BRICS Summit 2024: Russia’s New CBDC Just Broke The Dollar

 Vladimir Putin, the leader at this year’s BRICS Summit , is the most hated man in America.

It wasn’t always this way. At one point, Putin was a great ally to the US and even warned George Bush two days before 9/11 that a terrorist attack might happen. 

Bush didn’t listen. Now Putin is making another warning: a NEW central-backed digital currency or CBDC sponsored by Russia and China to take down the US dollar. 

In our new video from the 99Bitcoins YouTube team, we explore this new BRICS currency and its implications for the US Dollar.

What is BRICS Why Do They Want to Kill the Dollar

 

With today’s US presidential election , it might seem that Orange Man vs. California Mom is the most important issue.

It’s NOT. It’s a footnote compared to the 2024 BRICS meeting last week that happened in all places… Mother Russia. 

( IMF )

A quick reminder: BRICS stands for Brazil, Russia, India, China, and South Africa. Together, they represent the most powerful economic bloc in the world. BRICS now also includes potential WW3 participants Egypt and Iran.

At last week’s BRICS meeting, two things happened:

1. BRICS announced their NEW CBDC, Unit+. The idea is to create a neutral currency for outside trade between countries inside BRICS because the US dollar has become too politicized, and US inflation is skyrocketing.
2.  BRICS countries announced they will use the Yuan instead of the US dollar for global trade. As they argue, the Yuan is backed by Chinese exports, while the Air Force backs the American dollar.

Putin and Chinese President Xi Jinping are directly challenging the dollar, and Putin especially is grinning from ear to ear.

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How Will a New BRICS Currency Affect the US Dollar?

 “Whoever does not miss the Soviet Union has no heart. Whoever wants it back has no brain.” – Vladimir Putin

Western analysts have doubted BRICS from day one. ‘Too different, too divided,’ they said. But 15 years later, BRICS is stronger than ever. To get what they’re talking about, imagine Russian music: cold, intense, and full of vodka-induced sadness. It also sometimes sounds like this . 

But whether you take them seriously or not, BRICs are the most powerful economic bloc by and are projected to represent one-third of the entire planet by 2029

🌍💸De-Dollarization Continues, West Weeps

The BRICS alliance has made a monumental shift, settling 65% of trade in local currencies, thereby diminishing the influence of the US dollar and the Euro to below 35%. pic.twitter.com/2cLVDtx2ai

— DD Geopolitics (@DD_Geopolitics) October 15, 2024

So, how will this affect the US dollar?

The term you need to understand here is DLT—or “ distributed ledger technology ,” which we all know as blockchain. BRICS wants to use blockchain because the technology has become faster, cheaper, and more secure than TradFi.

Why trust a banker when you can trust a blockchain?

In a BRICS-sponsored research paper, they say, “[We propose] a new multinational platform based on modern technologies, which would include a financial messaging component and allow settlement via tokens backed by national currencies and CBDCs.”

In other words, blockchain will be the basis of the number one future currency competition against the dollar. Crazy! CBDCs are pretty much like Bitcoin, except the government centralizes them. This is what Russia and China want. 

You’ll have to watch the full video below to learn more about this system or which blockchain China and Russia are backing.

Watch the Full Video Here

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