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100 sats \ 6 replies \ @ssaurel 20 Apr 2023
Given that China is part of the BRICS, I highly doubt it.
China has no interest in pushing for a free, open currency that cannot be manipulated.
Bitcoin is the antithesis of what the CCP is.
The CCP will push its digital yuan within the BRICS.
The CCP has control over this digital yuan and will be able to manipulate it to its advantage.
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20 sats \ 5 replies \ @jk_14 OP 20 Apr 2023
but please read the link what Russia is doing:
"The Bank of Russia is working on a bill that will introduce an “experimental legal regime” for cryptocurrencies to be used exclusively in export-import deals (...) Crypto trading and payments inside Russia will still be banned"
as CCP already has Bitcoin banned for chinese people many times - I think it would be fully acceptable for them to use Bitcoin exclusively in export-import deals, as well.
I think CCP would even prefer Bitcoin than russian rubel as payment method for chinese goods, as Russia hasn't enough yuan reserves
And Russia has a lot of energy sources, just to produce Bitcoins and this way to extract more value from it than by pure hydrocarbons selling
win-win situation
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100 sats \ 4 replies \ @ssaurel 20 Apr 2023
Russia does not want to close any options given the Western sanctions that have taken it out of the American-dominated financial system.
Indeed, there is no chance that Putin will give his people access to Bitcoin, and only the Russian authorities will be able to use it to their advantage.
But even at that level, I doubt that China will agree.
I could be wrong, of course, but I think China's interest is to impose its yuan on the other BRICS to give itself a chance to reach the CCP's goal for 2049 for the 100th anniversary of Communist China: to be the world's first superpower ahead of America.
The question is: will the CCP think it has a better chance of reaching its goal with Bitcoin or with the yuan that it can control and manipulate?
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0 sats \ 0 replies \ @jk_14 OP 20 Apr 2023
deleted by author
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10 sats \ 2 replies \ @jk_14 OP 20 Apr 2023
China wasn't very expansive with juan so far, so I think that juan expansion can be mainly for Asia in the future...
the problem is in trust, i.e. to provide some level of trust to the currency which is driven by communist country
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10 sats \ 1 reply \ @ssaurel 20 Apr 2023
I totally agree that you can't trust the manipulated currency of a country like China.
You can't trust a fiat currency anyway.
It's even worse with China of course, but I have the feeling that the resentment towards America and the West is so strong in the emerging countries that the Chinese option, which accepts without a second thought that corrupt leaders remain in power, is seen as the best one.
When the West gives or lends money to emerging countries, they demand reforms and more democracy. When China comes to lending money, it demands nothing of the sort. Corrupt autocrats in emerging countries will therefore naturally prefer the easy way out, to the chagrin of their people.
For the people, Bitcoin is the only hope in these countries. For the corrupt leaders of these countries, it is obviously their greatest fear. We can see this in Nigeria where the government is doing everything to ban Bitcoin and push its CBDC (the e-Naira).
The choice of Bitcoin as the world's reserve currency makes the most sense if you think for the good of the people. But all these autocrats don't think like us.
Their only interest is to keep their power as long as possible by enslaving their people. In these conditions, they will do everything to prevent Bitcoin from progressing, and only the people can really impose it in these countries.
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0 sats \ 0 replies \ @jk_14 OP 20 Apr 2023
I mean if they will use Bitcoin at the top level deals like Russia experiments - it will be sooner or later out of their control and people will use it too, that's my hope at least
P.S to the TOP ARTICLE, not to my comment...
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0 sats \ 2 replies \ @jk_14 OP 20 Apr 2023
That would solve them most of technical (and non-technical) issues during setting their new BRICS currency:
the agreement on share of every national currency in the basket, the lack of trust between countries involved, no embedded problems of gold as a base unit and no trusted third party. Whole IOUs crap - would be immediately fixed... :)
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103 sats \ 1 reply \ @notgeld 20 Apr 2023
The point if BRICS currency is not having any relation to real value.
I have an expectation that when system of bilateral trades collapses, they will have to return to either dollar or Bitcoin. And people in these countries may prefer Bitcoin because there won't be any dollars anymore.
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0 sats \ 0 replies \ @jk_14 OP 20 Apr 2023
that's also possible scenario...
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