goal to strengthen its financial infrastructure.

The Russian president insisted,

 “Our proposals are not aimed against [the] dollar. This is simply us rising to the challenge of modern times, in response towards the development of the economy we are thinking about.”

Trump’s Policies Challenge BRICS’ Dollar Strategy

However, the re-election of Donald Trump could influence the future of BRICS’ de-dollarization strategy. During his campaign, Trump emphasized the importance of preserving the U.S. dollar’s global role, warning that countries moving away from the dollar may face tariffs on their goods. This stance could create obstacles for BRICS nations seeking to diversify away from the dollar.

Therefore, under Donald Trump’s administration, efforts to strengthen the dollar might pose challenges for the BRICS bloc as it attempts to create alternatives. Despite these potential hurdles, BRICS leaders, including Vladimir Putin, are committed to exploring different currency strategies.

In one of his campaign rallies in September, Donald Trump said, 

“Many countries are leaving the dollar. They not going to leave the dollar with me. I’ll say, you leave the dollar, you’re not doing business with the United States because we’re going to put 100% tariff on your goods.” 

Moreover, discussing future financial strategies, Vladimir Putin hinted at potential roles for digital currencies like Bitcoin and XRP within BRICS. While the adoption of these cryptocurrencies remains in the early stages, Putin acknowledged the interest in exploring digital assets. 

However, he emphasized that a full transition to cryptos is premature, and the focus remains on national currencies. Consequently, the president said member countries are prioritizing the development of a robust banking network to support intra-BRICS trade.

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Members of the BRICS alliance have agreed to close the membership to the block for 2024. The news came amid the ongoing BRICS Summit ongoing in Kazan, Russia. The alliance, which originally comprises of Brazil, Russia, India, China and South Africa is exploring ways to free itself from the US Dollar hegemony. For this, conversation has once veered toward Bitcoin (BTC), and stablecoin before now.

The BRICS Membership Structure and Admittance

Besides the core founding members, the alliance has expanded dramatically over the past year. Earlier this year, the United Arab Emirates (UAE), Iran, Egypt and Ethiopia officially joined the alliance. Beyond this full members, the body has a number of partner countries within its ranks.

These include Nigeria, Turkey, Malaysia and Thailand among others. As reported earlier by coinpress, Turkey unveiled plans to to join the body in June. With the new update to block new memberships, there are conversations around what the bloc will focus on for the rest of the year.

The BRICS agenda is well defined and it hinges on improving economic and trade relations. The group hopes to achieve this by shunning the Western financial system built around the US Dollar. Some of the countries in the bloc, especially Russia and Iran are highly motivated with respect to this agenda. This is because of the sanctions on both nations by the United States Government and European allies.

In fulfilling its agenda, some of the countries have conducted foreign trade bypassing the US Dollar as the settlement currency. For instance, India sidestepped the Dollar last year when it completed the first Rupee-based oil trade with UAE.

What About Bitcoin and Crypto?

It is worth noting that amid the plans to demote the role of the Dollar, conversations have risen up on how Bitcoin and crypto can fit in. In earlier report, coinpress hinted at the ways Russia can evade Western sanctions with Bitcoin.

There has not been any official acknowledgement that Bitcoin will feature in the broader plans for the BRICS bloc, however, stablecoins might play a role. In all, Russian President Vladimir Putin noted that the conversation around national unifying currency for the alliance is premature.

For now, the body is exploring a payment system that will utilize blockchain to boost its cross-border settlement agenda.

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The BRICS alliance is growing stronger as it continues to reflect shifts to alternative asset classes like Bitcoin and XRP. While the speculation regarding a shift to cryptocurrency is growing, Russian President Vladimir Putin just shared insight into what to expect.

BRICS: The Reality About Bitcoin and XRP Adoption

One thing is certain about the planned pivot from the US Dollar, the member countries in the BRICS bloc are exploring alternatives. Many options are on the table with respect to this, including the integration of top digital currencies.

While many insinuated that there are growing advances in this regard, President Vladimir Putin has stressed on the focus on National currencies. As reported by the media, President Putin confirmed that the talk of a single currency for the member countries is too “premature.”

This is a mild dent to the expectation of many in the broader cryptocurrency ecosystem who believes the adoption of Bitcoin or XRP can validate the industry. Notably, President Putin remain silent on the exact timeline that is right for a conversation around digital currencies, his latest commentary centered around unified banking.

XRP entered the spotlight in June as the BRICS member countries started considering crypto. However, President Putin noted that the New Development Bank is currently serving the needs of member countries as Western financial institutions could have.

The Russian president projected that the BRICS block will grow economically in the coming months. Per his projections, the organization will command most of the global economic power due to its size.

The Push For Alternative Payments Move

As reported earlier by coinpress, the organization which comprises of Brazil, Russia, India, China and South Africa have made significant approach toward digital currencies before now. In August, the body planned to launch two crypto exchanges and a BRICS stablecoin to further advance its alternative payments push.

Despite the latest update from President Vladimir Putin, members of the BRICS bloc acknowledge how blockchain technology is viable in driving the de-dollarization agenda. Unsurprisingly, the alliance is growing significantly with more countries joining this year.

Turkey unveiled plans to join the organization in June with Egypt, Ethiopia, Iran and the United Arab Emirates also joining recently.

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Russia is now planning to introduce two major crypto exchanges, one in Moscow and the other in St. Petersburg. This initiative underscores the need to boost foreign economic activity (FEA). Moreover, the country eyes building a Chinese yuan-pegged BRICS stablecoin, further pushing the dedollarization efforts.

