BRICS Pay....coming soon. The alternative financial system.

[Martin Everson]

BRICS payment network seems to be in the works

https://brics-pay.com/

And if anyone has an 1hr 30 or so to spare then the below video is essential viewing. It covers landscape, reasoning and direction of BRICS financial plans from A-Z. It is a comprehensive a video for anyone who wants to know more about whats coming. And also why I said here years ago there will be two parallel financial systems.

 

[Martin Everson]

@Frankie Topic is BRICS payment system. No need to make way off topic posts. You can start your own thread to do that..thx.

 

[void]

I watched the first third, it made me physically sick and cannot listen to more propaganda today
so bunch of gangs decided they are fed up, don't like the successful gang looting the world alone and want to do something about it... what a surprise
and they are so cunning that they decided to create their own shitcoin system and proclaim this time it will be different - more fair, peaceful, faster, equal, stronger, whatever you wish - and all because these new virtuous allies said so
the overuse of "decolonization" stinks as hell too
nothing good and stable can come from central planning

 

[JohnnyDoe]

nothing good and stable can come from central planning

That’s true, but two centralized systems are better than just one.

 

[wellington]

BRICS payment network seems to be in the works

https://brics-pay.com/

And if anyone has an 1hr 30 or so to spare then the below video is essential viewing. It covers landscape, reasoning and direction of BRICS financial plans from A-Z. It is a comprehensive a video for anyone who wants to know more about whats coming. And also why I said here years ago there will be two parallel financial systems.

Payments networks are pointless since the invention of DeFi and Altcoins.

Basically they are controlled gateways, BRICS could launch a token tomorrow that 'could' compete in international trade with the correct backing (whether it succeeds or fails is up for debate, i'd be leaning to failure simply because there's less than 30 Trillion$ in circulation, and demand for 75 Trillion$ in the Eurodollar market is required for annual refinancing, and 3/4's of $ transactions are refinancing transaction).

But the idea of issuing 'digital' money (it would be) that has payment gateways amongst BRICS members (like a alternative to SWIFT) is a pointless exercise, even SWIFT is admitting that it needs to somehow find a way to be incorporated in Int transactions in Blockchain, because it's been made redundant (frankly its not needed as gatekeepers into the real-economy can do the record keeping and disclosure via a on/off chain alternative to SWIFT that costs much less).

Also the economies of BRICS are so diverse and spread, the EU can't even handle it as a block on one continent, so not sure how the BRICS will handle it.

I.e For me personally, lot of noise, but by the time they get round to it the free-market will have provided a solution.

 

[Martin Everson]

But the idea of issuing 'digital' money (it would be) that has payment gateways amongst BRICS members (like a alternative to SWIFT) is a pointless exercise, even SWIFT is admitting that it needs to somehow find a way to be incorporated in Int transactions in Blockchain, because it's been made redundant (frankly its not needed as gatekeepers into the real-economy can do the record keeping and disclosure via a on/off chain alternative to SWIFT that costs much less).

Not quite sure what you mean by pointless when one of the aims is to allow countries to trade with each other directly on payment rails they control. And also to transact outside of unilateral sanctions and to do away with trade in a currency [USD] that subjects a countries FI's and people to US rules and regulations. What were you expecting?

Also the economies of BRICS are so diverse and spread, the EU can't even handle it as a block on one continent, so not sure how the BRICS will handle it.

EU is a close political and economic union of states all following same rule-book of policies internally and externally. This does not exist with BRICS.

On a side note Saudi has not formally joined BRICS and may not. Drama lays ahead as tensions with Iran rise but time will tell if they can put aside such differences and still formally join BRICS.

A lot of unknowns but a multi-polar world is certainty as well as an alternative financial system. And it won't be using any of the western systems DEFI, altcoins or otherwise

 

[JosephLL]

Payments networks are pointless since the invention of DeFi and Altcoins.

Basically they are controlled gateways, BRICS could launch a token tomorrow that 'could' compete in international trade with the correct backing (whether it succeeds or fails is up for debate, i'd be leaning to failure simply because there's less than 30 Trillion$ in circulation, and demand for 75 Trillion$ in the Eurodollar market is required for annual refinancing, and 3/4's of $ transactions are refinancing transaction).

But the idea of issuing 'digital' money (it would be) that has payment gateways amongst BRICS members (like a alternative to SWIFT) is a pointless exercise, even SWIFT is admitting that it needs to somehow find a way to be incorporated in Int transactions in Blockchain, because it's been made redundant (frankly its not needed as gatekeepers into the real-economy can do the record keeping and disclosure via a on/off chain alternative to SWIFT that costs much less).

Also the economies of BRICS are so diverse and spread, the EU can't even handle it as a block on one continent, so not sure how the BRICS will handle it.

