Anti-inflation digital currencies. For many years now, the BRICS grouping attempts to fight against the domination of the United States over the rest of the world. A strategy at the center of which are giants like Russia or China, determined to dethrone the dollar king. And the more time passes, the more cryptocurrencies appear as a possible option to integrate into this equation. All the more so in the face of an obvious absence of consensus on the sensitive question of a possible common currency to this block.
No common currency for BRICS
The BRICS grouping stands out as a major international player against the all-powerful United States. This within an economic and geopolitical war which attempts to overthrow the hegemony of the dollar established through sanctions.
A strategy within which the question of a unified (crypto)currency. With the main contender, a digital yuan (e-CNY) already widely developed facing almost non-existent international competition.
More nothing seems decided yet on the side of the Kremlin. In any case, this is what has just been revealed Vladimir Poutine during a meeting with heads of major BRICS media held late last week.
“Regarding the BRICS common currency, we are not considering this issue at the moment; she is not mature. We must be very careful and act gradually, without haste in this regard. »
Vladimir Poutine
At the same time, the Russian president recently changed his mind on the subject of Bitcoin. In fact, he announced his desire to transform your country into a “leader” in the field of BTC mining. Is this a sign of something greater?
Minimize inflationary risks using cryptocurrencies?
Despite recurring hesitations about a unified currency, the BRICS grouping has very clearly taken a direction favorable to cryptocurrencies. This is to the point of asking the question of use of Bitcoin in its exchanges with El Salvador.
Because, as Vladimir Putin explains, the goal of BRICS is also to “ support other developing economies which have good growth prospects. » All carried by a unified crypto platform project for the member countries of this alliance.
But other information has just been provided by the Russian president during his speech. This about a “ practically non-inflationary instrument (…) under the control of the relevant BRICS institutions.”
What does this actually imply? Difficult to know precisely. However, Vladimir Putin specifies that this could concern “ the use of digital currencies (digital currencies) in investment processes”. Could it be an open door to cryptocurrencies like Bitcoin?
The aim of this type of investment would, according to Vladimir Putin, make it possible to make considerable progress the economic interests of the countries of the “Global South”. With consultations already underway with members of the BRICS such as China, India, Brazil, and very soon South Africa. A case to follow…