The crypto exchange initiative is designed to provide a new platform for digital transactions. However, experts have expressed concerns over the potential limitations and risks associated with the project, particularly in light of international sanctions.

Russia’s Plans On Developing The Crypto Sector

One of the crypto exchanges will likely leverage the infrastructure of the St. Petersburg Currency Exchange (SPCE) to facilitate foreign economic activity, according to a report by Kommersant. Whilst, the other platform is expected to be based in Moscow. However, it remains unclear whether it will be developed on the foundation of the existing Moscow Exchange or as a separate entity within an experimental legal framework.

The primary focus of these exchanges will be the creation and use of stablecoins. For context, stablecoins are a type of crypto that is typically pegged to a reserve of assets, such as a national currency or a basket of currencies. In this case, the Russian government is reportedly considering the development of stablecoins linked to the Chinese Renminbi (RMB) Yuan and the BRICS currency basket.

Hence, this move is aimed at boosting economic cooperation among the BRICS nations (Brazil, Russia, India, China, and South Africa). Currently, BRICS is eyeing dedollarization via crypto and blockchain. However, the development and deployment of a BRICS stablecoin via newly-launched crypto exchanges present a number of challenges.

Oleg Ogienko, CEO of BitRiver, pointed out the technological difficulties in integrating stablecoins into Russia’s blockchain infrastructure. He noted that “stablecoins, due to their legal nature, are more like cryptocurrency.” This could complicate their convertibility, liquidity, and security. Moreover, the complexity of these issues could hinder the seamless adoption of stablecoins in Russia.

Current Regulatory Framework & Challenges For Crypto Exchanges

In terms of regulatory frameworks, Russia currently operates under Federal Law No. 259 “On Digital Financial Assets.” This regulation provides the legal basis for the issuance and circulation of digital assets. However, this legislation does not specifically address the creation or regulation of cryptocurrency exchanges.

Yaroslav Schitzle from law firm Rustam Kurmaev and Partners emphasized the lack of a “clear and unified legal mechanism for the creation and operation of crypto exchanges” under existing Russian regulation. The only relevant regulation available is the Experimental Legal Regime (EPR). This legislation was recently enacted and might serve as the legal foundation for these new cryptocurrency exchanges.

The introduction of these crypto exchanges is expected to be rolled out in stages. Initially, access will be restricted to a select group of users. These include subsidiaries of major exporters and importers, often referred to as “blue chips” in the business world.

Mikhail Uspensky, a member of the expert council on the legislative regulation of cryptocurrencies in the State Duma, weighed in on the matter. He noted it is unlikely that small and medium-sized businesses or individual users will be granted unrestricted access in the early phases. Moreover, he emphasized that “the contours of the future experiment are entirely at the mercy of the regulator.”

Implications Of Global Sanctions

Despite the potential benefits, the project is fraught with significant risks, particularly concerning sanctions. The transparency of blockchain technology could lead to severe consequences if transaction data were to be leaked.

Uspensky warned that if it becomes known that a cryptocurrency was purchased on a Russian exchange, this information could be tracked and flagged as suspicious. This could lead to the blocking of transactions. He cautioned that such a scenario could “significantly ruin the lives” of the participants in these transactions.

Furthermore, it could also affect future holders of these digital assets who may have no direct connection to Russia. Additionally, experts like Nikita Vassev, founder of TerraCrypto, expressed skepticism about the appeal of these domestic platforms.

He argued that “only those who have no other choice will use such an exchange.” Vassev suggested that established, internationally recognized trading platforms will remain the preferred choice for most users unless they are left with no alternatives.

Earlier this month, the country adopted a pro-crypto approach by legalizing crypto and Bitcoin mining. Meanwhile, Russia’s BRICS peer, India, is looking forward to kickstart crypto regulatory efforts. The Indian government is seeking public opinion for better framework. Now, the DEA release is awaited in September-October period, which will lay the basis for digital asset regulation in the country.

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With a new BRICS Payment System rolling out just weeks before, jaws dropping 159 countries have shown interest and willingness to adopt it. It poses a severe challenge to America’s much popular SWIFT banking system. Several nations think America is weaponizing the SWIFT system against countries that don’t have good terms with the country, thus looking for de-dollarization. The bloc nations are also mulling using blockchain and crypto for cross-border settlements with Russia initiating the first steps.

BRICS Payment System and De-Dollarization

Last month in July, the BRICS nations announced their own payment system as an alternative to America’s SWIFT with the aim of reshaping global trade. The alliance noted that this new payment system will facilitate cross-border transactions and settlements without relying on the U.S. Dollar. This move seeks to potentially alter the balance of economic power in global markets.

As per the latest reports, several other nations have extended support to the new BRICS payment system. One Russian official confirmed that nearly 159 countries are looking to adopt the system.

There are some talks going around that the nation bloc could introduce a gold-backed currency at the upcoming BRICS Summit in October 2024. Besides, the countries could also engage in using local currencies for cross-border settlements over the blockchain platform, to tackle SWIFT dominance.

The bloc is reportedly using the Ripple blockchain-based system for its payment system, putting XRP in the spotlight. Notably, XRP Ledger has become one of the most used blockchain for cross-border transactions.

Will the Bloc Use Blockchain and Crypto?

Although the bloc is mulling using a BRICS Payment System, it’s not going to be easy to replace the USD dominance, especially while trading with Western powers. Also with the nation bloc expanding, there would be too many local currencies for use in international trade. Earlier this year, Kremlin aide Yury Ushakov told the Tass News Agency:

“We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics”.

Crypto can prove to be a strong bridge across the bloc nations as well as for international traders with Western countries. Digital assets provide a connecting link worldwide irrespective of political affiliations. Even Western nations have shown interest in embracing crypto with leaders like Donald Trump pledging to make Bitcoin the reserve currency of the USA.

