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0 sats \ 4 replies \ @Solomonsatoshi 1 Dec \ on: Bloomberg: Trump Demands ‘Commitment’ From BRICS Nations on Using Dollar bitcoin
China is already trading with N.Korea, Iran and Russia using its eYuan CBDC to evade USD SWIFT sanctions.
Both Iran and Russia are attacking the west and are only able to do so because of Chinas ability to enable them to evade USD SWIFT sanctions.
The Chinese eYuan CBDC is certain to be the basis for BRICS Pay.
Let's see if China stops trading with Russia Iran and N.Korea...
Not likely- because the USA cannot sanction China.
Because no nation on earth can afford not to trade with China without suffering substantial economic injury.
Trumps bluster acknowledges China has already won the trade war and represents an imminent threat to USD hegemony..
I think the BRICS will use Bitcoin. Not because it is perfect...
But because it is truly neutral, and something all the 'BRICS' can agree to disagree on using.
It cannot be censored, it cannot be taken or hacked, and the 21 million cap cannot be modified or broken. It is perfect capital for parties who don't necessarily trust each other, perfect for a hodgepodge group of 'other' countries that want to distance themselves from the Dollar as much as possible.
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They probably should use Bitcoin but they won't.
At current rates over 50% will be held by US domiciled institutions within 5 years.
BRICS Pay will use Chinas already operational CBDC which is designed to enable international trade payments.
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No matter how much the institutions hold... they don't control the network, cannot censor transactions, and cannot take the Bitcoin of others.
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That is simply not true.
You have not thought this through.
Watch this-
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