BRICS digital currency will benefit Bitcoin, Ethereum and Solana, and spell the end of the dollar
The BRICS group of five nations, made up of Brazil, Russia, India, China and South Africa, is working on creating a payment system based on blockchain and digital technologies, according to a report by the Russian news agency TASS.
The association of nations is working to ācreate an independent payment system based on digital currencies,ā Kremlin adviser Yury Ushakov said in an interview with Russian media.
In this way, Ushakov again mentions a project that has been underway since last year when the initiative was first reported. In this regard, it was being studied that the group's currency could be a stablecoin that would be backed by gold, metals, land, tracts of land and other raw materials.
Meanwhile, Kim Schmitz, known as Kim Dotcom, the founder of file hosting sites Megaupload and Mega, commenting on plans to create a BRICS digital payment system, predicted that the dollar will cease to dominate, and the US will face a collapse amid hyperinflation.
Ā "This is the end of dollar dominance (...) The only way out [for the United States] will be to print money. Expect the biggest collapse in history," Dotcom predicted on social network X.
If countries around the world switch to the BRICS payment system, Washington will lose the ability to raise its debt levels and its assets will be destroyed by hyperinflation, the businessman considered.
The launch of this cryptocurrency will increase confidence in the market, especially in $BTC, $ETH and $SOL since, according to data, it will be based on one of the 3. And if we pay attention to the fact that Russia legalized Bitcoin mining, then we might have a clue where things are going.
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