Last week, Russian President Vladimir Putin signed a crypto bill to allow crypto mining operations in the country along with using cryptocurrencies for cross-border payments. Amid the heavy US sanctions following the Ukraine invasion, Russia’s use of crypto assets has been increasingly growing.

It will be interesting to see whether other nations within the BRICS bloc would also favor the use of crypto. For years, China has maintained an anti-crypto stand.

The post BRICS Payments Eyes De-Dollarization Using Crypto & Blockchain appeared first on coinpress.

Tether (USDT) may be the biggest obstacle standing on the path of the BRICS Group in its effort to contest the hegemony of the United States Dollar.

BRICS Group Expanding De-dollarization Agenda

Paolo Ardoino, the CEO of the stablecoin issuer lauded USDT’s broad use cases. He described it as a currency that conveniently delivers the USD to a large number of people around the world today. He noted that it is particularly useful in developing countries where they need an alternative currency to their local fiat currencies which are usually prone to devaluation.

Noteworthy, Ardoino’s statement about Tether was a reaction to an earlier post from Howard Lutnick, Cantor Fitzgerald’s CEO.

Lutnick claimed that the BRICS Group, which comprises of Brazil, Russia, India, China, South Africa and some other countries, has invited Iran to join the bloc. BRICS has been growing rapidly for the last few months and the primary goal of member countries of the BRICS is to contest the dominance of the USD.

Tether $USDt is bringing the U.S dollar to hundreds of millions of people around the world that live in developing countries and are in need of an alternative to their local national currencies that are quickly losing any sort of value.

Through this activity, Tether, has been… https://t.co/XByn2cfWuU

— Paolo Ardoino (@paoloardoino) June 20, 2024

For the longest time, the intergovernmental organization  has been contemplating on the alternative currency to adopt for cross-border settlements to facilitate de-dollarization.

At a time, BRICS announced the creation of an independent payment system based on digital currencies and blockchain. More precisely, the BRICS consortium considered implementing a stablecoin. Even Russian President Vladimir Putin hinted that the bloc might explore the use of Ripple-associated XRP for cross-border settlements.

Cantor Fitzgerald’s CEO Support Tether 

Cantor Fitzgerald’s CEO recognizes this joint effort from the member countries of BRICS against Dollars’ hegemony. Consequently, he highlighted that the United States needs a responsible dollar-backed stablecoin to equally contest the effort of these nations.

“The digital dollar matters more now than ever,” Lutnick said.

He concluded his post by stating clearly that the dollar hegemony is important to America, as it matters to its economy.

While Lutnick was not specific about the USD-pegged stablecoin that the United States could explore, his thoughts may be with USDT. This likely prompted Ardoino’s reaction. The entrepreneur has voiced his support for Tether in the past. At the beginning of 2024, Tether Reserve gained legitimacy as Cantor Fitzgerald confirmed the firm has the reserve it claims it has.

This could be another strategy for him to tout the capacity of the digital currency.

Read More: Max Keiser Urges Argentina to Rethink Ethereum in it Crypto Strategy

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XRP has taken center stage following Russia’s confirmation of the BRICS group’s ambitious plans to develop a new independent payment system. As BRICS advances its currency sufficiency scheme, the potential role of XRP in this innovative financial infrastructure has captured widespread attention. This move aims to reduce reliance on traditional financial systems and promote economic collaboration among member nations.

Is XRP In View as BRICS Bridge Currency?

According to a research paper first spotted by XRP enthusiast Amelia, Russian President Vladimir Putin has confirmed that the bloc is finally moving forward with its alternative currency plan. From the report, there are indications the bloc would explore the use of Ripple-associated XRP for cross-border settlements.

BRICS NEWS:

Russian President Putin confirms BRICS is developing its own independent payment system!

And according to a document about the Central of Bank of Russia they will most likely use #XRP for cross-border payments!

BRICS XRP pic.twitter.com/ecEKIz3IF5

— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) June 7, 2024

Before now, the Bank of Russia introduced a project on cross-border transfer implementation. This project reportedly considered the use of the Ripple payment system. It was perceived as an excellent basis for the development of a system for cross-border settlements for the group. It is worth noting that XRP is known for its transaction speed and low costs. Hence, it seem like a viable system the bloc is considering to revolutionize its international payment goals.

This move to adopt the cryptocurrency may trigger a massive jump in the price of XRP. CEO & Founder of Cryptonairz, Robert Doyle (Crypto Sensei) believes that XRP’s price may reach $10,000 if BRICS countries adopt it widely. There is a general opinion that member countries in BRICS stands to gain so much from choosing XRP as their alternative to the United States dollars. The volatile currencies and developing economies of these nations are perceived as challenges that XRP could improve.

Ripple’s growing network of alliances with well-known financial institutions is also regarded as an advantage that the BRICS nation could leverage.

Also Read: Tech and Crypto Stocks Rebound Ahead of Fed Meeting

XRP Uses Cases Grows Exponentially 

Generally, these partnerships are indicative of XRP’s growing use cases and recognition across several nations. With how much XRP has improved in the last few months, especially after Judge Analisa Torres ruled on July 13th that the crypto is not security, there are already discussions about the possibility of a XRP ETF.

Ever since the Securities and Exchange Commission (SEC) gave its nod to spot Bitcoin ETFs  and recently to spot Ethereum ETFs, experts have begun to weigh in on the implementation of other crypto ETFs.