I.e For me personally, lot of noise, but by the time they get round to it the free-market will have provided a solution.

There is no defi. These are all reputational schemes beneath. Analogously, shitcoins are just a decentralization theatar. Comparing shitcoinery with financial pipes that will back up the majority of the world trade is nothing short of laughable really.

 

[EliasIT]

That’s true, but two centralized systems are better than just one.

What good can it make ?

 

[JohnnyDoe]

What good can it make ?

I would just speculate, let’s see what they come up with concretely. For sure competition is always good and opens up opportunities of all kind. Monopolies are bad and create corruption.

 

[Tomy223]

@Frankie Topic is BRICS payment system. No need to make way off topic posts. You can start your own thread to do that..thx.

My buddy went to Kazan to attend summit

 

[myshufflemix]

To me, it just sounds like more surveillance. Why should anyone trust a blockchain system controlled by Russia and China? I'd rather stick to Bitcoin and not touch the other stuff at all.

It’s probably the same as if the EU or Europe came out with a Eurocoin and expected us all to use it!

 

[void]

My buddy went to Kazan to attend summit

I bet the buffet was great

 

[aniglo22]

To me, it just sounds like more surveillance. Why should anyone trust a blockchain system controlled by Russia and China? I'd rather stick to Bitcoin and not touch the other stuff at all.

It’s probably the same as if the EU or Europe came out with a Eurocoin and expected us all to use it!

You are right !!!
I've already found the leaked EURO NFTS and Xi NFT.

 

[Martin Everson]

I'd rather stick to Bitcoin and not touch the other stuff at all.

Bitcoin yes as no one owns or controls it. Some of these other coins where CEO and country of management is known and US can pressure them probably not . Any coin or technology not subject to western control could in theory fit the job. But when it comes to stablecoins most are currently fit for purpose. US can walk in and freeze USDT and USDC at anytime they choose which is not good for business if your in global south.

https://finance.yahoo.com/news/circle-confirms-freezing-100k-usdc-234105980.html

https://www.newsweek.com/us-prosecu...binance-scams-currency-pig-butchering-1849885


P.S MBridge which China is working on with BIS HK will allow only sender and recipient to see who each other are I believe.

 

[Martin Everson]

It’s probably the same as if the EU or Europe came out with a Eurocoin and expected us all to use it!

You will have to if your in EU as at same time physical cash will be largely not accepted and it would not be a choice your given .

 

[Frankie]

Nothing new here, they keep saying the same old thing for decades, here is one from 2009 about how the BRICS will take down the US Dollar.
https://eastasiaforum.org/2009/06/2...-down-the-gauntlet-on-monetary-system-reform/

And here is "The Economist" predicting in 2003 how BRICS would overtake the G6... https://www.economist.com/finance-and-economics/2003/10/09/follow-the-yellow-bric-road

Actions speak louder than words. Nobody here in his right mind will put even 25% of his assets in China or Brazil or India (not to mention Russia ).

But by all means if you believe this put your assets in Yuan/RMB, and I can't wait to see what happens to your net worth when China invades Taiwan

 

[JosephLL]

Nothing new here, they keep saying the same old thing for decades, here is one from 2009 about how the BRICS will take down the US Dollar.
https://eastasiaforum.org/2009/06/2...-down-the-gauntlet-on-monetary-system-reform/

And here is "The Economist" predicting in 2003 how BRICS would overtake the G6... https://www.economist.com/finance-and-economics/2003/10/09/follow-the-yellow-bric-road

Actions speak louder than words. Nobody here in his right mind will put even 25% of his assets in China or Brazil or India (not to mention Russia ).

But by all means if you believe this put your assets in Yuan/RMB, and I can't wait to see what happens to your net worth when China invades Taiwan

Frankie, China cannot invade itself. That would be an oxymoron.

 

[Martin Everson]

Let us wait and see about BRICS non-swift payment networks.

P.S BRICS has already surpassed G7 nations in GDP measured by PPP - a more realistic measurement of GDP . It did this years ago...lol.

https://www.visualcapitalist.com/cp/animated-chart-g7-vs-brics-by-gdp-ppp/

https://www.statista.com/statistics/1412425/gdp-ppp-share-world-gdp-g7-brics/

I think people are missing the point about assets. At end of the day its whether your assets buy you the goods and services you need. Then you look at who is the supplier of those goods and services and what assets they are accepting as payment for those goods and services. China is a top trading partner for such for over 120 countries so the decision will be easy when the time comes.
.

 

[JohnnyDoe]

Western media are ignoring the BRICS summit. While most of the meetings are being held behind closed doors, it seems that something big will come out of it in the near future.

 

[Martin Everson]

They will downplay the impact as much as possible until it cannot be ignored any more.

Interesting wallet at 0:36 mark