BRICS and Government Issued Cryptos
BRICS and Government Issued Cryptos by Rory – The Daily Coin
The one thing that all governments have in common when it comes to cryptocurrencies – they are not using any of the current batch that are being offered. Why is that? Why not pick up one that has already been developed, proven and works properly – tweak the token to meet the need of the government and viola!! government issued cryptocurrency. Why? Because they will be outlawing or dealing with the current batch of cryptos in a way that makes it either impossible to use or people will simply move out of them. Either way, digital enslavement is on the horizon.
It is no secret that Russia is upset with the U.S. policies regarding the sanctions and the failed attacks on the Russian economy. China is beginning to become more vocal about the bully tactics coming out of Washington DC as well. These two power house nations have been working together for more than a decade and it appears there will be another link in their fortification – enter the BRICS cryptocurrency.
As RT reported, BRICS nations are discussing a crypto for use within the 5 nation alliance.
The BRICS Finance Committee is discussing a joint virtual currency for the five nation bloc of developing economies, according to the Russian Direct Investment Fund (RDIF) chief Kirill Dmitriev.
During the BRICS Summit in Xiamen, Dmitriev told journalists that Brazil, Russia, India, China and South Africa could develop its own alternative to other payment tools.
“While there is a focus on settlements in national currencies, cryptocurrencies are also being discussed as one of the possible settlement mechanisms,” Dmitriev explained.
He added that within BRICS cryptocurrencies could replace the US dollar and other currencies used in settlements among the member states.
The BRICS countries have considered switching to local currencies for mutual settlements with the Chinese yuan as the lead currency. The New Development Bank (NDB) is expected to be a substantial player in the process.
“The use of local currencies will help promote mutually beneficial economic cooperation, mitigate currency risks, increase trade, and facilitate companies in accessing the BRICS markets,” said Russia’s Vnesheconombank board member Nikolay Tsekhomsky.
It is well documented that Russian President Putin met privately with the developer of Ethereum blockchain to discuss what Ethereum could do for Russia. Will the Ethereum blockchain support the BRICS coin?
If this goes through and five massive nations, with five strong economies begin utilizing another settlement mechanism outside the Federal Reserve Note, this could be trouble for the U.S. economy. Combine this with the recently announced possibility of a gold-backed yuan oil contract and this whole Federal Reserve Note/World Reserve Currency situation could take a more serious turn in the near future.
hat tip/Jeff J Brown/China Rising