In an interview, CEO of Ripple, Brad Garlinghouse, talked about the launch of XRP ETF. He highlighted that the approval of Ethereum ETFs gives him confidence that XRP might also gain approved as well. Also, Ripple President Monica Long strongly supported an XRP ETF, stating that would make “a lot of sense,” given the current regulatory clarity surrounding XRP and Bitcoin in the U.S.

Read More: Crypto Platform Bakkt Evaluates Sale, Shares Spike 15%

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With the growth of the Brazil, Russia, India, China, and South African (BRICS) alliance, Turkey has shown its interest to join the bloc.

Turkey, BRICS, and Bitcoin

According to an earlier report by the South China Morning Post (SCMP), the Turkish Minister of Foreign Affairs Hakan Fidan revealed this move in a state visit to Beijing. Confirming its core intentions, Fidan noted that Turkey is aligned with BRICS efforts to liberate developing nations.

Turkey has always played a major role in the Middle-Eastern politics and economic advancement. While there are no major sanctions on the country by Western world powers like the United States and the United Kingdom, it has a bad economy. One unspoken rationale behind the move to join BRICS might be to also break the US Dollar hegemony.

This remain the primary unifying factor behind the alliance, a trend that has attracted many countries over the past year. The nations that came together under BRICS believe the US Dollar is a limitation to their potentials. As a strong message to the United States, some of the members of the alliance like India, Iran and Saudi Arabia have started conducting local trades in their national fiat currencies.

While it has not been decided, a major consideration among the member countries is the adoption of a single currency. Thus far, Bitcoin remain one of the assets on the radar of BRICS considering its borderless nature. This asset sits well with Turkey whose economy and currency is ravaged by intense inflation.

Most Turkish residents are well versed in trading or handling Bitcoin. With the revamp of the digital economy part of the key reasons driving the BRICS pursuit by Turkey, Bitcoin’s probable role is looking more feasible.

Not Everyone Wants To Join BRICS

While many countries are vying to join the BRICS group, Argentina just pulled off from the pursuit.

The emergence of its current President Javier Milei has changed the country’s interests across the board. Despite being known as a pro-Bitcoin leader, Javier Milei is pro-USD, conflicting with BRICS ideals.

The process of joining the bloc is a very lengthy one, however, the group is actively expanding and Turkey’s membership might further change the narrative.

Read More: MiCA Regulations: Tether CEO Criticizes Bank Deposit Requirement for Stablecoins

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“Rich Dad Poor Dad” Author Robert Kiyosaki has advised his followers to buy Bitcoin (BTC) again. While he is known to always make this call, this time around, he believes the coin can prevent fallout from the US Dollar crash.

BRICS Crypto and Bitcoin Advantage

Robert Kiyosaki revealed that he is currently in South Africa, one of the founding members of the BRICS alliance. In the country, he noted that there are charters of what will happen when BRICS nations produce BRICS Crypto. It is worth noting that this BRICS Crypto conversation remains one of the biggest subjects emanating from the alliance thus far this year.

Per the observation made by Kiyosaki, the BRICS Crypto may possibly be backed by Gold. Though the exact details remain unknown, Robert Kiyosaki said should the BRICS  gold crypto asset happen, it might impact USD. With members of the BRICS alliance controlling a significant supply of USD used for international oil trade, a launched crypto might render the fiat invalid.

This has a cascading effect as it will fuel the currency’s return back to the United States. With the potential return of trillions in USD sent back to the US, Robert Kiyosaki projected that it might fuel hyperinflation. By previous trend, this hyperinflation will devalue the Dollar, impacting the purchasing power of the populace.

Currently in South Africa a country I love. Watching and listening to rumors of what will happen when BRICS nations, Brazil, Russia, India, China, South Africa produce BRICS crypto, possibly backed by gold. If BRICS gold crypto happens trillions in fake money, fiat US dollars…

— Robert Kiyosaki (@theRealKiyosaki) May 12, 2024

In order to prevent the harsh impact of this potential macroeconomic meltdown, Robert Kiyosaki advised buying proven assets. His top picks include Gold, Silver and Bitcoin. Each of these asset has its own strength, however, Bitcoin is deflationary and fast gaining acceptance around the world.

In earlier counsels, Robert Kiyosaki has pitched Bitcoin as an asset that can soar as high as $300,000 by the end of this year. His conviction on Bitcoin pushes him to consistently inject capital in the coin.

Embracing Wider Accessibility

Per his previous comments regarding Bitcoin as a way to prevent fallout from BRICS crypto and other economic mishap, Kiyosaki always emphasize buying even at least a fraction of the coin.

Today, there are different ways to gain exposure to the coin now. Besides buying BTC from different crypto trading platform, the US now has spot Bitcoin ETF products trading on regulated exchanges. Following the greenlight from the US SEC in January, BlackRock, Fidelity Investments and others have recorded huge inflows to date.

Recent reporting from US firms also shows intense accumulation of the coin across the board, underscoring a significant pivot overall.

Read More: Ethereum Price Analysis: Will ETF Uncertainty Push $ETH Below $2700?

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In a bid to create an alternative to the use of the United States dollar for cross-border remittances and trade, member countries of the BRICS consortium are considering implementing a stablecoin.

BRICS To De-Dollarize Trade With Stablecoin

During a recently conducted interview, Russian Deputy Foreign Minister Sergei Ryabkov disclosed the plan for the bloc to consider stablecoins for international settlements. This is in addition to developing “BRICS Bridge,” a platform that supports interoperability of Central Bank Digital Currency (CBDC) payments. 

Furthermore, he talked about the roles that the fiat currency-backed cryptocurrency will play for the group including fostering financial cooperation among BRICS member countries. This looks like an indirect approach for the BRICS countries to finally have their native currency. It remains uncertain how far the bloc has gone with its research and the plans for the proposed stablecoin. 

