The introduction of a single BRICS currency is now quite probable
163 sats \ 5 comments \ @jk_14 4 Feb bitcoin
  1. "Last year, the economic bloc accepted the joining of Saudi Arabia... [BRICS currency] is hardly possible to implement, but this does not mean that it does not need to be discussed. Discussions on this matter, of course, will continue" https://english.almayadeen.net/news/Economy/brics-overtakes-g7-in-terms-of-share-in-global-gdp-in-ppp-te
  2. "the Saudi Arabian and Qatari governments are sizing up a huge Bitcoin investment" https://coinmarketcap.com/community/articles/65aec35fc28cdc3e9dc2e561/
  3. "Russia is open to the idea of using cryptocurrencies in foreign trade." https://news.bitcoin.com/russia-open-to-the-use-of-crypto-in-foreign-trade-says-central-bank-governor/
Two biggest (the only potentially usable here) stablecoins - are dollar based, so: "no way" for BRICS. And Russia won't trust digital yuan, that's clear as crystal (and vice versa). Additionally:
  1. "A 90-year-old Saudi Salafic cleric has recently issued a Fatwa, declaring Bitcoin as acceptable under Islam." https://www.altcoinbuzz.io/cryptocurrency-news/bitcoin-gets-green-light-in-islamic-fatwa/
And Saudi Arabia is able to mine Bitcoins on the cheap with (otherwise useless) methane during oil extraction (just like US oil companies already do):
  1. "The agreement between Aramco and SBI Holdings provides that the two companies will collaborate “in the field of digital assets”. In other words, there’s a chance that Saudi Aramco intends to place a portion of its treasury in bitcoin." https://www.cointribune.com/en/saudi-aramco-on-the-verge-of-embracing-bitcoin/
All the puzzles fit together... ;)
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372 sats \ 0 replies \ @TomK 4 Feb
Good work! We're getting better and better sharpening our geopolitical analysis here on SN. Maybe we need a territory ''geopolitics'' to collect ideas and bring together this part of the news cycle.
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21 sats \ 3 replies \ @Lost_dogz 4 Feb
Bitcoin is not BRICS' currency and has been introduced already in 2009. What do you expect will be introduced then? A BRICS stablecoin seems very unlikely to me
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0 sats \ 2 replies \ @jk_14 OP 4 Feb
BRICS countries wanted to use gold for settle their big deals, but it would be a lot of hassle. Bitcoin is digital gold. Fit perfectly here.
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42 sats \ 1 reply \ @SwearyDoctor 4 Feb
that's a difference to appreciate: settlement currency vs. consumer currency.
they have repeatedly said they won't introduce a common consumer currency, like the Euro for the EU is, as BRICS is all about maintaining the sovereignty of each member country and the Euro is all about slicing that sovereignty away for EU countries.
But a currency to settle trade flows is something altogether different; as you say, it's a way to regulate the cash imbalances created by trade flow. People ould never see it.
If I'd bet on it, I'd bet on a BANCOR-variant for this, as was proposed after the second world war (but never happened, because the US said, ha, no, that's way too equal, be my colony instead). That wouldn't come with a need to transfer physical gold, though it could be backed by gold or, more likely, a basket of commodities these countries all have among themselves (again, a basket would equalize things, as the imbalances in gold ownership and/or mining in these countries couldn't skew the power relationship all that much). Bitcoin, of course, would be a commodity that everyone can access equally regardless of the whims of mineral deposit fate. ANd it would make for easy transfer for regular balancing.
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0 sats \ 0 replies \ @jk_14 OP 4 Feb
In such circumstances above - it's even harder for govt to still play this game: "Well, we obviously use Bitcoin as a settlement currency, but you can't use it, my dear plebs."
Chinese people use somehow Bitcoin regardless of ban. And this above would speed-up this grassroot process by a lot.
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