BRICS nations are getting in bed with cryptocurrencies as they look to gradually part ways with the world’s most dominant currency: the U.S. dollar.
For what it’s worth, integrating crypto into the financial infrastructure of the BRICS alliance is a move that hopes to set the stage for a new financial order that could shift power away from the West. As a matter of fact, it is one that will focus on loosening what Putin has described as the “US dollar shackles” that have long-defined global trade.
At first glance, the crypto pivot seems radical. Yet, in many ways, it’s an inevitable next step. Attempts to launch a shared BRICS currency have stalled repeatedly over the years, hobbled by diverse economic conditions, political disagreements, and the dominance of the U.S. dollar. Hence, crypto looks like the next best choice.
Still, it comes with huge risks. While blockchain technology and digital currencies bring technical and regulatory challenges, crypto remains highly volatile.
Do you think that this gamble will pay off and rewire the future of global finance, or is it just another ambitious idea that will inevitably fail?
We’ll see…
– Emmanuel