For quite some time, the BRICS Group, which includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates, has been discussing the usage of other alternatives to pursue de-dollarization. The de-dollarization effort has gained significant traction in the last few months due to the recent inflation and economic slowdown. 

Last month, the bloc announced the creation of an independent payment system that is based on digital currencies and blockchain. The focus of the alternative payment method is to ensure that it is “convenient for governments, common people and businesses, as well as cost-effective and free of politics,” Russia’s Kremlin aide Yury Ushakov said. 

Stablecoin Market Seeing Immense Adoption Growth

Noteworthy, this move from the BRICS Group comes amidst a heightened use of stablecoins in the digital asset ecosystem. The stablecoin market recently skyrocketed beyond the $160 million mark, hinting at a significant feat that was last seen in 2022. 

A week ago, Triple-A, a Singapore-based payments firm, made a strategic move by announcing its decision to integrate PayPal’s stablecoin into its array of payment options tailored for merchants.

Top blockchain payments firm Ripple also revealed its plan to launch its stablecoin, underscoring investors’ growing interest in the special asset class. With a burgeoning alliance like BRICS now considering the implementation of stablecoins, the ecosystem is bound to see an upsurge in adoption over time.

The post Just In: BRICS Countries Mulls Stablecoin For Trade Settlement appeared first on coinpress.

In response to the recent announcement by the BRICS nations, Bitcoin ETF issuer VanEck’s advisor, Gabor Gurbacs, has advocated for the adoption of Bitcoin (BTC) instead of rushing into Central Bank Digital Currencies (CBDCs). The BRICS announcement focused on the creation of an independent payment system based on digital currencies and blockchain technology. However, Gurbacs strongly disagreed with the idea.

VanEck Advisor Urges Countries To Adopt Bitcoin

The VanEck strategist took to the X platform to express his perspective on the CBDC initiative by BRICS. He encouraged Bitcoin adoption and stated, “Countries should just adopt Bitcoin instead of creating flavors of CBDCs.” BRICS, comprising Brazil, Russia, India, China, and South Africa, alongside Egypt, Ethiopia, Iran, and the United Arab Emirates, aims to bolster financial sovereignty and reduce reliance on the U.S. dollar.

Hence, the move underscores a global shift towards diversification in response to inflation and economic challenges. However, Gurbacs emphasized the pros of Bitcoin, highlighting its scarcity and decentralized nature as advantages over CBDCs. He asserted, “It takes commitment and humility to operate in a system where you can’t ad-hoc print money.” This reflects concerns over the potential for CBDCs to enable governments to exert undue influence over monetary policy.

The VanEck advisor further underscored the absence of an alternative to fiat systems. Gurbacs noted, “But that is exactly the alternative that’s missing from fiat systems.” This sentiment resonates with proponents of Bitcoin who advocate for a currency free from governmental control and manipulation.

Moreover, Gurbacs also highlighted the potential advantages of early adoption of Bitcoin, suggesting that nations stand to gain from embracing the crypto. He stated, “The first to adopt Bitcoin gain advantage.” This reflects the belief that Bitcoin offers opportunities for economic empowerment and independence.

Also Read: Louisiana Introduces Bill On Bitcoin Rights Amid BTC Price Rally To $68K

About BRICS’ CBDC Initiative

The BRICS announcement signals a concerted effort to explore alternative monetary systems, with a focus on digital technologies and blockchain. Kremlin aide Yury Ushakov underscored the importance of creating a payment system that is convenient, cost-effective, and free from political influence. He stated, “The main thing is to make sure it is convenient for governments, common people, and businesses.”

Furthermore, he spotlighted the commitment of nations to enhance the influence of BRICS in the global monetary and financial framework. The BRICS Contingent Reserve Arrangement (CRA) is commonly viewed as a rival to the International Monetary Fund (IMF).

In addition, recent disclosures unveiled collaboration among the Russian Finance Ministry, the Bank of Russia, and BRICS member states to develop various initiatives aimed at enhancing the international monetary and financial system. This encompasses the establishment of the BRICS Bridge multi-sided payment platform.

Also Read: Breaking: BRICS Plans Digital Currencies and Blockchain Based Payment System for De-Dollarization

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BRICS, an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates, announces the creation of an independent payment system based on digital currencies and blockchain.

BRICS Digital Currencies and Blockchain-Based Payment System

Russia’s Kremlin aide Yury Ushakov in an interview with Russian News Agency TASS revealed work to create an independent payment system based on digital currencies and blockchain. It is part of the BRICS Contingent Reserve Arrangement (CRA) framework to protect against global liquidity pressures including adverse affect of global financial pressures.

It is a big announcement by the BRICS nations as they primarily push for the use of currencies different from the US dollar. The de-dollarization effort has gained significantly amid the recent inflation and economic slowdown.

“We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics,” Yury Ushakov said.

He added that the nations will work to improve the role of BRICS in the international monetary and financial system. The BRICS CRA is generally seen as a competitor to the International Monetary Fund (IMF).

Also Read: US SEC Files Coinbase Insider Case as Supplemental Authority in Binance Suit

BRICS on Breaking Dollar Dominance

Recent reports revealed cooperation between the Russian Finance Ministry, the Bank of Russia, and BRICS nations to prepare a number of initiatives to improve the international monetary and financial system. This includes the creation of the BRICS Bridge multisided payment platform.

BRICS welcomed Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) to join the de-dollarization drive while improving the international monetary and financial system.

