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BRICS nations eye expansion and shared currency, challenging global financial order (web.archive.org)

submitted 2 years ago by [email protected] to c/[email protected]

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The BRICS nations, consisting of Brazil, Russia, India, China, and South Africa, are actively seeking to expand their alliance by inviting additional countries like Saudi Arabia and the UAE to join, forming what is referred to as BRICS+. Furthermore, there have been discussions within the group about the possibility of creating a shared currency called BRICS.

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[–] shortwavesurfer 1 points 2 years ago (1 children)

Just make bitcoin or something the currency as a move like that would seriously increase the liquidity, dampen price moves, and be the best middle finger to the US and G7/IMF

[–] [email protected] 2 points 2 years ago (1 children)

I don't think that BTC is an appropriate solution currently for use as a means of payment given its high volatlity, but as a principle I agree that appropriately designed crypto could be a solution. What the world needed imo is a mix of different currencies for different use cases globally, regionally and locally.

[–] shortwavesurfer 2 points 2 years ago

Part of bitcoins volatility is very much due to liquidity and market depth. The price swings are large to be sure, but in terms of percent swings bitcoin is becoming more stable. In the early days a 95% drop would be considered normal and expected. Now it may still move by 60% but it does so over months and not days like it used to be.