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In a recent statement, the Kremlin has clarified that discussions on a common currency among BRICS nations are not currently on the agenda, according to TASS. This revelation suggests that the dominance of the U.S. dollar may remain unchallenged for the foreseeable future. The challenge of forging a stable currency from a group of economically diverse nations appears more daunting than originally anticipated by observers of geopolitics.
The absence of a unified currency initiative among BRICS countries underscores the complexities of economic integration in a bloc composed of Brazil, Russia, India, China, South Africa et al. Each nation's unique economic conditions and geopolitical interests complicate the formation of a robust, shared financial system. It seems highly unlikely to form a stable monetary union of shitcoin champions who trust each other as much as malaria sufferers.
This development will propel Bitcoin's prospects, providing a sanctuary for value preservation amid global financial uncertainties and shitcoinery.
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A common currency was never the plan, they all know very well how that wrecked Europe!
I spent weeks studying everything around BRICS around the Khazan meeting, and that comes on top of years of following developments in general, even the Davos demons since ~2007/8...
The main takeaway is that the West has huuuuge, multiple blind spots, most of which are about decentralization and a multipolar world. Others are around the insane concept of GDP, which in the BRICS camp is now being replaced with PPP, Purchasing Power Parity.
Adding Bitcoin to that mix we get a really interesting, complex play, where not being on top of events will wipe out many!
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21 sats \ 0 replies \ @OT 31 Jan
Well, they aren't using Bitcoin at the moment. Mempool is about to clear.
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