Also Read: South Korea Mulls Spot Bitcoin ETF Approval As BTC Price Nears ATH

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The BRICS Group has just welcomed new members including Saudi Arabia, Iran, and a few other nations as it charts a rare expansionary move.

BRICS Group Doubles Down on Expansion

South Africa’s Foreign Minister Naledi Pandor stated that Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) have confirmed their interest in joining the BRICS Group. This comes a few months after the 2023 BRICS Summit held in Johannesburg, South Africa where an invitation was extended to the aforementioned countries including Argentina by the bloc. 

Unlike the nations that just accepted the invitation, Argentina outrightly turned down the offer, a move contributed by the recent change in the country’s administration. Specifically, Argentina’s President, Javier Milei through his Foreign Minister declined the invitation from BRICS.

“Argentina has written to indicate that they will not act on this successful application by the previous administration to become full members of BRICS, and we accept their decision,” Pandor added.

Milei’s decision to reject the BRICS invitation is in fulfillment of the promise made during his campaign. In the run-up to his ascension into office, the pro-Bitcoin politician pledged to shut down Argentina’s Central Bank and dollarize the economy. This plan encompassed slashing spending by at least 13% of GDP before mid-2025. 

The Argentine president intends to achieve this feat by imploring strategies like downsizing public works, reducing the number of ministries, and removing subsidies and capital restrictions. In this regard, he has been making so much effort since he assumed office. After a few days as the sworn-in President of Argentina, Milei implemented the devaluation by slashing the fiat currency’s value by 50% concerning the USD. 

The De-Dollarization Agenda Unfolding

Ultimately, the BRICS Group is focused on breaking the dominance of the United States Dollar as the global reserve currency.

Opening its doors to more countries with similar interests is one way in which members of the BRICS Group believe that the bloc would achieve its agenda. With more countries, BRICS stands the chance of controlling more economic thresholds, especially with oil-rich nations like Saudi Arabia. 

Between a few countries in the BRICS bloc, international trade has started taking place. Last year, India and UAE redefined trade ties as the rupee replaced the dollar in the crude oil transaction, signaling the BRICS de-dollarization agenda. 

Milei backtracking from joining BRICS is evident as he is pro-America when the other nations in the alliance are not.

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Iran and Russia have decided to conduct trade exchanges using their local currencies, moving away from the US dollar. This change reflects a broader strategy within the BRICS group to reduce reliance on the US currency in global trade.

Details of the Iran-Russia Agreement

This decision emerges as part of the BRICS bloc’s focused efforts towards de-dollarization, a key initiative along with its expansion plans. The move by Iran and Russia to switch to local currencies for bilateral trade aligns with the bloc’s wider strategy. 

This shift allows both nations, which are under US sanctions, to facilitate trade more effectively. The agreement, brought into effect by the central bank governors of the two countries, also complements their increased economic and military collaboration.

BRICS Expansion and Global Currency Dynamics

The inclusion of Iran in the BRICS expansion plan, alongside Saudi Arabia, the UAE, Egypt, and Ethiopia, marks a significant bloc enlargement. This development, set to be formalized in the upcoming year, could have far-reaching implications for global currency dynamics. 

In an interview, former US President Donald Trump expressed concern over the declining influence of the US dollar. He emphasized the potential global shift towards alternative currencies, highlighting China’s interest in positioning the Yuan as more dominant.

Bitcoin as a Potential Alternative

Amid these developments, the conversation around Bitcoin’s role in the global economy is gaining momentum. As countries like Iran and Russia seek alternatives to traditional financial systems, cryptocurrencies like Bitcoin are emerging as potential tools to circumvent economic sanctions and the limitations of conventional banking.

Bitcoin’s decentralized nature makes it an attractive option for countries looking to reduce reliance on traditional reserve currencies like the US dollar. Its increasing adoption and integration into mainstream financial platforms further bolster the argument for its potential as an alternative in global trade and reserve currency discussions.

Implications for the US Dollar and Global Trade

The move by BRICS countries, especially if Saudi Arabia joins and opts to settle oil trades in currencies other than the US dollar, could significantly impact the dollar’s role in global trade. This trend supports Trump’s warnings about the challenges facing the US dollar’s dominance. As the BRICS summit approaches, these developments signal a possible acceleration in de-dollarization efforts, potentially reshaping the landscape of international trade and finance.

Read Also: BTC Bounces Back As Spot Bitcoin ETF Approval Nears

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Argentina has turned down the invitation extended to it to join the BRICS Group, suggesting a pivot in foreign policy as a result of the entrance of a new administration championed by Javier Milei. 

Argentina Dissaproves BRICS Plan

According to Diana Mondino, Milei’s pick for Foreign Affairs Minister when he takes office, the South American nation would not be joining the BRICS Group of emerging economies as was initially planned. Mondino spoke to some journalists in Buenos Aires about her doubt on the real value of the bloc. Some of the members of the group are China and Brazil, two key commercial partners of Argentina. 

The Foreign Affairs Minister asked if there was going to be any difference seeing that it already has members of the BRICS bloc as the country’s primary trading partners. 

While the latest development is being hinged on an existing relationship between Argentina and a few BRICS member countries, it is worth noting that Milei who will officially assume office as the President of the nation on December 10, is a core supporter of the United States.

As a libertarian and an admirer of the former president of the United States Donald Trump, he has the vision to align Argentina’s interests with those of the U.S.

This dramatic U-Turn is one of Milei’s drastic policies which also includes plans to take out the Central Bank as reported earlier.

Argentina President Criticizes Brazil and China

As is well-known, member countries of the BRICS Group are pushing to reduce dependence on the US Dollar. 

