0 sats \ 0 replies \ @Solomonsatoshi 8 Sep \ on: BRICS currency bloc: the fog is clearing econ
China built its CBDC (DCEP) to enable both internal use and use for international trade payments.
China has won the trade war- there is no significant nation/economy anywhere that does not need to trade with China or suffer considerable economic loss.
China fully intends to build the international monetary protocol to replace SWIFT- China already has done so with DCEP its already operational CBDC.
China has been working on prototype digital trade payments protocol development with Hong Kong and Thailand for several years.
Already Iran, N.Korea and Russia are dependent upon China for international trade payments.
Among the first to adopt Chinas new CBDC monetary protocol will the the BRICS while traditional allies to the US will be the last to abandon the USD.
The transition has already begun...with an increasingly bipolar world emerging as the US and China diverge.
Bitcoin offers a third option- a neutral monetary protocol free of nation state strategic imperatives and fiat debasement.