BRICSTether, Said They had to Scramble When Challenged to Have a Viable Alternative Currency to be Considered by the BRICS Plus Nations and Others
BRICSTether team said they had to scramble when challenged to have a viable alternative currency to be considered by the BRICS Plus Nations and others
It’s been widely reported for years, but especially in recent weeks, that the BRICS nations are fast-tracking plans to have alternative currencies to use outside the imploding USD, and the USD banking system.
This has come about largely from 2 main reasons.
1. The clear abuse of the USD Reserve currency status to print so much money, to buy up goods and services from the world, that essentially can’t be paid for if not for the endless printing of money. No other nation can do this, without creating hyperinflation. But due to its Reserve currency status, private banking families behind the FED Reserve System can. As they can export inflation to the world. However, many nations have had enough of this abuse of power.
2. When the US sanctioned, then froze Russia’s currency reserves to try and destroy it economically, it backfired. It has weakened the US and the West and caused a mass exodus of the USD, and nations scrambling to come up with an alternative way to settle trades, outside the abusive US
Initially, this has seen country after country, announced it will start trading with each other’s currencies, including India, Russia, Brazil, Mexico, and even France.
This is the first step towards a BRICS alternative currency. One of the other options is a digital Government backed currency, but also some nations have appeared supportive of private efforts to create an alternative digital currency, to compete with the USDT, as, although it may not meet the BRICS nations for large trade settlements, it can foster small business opportunities for its citizens across the Globe, to safely transact outside the USD
In fact, the Kenyan President just warned his nation to exit the USD and warned of its collapse.
Many poorer countries including Africa, and Sth America, have high adoption of Bitcoin, and it’s believed many more would take up crypto if it was more stable. That’s led to the rise of Stablecoins, like USDT and USDC, which have an $80 billion and $45 billion market cap respectively, already. But the BRICS nations, and others, prefer a Tether that’s not reliant on the USD. This led to the BRICSTether group being challenged, to fast track their plans, if they wanted to be considered as one of the viable alternatives by the Durban in Sth Africa, BRICS 14th Summit in August 2023.
This led to the team scrambling to push forward their launch plans, and it achieved a quiet listing on the top 50 Exchange Azbit.com in early April, to better prepare for growth to compete against the USDT and USDC.
The Deputy Chairman of Russia’s State Duma, Alexander Babakov, said on 30 March that the BRICS bloc of emerging economies – Brazil, Russia, India, China, and South Africa – is working on developing a “new currency” that will be presented at the organization’s upcoming summit in Durban.
“The transition to settlements in national currencies is the first step. The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest future. I think that at the BRICS [leaders’ summit], the readiness to realize this project will be announced, such works are underway,” Babakov said on the sidelines of the Russian-Indian Strategic Partnership for Development and Growth Business Forum.
With the acceleration of multiple plans to provide alternatives to
The USD for transactions, it remains to be seen just have fast the decline of the USD will take. What was likely to be decades, just months ago, due to recent events could become a much shorter time frame. Are we talking about just a few short years?
Upcoming Listing: BRICST was announced recently
We are pleased to announce that Azbit will add support for BRICS Tether (BRICST), a stablecoin pegged to the Chinese Yuan and designed to be an alternative to the USD and the USDT.
Deposits, trading and withdrawals will open at 6 PM (UTC) April 3, 2023.
Trading pair: BRICST/USDT, BRICST/ETH, BRICST/BTC.
“Our goal is to provide a stable, secure, and accessible digital currency that can be used worldwide for payments, investments, and savings. BRICST is designed to solve the problems of volatility and instability that have plagued the cryptocurrency market since its inception,” the team stated.
The stablecoin is pegged to the Chinese Yuan (1 BRICST = 7 Chinese Yuan) and offers 10% per annum. BRICS Tether is planned to eventually be backed by fiat, crypto, bonds, gold, silver and real estate.
Congratulations to the team and welcome to azbit.com!
It will be interesting to see if the BRICS nations can succeed in creating their own dominant Global currency, but one thing is for certain. The trend away from using the USD is not going away.
BRICSTether is a new stablecoin to launch shortly, which is planned to eventually be weighted to a basic of BRIC Nations currencies, but initially, 1 BRICST will be pegged to 7 Chinese Yuan. It will be asset-backed in fiat, crypto, bonds, gold, silver, and real estate.
It couldn’t launch soon enough for some, especially Russians and other nations, being sanctioned or losing faith in the USD. Binance recently announced it’s no longer going to allow Russians to buy USDT, so BRICST is expected to fill the gap for Russians, but also many BRICSPlus nations, not to mention many that are concerned re the fall of the USD. As the world shifts away from the US-dominated unipolar world, a multipolar world will see a search for alternative currencies for settling international trades. It’s expected many non-Western countries will seek to utilise BRICST to support its growth to ensure alternative cross-border settlements can occur inexpensively, outside the USD
BRICST will list a small number of exchanges to start with and expand as it ramps up its operations.
BRICSTXchange also is set to launch to be one of the main exchanges to handle BRICS transactions.