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BRICS Pay....coming soon. The alternative financial system.
- Thread starter Martin Everson
- Start date
I have a feeling that you insulted me and tried to provoke into idiotic discussion which is off-topic. If you have mental health issues - word salad implies schizophrenia - consult licensed professional. Don't project your material to another person(s). I reported your post and are notifying you publicly
Can we stick to topic. Otherwise posts will be zapped..thx.
I agree with you. Same applies to everyone. Let's discuss the crux of the matter and not ideological and political aspects.
A public note - it's obvious that quite a passive aggression exploded on OCT, not only between @jafo and that pro-Ukrainian member.
My thought is that BRICS is a petty attempt, including that payment system, by Global south to copy Western solutions and I agreed completely with @wellington's post. So, we are quite on topic
Personally I think BRICS will try very hard to implement their payment systems and new currency, but in the end trust will be too difficult to achieve, and they'll all decide that BTC is the only way to conduct global trade. We'll see.
But wait if Putin said we will transact in BTC what you think US will do...lol? The US will bust a blood vessel in anger and do their best to try and ban BTC, close down BTC ETF's and threaten FI's, companies and individuals caught trading, holding or on/off ramping it via with primary and secondary sanctions. Yes I know - madness. But how many would want to face sanctions
They may even enact the Foreign Direct Products Rules to hit datacentres and companies etc mining BTC outside of US like they did to Huawei.
https://www.reuters.com/technology/...ing-it-cripple-chinas-tech-sector-2022-10-07/
P.S I am just saying the US will not be logical in their attempt.
Maybe if Putin does, but not if the whole of BRICS does. Currently that's 9 nations whose combined GDP I think exceeds the G7 now. And there are another 30 nations who've expressed interest to join or have already applied to join.
Good!
All unlikely, even if BRICS announced it tomorrow. The genie's out of the bottle, with too many US billionaires who will fight hard to keep it that way. BTC has achieved escape velocity! Only banana republics might be able to ban it locally now.do their best to try and ban BTC, close down BTC ETF's and threaten FI's, companies and individuals caught trading, holding or on/off ramping it via with primary and secondary sanctions. Yes I know - madness. But how many would want to face sanctions
They may even enact the Foreign Direct Products Rules to hit datacentres and companies etc mining BTC outside of US like they did to Huawei.
But, as always, we'll see.
Very true the genie is out the bottle. Bi-lateral trade outside the dollar an west will go ahead no matter what. The question is what mechanism they will use to avoid secondary sanctions by US. I mean whatever the US said to the BIS spooked them perhaps.
P.S The below is the true face of an empire in demise fearful of the impact of de-dollarization on its standard of living.
P.S The below is the true face of an empire in demise fearful of the impact of de-dollarization on its standard of living.
Yes. The $ and the SWIFT went awry long time ago and it was high time to do something to stop that. These were sold to the world as business/commerce facilitating tools and ended up as instruments of domination and policy enforcement, sanction tools and outright plundering by inflation export. Actually, money printing is now called Q.E. and a 100-buck-note production cost is 10c. To top the bill, the USD is used for extraterritorial US law enforcement.
My bet is that many of the issues discussed here will find unexpected solution when the banks stop fearing the US sanctions and the USD related issues.
I don't think it will be within my lifetime that the EU introduces their digital coin as the sole means of payment. Or at least, I hope not. But things move quickly, and statistically, there are 30 years until I need to move into a one-room bunker. So maybe I will get to experience this coin, but then it won't matter anyway; neither God nor the devil will accept them.You will have to if your in EU as at same time physical cash will be largely not accepted and it would not be a choice your given.
You might be right
Guaranteeing freedom of payment choice: access to cash in the euro area
https://www.ecb.europa.eu/press/eco...22/html/ecb.ebart202205_02~74b1fc0841.en.htmlHowever a lot will depend on banks and whether they will continue to support the ATM infrastructure etc as a lot of banks are problematic when it comes to physical cash. Also fees for handling physical cash in future by banks may make it unsustainable for small companies and individuals driving the move away.
P.S Errr how did we get off topic
Swift could integrate with mBridge CBDC cross border payment system?
https://www.ledgerinsights.com/swift-could-integrate-with-mbridge-cbdc-cross-border-payment-system/
---- quote start
Mr Li gave an update on mBridge’s progress. He said there have been a few hundred transactions so far, representing the equivalent of a few billion dollars. His UAE colleagues estimated that last month’s transactions increased by around 35%.
On the privacy front, currently mBridge relies on a randomly generated method for pseudonymous identifiers. However, they are working on a zero knowledge proof solution (ZKP), which should hide (rather than obfuscate) information. The target is to launch this in 2025.
While part of the system is based on Ethereum, some of the technology was developed in China, including the novel consensus mechanism. The BIS is in the process of hiring vendors for third party code reviews and open source assessments. The aim is to fully open source the code in the future, but for now all the central banks have access to the source code.
---- quote end
All sounds good. Sad that BIS has moved away from supervising it but China is the main developer and zero knowledge proof is always welcome in transactions. What you can't see you can't sanction
https://www.ledgerinsights.com/swift-could-integrate-with-mbridge-cbdc-cross-border-payment-system/
---- quote start
Mr Li gave an update on mBridge’s progress. He said there have been a few hundred transactions so far, representing the equivalent of a few billion dollars. His UAE colleagues estimated that last month’s transactions increased by around 35%.
On the privacy front, currently mBridge relies on a randomly generated method for pseudonymous identifiers. However, they are working on a zero knowledge proof solution (ZKP), which should hide (rather than obfuscate) information. The target is to launch this in 2025.
While part of the system is based on Ethereum, some of the technology was developed in China, including the novel consensus mechanism. The BIS is in the process of hiring vendors for third party code reviews and open source assessments. The aim is to fully open source the code in the future, but for now all the central banks have access to the source code.
---- quote end
All sounds good. Sad that BIS has moved away from supervising it but China is the main developer and zero knowledge proof is always welcome in transactions. What you can't see you can't sanction
That is fine with me, still I can use cash to buy simple things on a daily basis.
it's incredibly important to have that option, as well as all other options people might prefer
I don't agree, but if it isn't possible any more because of all the stupid regulations in the near future I'm happy to be able to fall back to crypto.
as long as u have connectivity, power and, last but not least, hardware that adheres to tech standards imposed by vendors (and ruled by who? best bidder?).
Anyways I'm interest in BP mostly due to possible Brics (well let's be honest, Ru) trips with transfer purpose.
This year i wen to Belarus for personal affairs (sigh!) and the country was more than ok to me, but you know...without comfortable access to money it's hard, I know u can understand me well...
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