Bitcoin News and Finance
BRICS Currencies to Have No Alternative, Former Russian President Medvedev Says Skip to main content

BRICS Currencies to Have No Alternative, Former Russian President Medvedev Says

BRICS Currencies to Have No Alternative, Former Russian President Medvedev Says

Fiat currencies of BRICS member states will have no alternative in the future, according to former President of Russia Dmitry Medvedev. Nations in the bloc need to think about their digital forms and a digital currency issued by the group as a whole, the Russian politician said.

Ruble, Yuan, Other BRICS Currencies to Take Over After Euro Collapse, Dmitry Medvedev Predicts

Russia’s former head of state, Dmitry Medvedev, does not rule out the collapse of the common European currency and a return to national fiats on the Old Continent. “It is absolutely certain that financial shocks in Europe will not keep you waiting,” he was quoted as saying by the RIA Novosti news agency.

The euro, already not too resistant to external influences, has started losing its role as a universal means of payment, Medvedev pointed out. Therefore, it is likely that Europe will return back to “the system of financial patchwork with national currencies. Well, then goodbye euro, hello mark, lira, and French franc,” he added.

Dmitry Medvedev, who serves as the Deputy Chairman of the Security Council of the Russian Federation since 2020, was speaking during the “Knowledge. First” educational marathon which he was invited to attend. He further elaborated:

In this case, the ruble, yuan, Indian rupee, other currencies of the BRICS countries will have no alternative in the future.

Medvedev emphasized that the group of leading developing economies needs to think about the digital formats of their national currencies as well as about a digital currency issued by BRICS itself. “The leaders of our organization are now talking about it,” he noted.

The BRICS bloc, which currently consists of Brazil, Russia, India, China, and South Africa, will hold a summit in Cape Town, South Africa in early June to discuss proposals for enlargement, among other major topics.

The latest statements of Medvedev, who is the leader of the ruling United Russia party, come after in late December he predicted that the U.S. dollar will be losing its status of global reserve currency in 2023, amid the increasing spread of digital currencies.

Russia has been working on a digital ruble and a new payment system that officials claim will not restrict digital currency payments. Pressed by Western sanctions over its invasion of Ukraine, Moscow also intends to legalize crypto payments in international settlements as part of its de-dollarization attempts.

Do you expect BRICS currencies to challenge the leading roles of the U.S. dollar and the euro in the near future? Share your thoughts on the subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory