2 sats \ 1 reply \ @xz 9 Nov \ parent \ on: The BRICS Are a Scam and Will Never Beat the Dollar econ
Well, I guess there's the upshot.
Protocols > platforms.
Closed-source systems are still trusted systems though. Participation would suggest a joint vested interest in development of the system, i.e the protocol. Not just participation in a protocol that is permission-based.
There would have to be some rules to stop central banks flooding the system by inflating their money supply. Who will make the rules of the protocol, where is the consensus?
Interesting read.
It looks like it will be a system that facilitates trade payments using digital representations of the various nations currencies.
Based on the Chinese CBDC as the mBridge program is.
If a nation inflates the supply of its currency then it loses value compared to the other currencies- just as happens if you are operating within SWIFT.
China will control the protocol as it developed the e-Yuan protocol upon which its being built.
This is the tertiary layer of the Belt and Road model of empire China is building.
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