The Russian official Anatoly Aksakov expects that an agreement on a BRICS (Brazil, Russia, India, China, and South Africa) currency can be reached in 2023. The de-dollarization trend is increasing among BRICS nations as they seek to reduce reliance on the US dollar. The US is accused of using its economy and currency for political purposes, which undermines its dominance. Aksakov believes that the share of the US dollar in international trade will steadily decline. BRICS countries are currently discussing collective currencies to reduce their reliance on the US dollar, and negotiations on a common currency are in the early stages. The BRICS nations are also pushing to expand their global influence, with 19 nations expressing interest in joining the group. A BRICS currency could erode the US dollar’s dominance.
It is difficult to predict with certainty how the creation of a BRICS currency will affect Bitcoin and other cryptocurrencies. However, some experts believe that a BRICS currency could provide increased competition to the US dollar as a global reserve currency and potentially decrease its dominance. This could lead to increased interest in alternative forms of currency, such as Bitcoin and other cryptocurrencies.
Moreover, if the BRICS nations decide to use blockchain technology to facilitate transactions in their common currency, this could provide increased visibility and legitimacy to the use of blockchain technology and cryptocurrencies more broadly. On the other hand, it is also possible that the BRICS nations may create their own digital currency that could compete with Bitcoin and other cryptocurrencies, potentially leading to a decrease in demand for them. Overall, the impact of the BRICS currency on Bitcoin and crypto will depend on a range of factors, including the specific policies and strategies adopted by the BRICS nations in relation to their currency and the broader global economy.
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