The Head of the Russian Direct Investment Fund (RDIF) Kirill Dmitrievhas stated that the BRICS may opt to create their own cryptocurrency for the purposes of global commerce.
A cryptocurrency is a digitally based means of exchange wherein the value of said currency is not determined by a central-bank. Most cryptocurrencies can be converted into state-issued currencies (Dollars, Euros, Yuan, etc.) through various foreign exchange services.
Currently, one of the biggest issues facing crypocurrency development is the fact that they are not backed up by any central bank. However, many also see this apparent disadvantage as a possible opportunity, particularly where unilateral Dollar based sanctions are concerned.
While the US Dollar remains the most popular global trading and reserve currency, this is rapidly changing. A BRICS backed cryptocurrency may be both the proverbial ‘Dollar buster’ as well as a ‘sanctions buster’.
In May of this year, China and Russia agreed to begin a process of trade in local currencies. Turkey and Iran have also begun steps to break away from the Dollar.
A cryptocurrency is a digitally based means of exchange wherein the value of said currency is not determined by a central-bank. Most cryptocurrencies can be converted into state-issued currencies (Dollars, Euros, Yuan, etc.) through various foreign exchange services.
Currently, one of the biggest issues facing crypocurrency development is the fact that they are not backed up by any central bank. However, many also see this apparent disadvantage as a possible opportunity, particularly where unilateral Dollar based sanctions are concerned.
While the US Dollar remains the most popular global trading and reserve currency, this is rapidly changing. A BRICS backed cryptocurrency may be both the proverbial ‘Dollar buster’ as well as a ‘sanctions buster’.
In May of this year, China and Russia agreed to begin a process of trade in local currencies. Turkey and Iran have also begun steps to break away from the Dollar.