Much more, they are trying to achieve this feat by pursuing de-dollarization. Argentina’s newly elected president is obviously not in support of this vision and the latest move underscores his stance.

Milei once criticized China while also threatening to sever its diplomatic ties with the country on the premise that he was not interested in doing business with “any communist.” Brazil’s government led by Luiz Inácio Lula da Silva was equally lambasted by the newly elected Argentine president for his cozying up to China.

Argentina is one of the six countries that was invited to join the bloc during the last BRICS Summit held in Johannesburg, South Africa. Their addition would have made the BRICS Group an 11-nation bloc but with Argentina’s refusal to join, this may no longer happen as expected.

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According to Reuter’s report, BRICS Bank also known as the New Development Bank (NDB) is making plans to issue its first Indian Rupee Bond by October. 

De-dollarization: More Bond Issuance to go Live

The news was announced by BRICS’ Bank’s Vice President and Chief Operating Officer Vladimir Kazbekov as the lender is being pressured to raise and lend more in local currencies. Markedly, he did not disclose the target size of the Indian Rupee bond project.

“NDB is seeking to increase its presence in the local capital markets of its member countries, to fund its robust portfolio of local currency loans,” Kazbekov said 

Already, the bank issued its first South African rand bond last week and during that time, the BRICS COO mentioned that the bloc is considering the issuance of local currencies in other member countries Brazil, Russia, and the United Arab Emirates.

The NDB is a multilateral development bank established in 2015 by member nations (Brazil, Russia, India, China, and South Africa) and it is regarded as the most concrete achievement of the bloc. It was established for easy mobilization of resources for infrastructure and sustainable development projects in emerging markets and developing countries. Two years ago, the bank initiated the expansion of its membership.

BRICS Bank Expands Membership

The bank took in Bangladesh, Egypt, United Arab Emirates, and Uruguay as its new member countries. However, its previously slow-paced lending was further impacted by the sanctions imposed on Russia following its invasion of Ukraine. 

Therefore, the bank started thinking of using “one member country’s currency to finance projects with that currency in another member. Let’s say, a project in South Africa to be financed in CNY (Chinese yuan), not with USD (U.S. dollar).”

With this move, the BRICS nations are inching closer towards de-dollarization as planned. Last week, India finalized its first crude oil transaction with the UAE. The transaction was completed with the Rupee, thereby, sidelining the US dollar. This was a strategy for India to reduce its reliance on the United States dollar. 

The de-dollarization scheme of BRICS has started to put the bloc in the spotlight as many other nations have indicated interest in joining. Consequently, the BRICS nations have unanimously agreed to expand their group to accommodate other countries.

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In a significant development on the global geopolitical stage, the leaders of the BRICS nations have come to a unanimous decision to expand their alliance. 

The BRICS alliance, which consists of Brazil, Russia, India, China, and South Africa, has long been recognized as a formidable force in international relations, encompassing a substantial portion of the world’s population, economic output, and geopolitical influence. 

BRICS Expansion: Key Point in Joint Declaration

The announcement was made during the second day of the recent BRICS Summit held in Johannesburg, which commenced with a bilateral meeting between Prime Minister Narendra Modi of India and South African President Cyril Ramaphosa.

Among the notable topics of discussion was India’s proposal to grant the African Union a permanent seat in the G20, a proposition that enjoys support from fellow BRICS nations. Modi expressed optimism about the approval of this proposal, underscoring the unity of purpose within the alliance.

In his address, Prime Minister Modi reiterated India’s endorsement of expanding the BRICS alliance through consensus, affirming the bloc’s collective commitment to strengthening its ranks. 

He also highlighted India’s contributions to key sectors such as railway research networks, cooperation among Micro, Small, and Medium-sized Enterprises (MSMEs), and the dynamic field of start-ups. Modi acknowledged the substantial progress achieved in these sectors as a testament to the tangible outcomes of BRICS collaboration.

Modi also praised South Africa’s BRICS chair for emphasizing the Global South states. He emphasized India’s own commitment to prioritize Global South countries during its G20 chairmanship. 

Interestingly, Modi shifted his focus to space exploration, announcing the start of development on the BRICS satellite constellation. He did, however, urge for the formation of a BRICS space exploration consortium to increase collaboration in this area. 

Emphasis on Co-operation and Multilateralism

Furthermore, Chinese President Xi Jinping joined the chorus of leaders addressing the assembly. President Xi also used the occasion to address a major issue on the world stage: the lingering specter of the “Cold War mentality” that continues to loom over international relations. 

He advocated for mutual respect for the many modernization pathways that countries select for themselves, opposing ideological rivalries, systemic confrontations, and civilizational disputes.

The BRICS alliance has gained more traction in recent times with several nations including Argentina, Saudi Arabia and Morocco among others indicating interest to join the bloc as concerted effort is made to stump the dominance of the US Dollar.

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As geopolitical tensions rise, former US President Donald Trump sounds the alarm over the greenback’s global position. He pointed to BRICS’s aggressive moves towards de-dollarization as a chief concern. Meanwhile, oil trade dynamics seem to support his views, suggesting a seismic shift in global economic balance.

BRICS’s power lay: oil as a currency weapon

The BRICS alliance, representing some of the world’s major economies, has actively pursued de-dollarization, with oil trade taking centre stage. Recent actions by these countries indicate a concerted effort to reduce reliance on the US dollar. 

India settled crude oil transactions with the UAE in Rupees, while France opted for the Chinese Yuan in its gas trade with China. Besides, Russia has followed suit, leveraging the Yuan for its oil imports.

