The BRICS group is poised to witness a significant expansion, doubling its membership on January 1. South Africa’s envoy to the bloc reveals that Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt are set to join the ranks of the current members – Brazil, Russia, India, China, and South Africa.
This strategic move aligns some of the world's major energy producers with prominent consumers in the realm of developing nations. The collaborative force of these diverse economies is bound to reshape global dynamics and foster new avenues for growth and cooperation. The De-Dollarization will be getting steam as this expansion clearly follows one prominent goal: bringing down the Petrodollar.
They don't trust each other (e.g. India vs China) and each other's currencies. That's the real obstacle here
There is only single available solution here and its name is:
Bitcoin :)
Yes. But before they'll go back to antiquity with a wholesale currency backed by gold
Bretton Woods (i.e. between countries that theoretically had a "trust" to each other) - assures us that in case of BRICS their potential gold backed currency - will be a very short-term episode ;)
But it will be backed by energy. Could be different
please be serious... ;)
BRICS issued paper money "backed by energy" - will be like Petro in Venezuela:
https://www.fintechnexus.com/venezuela-petro-cryptocurrency-backed-crypto-the-petro/
I give them not more than 5 years, too :)
There is only single currency in this world that is backed by input energy:
https://medium.com/capriole/the-energy-standard-b726edeed588
I would not call them "bloc", just group of countries each having their own interests. Saudi Arabia and Iran is even waging actual proxy war between themselves since 1979. India and China had actual border skirmishes just 3 years ago.
Well, You can bet that fighting the Petrodollar is a strong common interest
Yeah, and now India buys oil and gas for cheap from Russia, paying in rupies, which Russians have no much use for, LOL.
What use would have SWIFT/USD to them after having been expropiated by the US? They need to establish another settlement system asap
I don't believe BRICS will have common own settlement system and base currency anytime soon. Russia trades with India in rupies, with China in yans, etc. Basically China and India can and do now exploit weakness of Russia.
They need their time. I think it could be a currency basket backed by gold what they are aiming at
bloc is Cold War remnant language. Let's move on!
But it gets worse than being a cold war...
Better believe it. That's why we have to remember the past, but stop with old thinking and language.
You're right. But in my business it's still a commenly used symbol
I am betting on a currency backed by a "basket" of commodities, which should [will] include Bitcoin.
This would be a game changer for our little btc community.