In his open Fox Business interview, Trump stressed the importance of these initiatives. He said, “Our country is going to hell, and we’re not going to be the big boy.” Additionally, he worried about the US dollar’s declining worldwide influence. Such shifts, he believes, could have consequences graver than any war, particularly if the US dollar loses its reserve currency status.

More Countries Joining BRICS?

Significantly, Saudi Arabia’s potential inclusion in BRICS has caught international attention. Morocco also recently sent proposal for BRICS membership. Given that the country holds a dominant position in OPEC and has predominantly traded in US dollars for the past 50 years, its shift would be monumental. Consequently, if the country leans towards BRICS, a considerable chunk of oil sales may bypass the US dollar altogether.

Hence, the upcoming BRICS summit in Johannesburg holds substantial weight. If BRICS expansion plans, especially concerning Saudi Arabia, materialize, it might profoundly alter the economic power dynamics. With the possibility that 90% of oil sales might no longer settle in US dollars, the ramifications for the United States could be significant.

The BRICS alliance’s continued pursuit of economic independence and dominance might influence other nations to pivot away from the US dollar. If Trump’s warnings hold water, the world will watch how these geopolitical manoeuvres play out.

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Morocco is now vying for a spot in the BRICS economic alliance, formally submitting a request for membership ahead of the much-anticipated summit next week. As the bloc continues expanding, Morocco hopes to join other contenders like Saudi Arabia, Indonesia, and Egypt to gain membership.

Read More: India Sidesteps Dollar, First Rupee Oil Trade Ahead of BRICS Summit

BRICS summit: expanding the economic bloc

BRICS, the economic coalition of Brazil, Russia, India, China, and South Africa, has grown in recent months. The forthcoming summit will bring together around 60 heads of state to set expansionary standards for possible new BRICS members. However, the final decision on which countries will join will likely be deferred.

JUST IN: Morocco officially submits application to join BRICS.

— BRICS (@BRICSinfo) August 15, 2023

With its sustained interest in BRICS, Morocco is poised to join the growing list of nations seeking membership. However, it faces competition from other candidates, and the outcome of its request will depend on the criteria set forth at the upcoming summit.

Currency promotion, not de-dollarization

Contrary to speculation, the summit will not prioritize de-dollarization, despite BRICS countries’ recent moves away from the US dollar. South Africa’s BRICS Ambassador, Anil Sooklal, has clarified that the focus will be on promoting local currencies within the bloc.

“Trading in local currencies is clearly on the agenda,” Sooklal told Bloomberg in an interview. “There is no de-dollarization agenda item on the BRICS agenda.” The dollar will remain a prominent global currency; that is a given.”

Sooklal emphasized that BRICS is not a counter to the West or the G7, as some narratives suggest. Instead, the alliance aims to “advance the agenda of the Global South and build a more inclusive, representative, just, and fair global architecture.”

As reported by coinpress, rich dad poor dad author Robert Kiyosaki predicted that a common BRICS currency will be end of US dollar as global reserve.

Expansion and currency development

The forthcoming meeting, set to take place in Johannesburg from August 22-24, will likely discuss the bloc’s enlargement and the setting up of a unified payment system. The August 22-24 Johannesburg conference is anticipated to focus on bloc enlargement and a uniform payments system. As negotiations continue, a technical committee may contemplate a shared currency, a long-term goal.

More than 42% of the world’s population, 23% of GDP, and 18% of trade are BRICS, founded in 2009-10. However, the union has yet to fully fulfill its geopolitical dominance and economic might. The summit will likely be critical in establishing a more comprehensive and balanced global architecture.

The alliance’s economic reach is evident, with BRICS members striving to conduct more trade in their currencies to gain global influence and counterbalance US dominance. The New Development Bank, established by BRICS, aims for a third of its lending to be in domestic currencies by 2026.

BRICS’s upcoming summit holds promise for the future expansion of the alliance and the strengthening of local currencies. As Morocco awaits the decision on its membership request, the world looks on with interest at the summit’s potential outcomes.

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According to recent reports on August 14, India and the UAE have turned a new leaf in their trading ties. Just before the much-anticipated BRICS summit, India, a key player in the alliance, finalized its first crude oil transaction with the UAE, sidelining the US dollar and using rupees instead.

Moreover, this transaction isn’t an isolated one but the manifestation of a broader strategy. In July, the two nations penned an agreement permitting trade settlements in their native currencies. Consequently, this change eliminates the added layer of dollar conversion, thereby slashing transaction costs.

An initiative beyond just trade

Besides the clear economic ramifications, this decision underscores a political message, reflecting India’s intent to reduce its reliance on the greenback. The commitment to de-dollarization is evident, not just with the UAE but on a larger scale, aimed at fostering ties with other nations.

The July agreement isn’t limited to just currency trade but also incorporates establishing a real-time payment link, bolstering easier cross-border fund transfers. Additionally, cardholders in both nations will soon enjoy the luxury of using their domestic cards interchangeably, thanks to the planned interlinking of India’s RuPay and the UAE’s UAESWITCH.

However, India’s push to globalize the rupee hasn’t seen rapid success. Until now, local currency trade volumes have dropped in the ocean compared to India’s colossal $1.2 trillion goods trade last fiscal year. Hence, while the recent India-UAE agreement is commendable, the road to India’s aspiration of taking the rupee global still seems long and winding.

Additionally, one cannot deny that these agreements will likely pave the way for smoother financial exchanges between the countries. With the UAE being India’s second-largest source of remittances, this collaboration holds promising potential for both nations.

In conclusion, as the world keenly waits for the upcoming BRICS summit, India’s strategic move with the UAE sends a strong message. The nation is geared up to diversify its trade tactics, looking beyond the dollar, and it’s more than just business—it’s a geopolitical statement.

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