BRICS: India To Use Cryptocurrency For Trade, Abandon US Dollar

[Free Vulcan]

Ever since Russia legalized crypto payments, all eyes were on how that would integrate into its prominent economic alliance. With the bloc’s payment system on the way, digital assets could play a huge role. BRICS crypto payments could be key in overtaking the US dollar, and India could be one of the first to turn to crypto entirely in trade.

The Reserve Bank of India’s Governor Shaktikanta Das is advocating for a plug-and-play system to enhance cross-border payment efficiency and CBDC interoperability. At a recent conference, RBI Governor Shaktikanta Das said that maximum efficiency gains in such initiatives would come from ensuring interoperability as a key design element. “We can overcome this challenge by developing a plug-and-play system that allows replicability while also maintaining the sovereignty of respective countries.”

https://watcher.guru/news/brics-india-to-use-cryptocurrency-for-trade-abandon-us-dollar

[Kamaji]

And six months from now, there will be stories about how some enterprising hackers made off with India's national treasury funds.

[catfish1957]

And six months from now, there will be stories about how some enterprising hackers made off with India's national treasury funds.

lol...from where prob. 75% of hackers reside. 

I love my old buddies from the Window Repair team.   

[Drago]

The full speech here...(Governor Shri Shaktikanta Das, Central Bank of India):

https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1456

No mention of "Cryptocurrency", several mentions of a CBDC. Proposed CBDC's are a far cry from Bitcoin/ETH, etc..

[Hoodat]

At some point, governments will embrace cryptocurrency for the sole reason that transactions are traceable.  But at some point, they become unmanageable for the same reason.

[Drago]

Bitcoin transactions are traceable, but if you practice "safe crypto" you can remain anonymous.  Obtain a new BTC wallet, never use a "KYC" ("Know Your Customer") exchange (like CoinBase) to buy your Bitcoin and never reuse a Bitcoin send/receive address (generate a new address every time). In that case no one knows who did the particular transaction you sent/received.

[Timber Rattler]

What could go wrong?

https://en.wikipedia.org/wiki/Sri_Lankan_economic_crisis_(2019%E2%80%93present)

[IsailedawayfromFR]

With Yellen yelling for more trillions spent on climate change, the dollar weakens further.
No surprise India doesn't want to take that ride.

[catfish1957]

Quietly Gold is approaching $2600/oz.

And it seems no one in the Fed or Treasury Dept wants to notice.

How many flashing red lights do we need?

[catfish1957]

Is anyone in DC watching this?

https://apnews.com/article/russia-turkey-brics-bloc-developing-economies-525b68836de1301187c5805ead872b65

<snip>
MOSCOW (AP) — NATO member Turkey has applied for membership in the BRICS bloc of developing economies, a senior Kremlin official said Wednesday, as Russia and China seek to counter the West’s global influence.

Yuri Ushakov, President Vladimir Putin’s foreign affairs aide, told reporters that Turkey has submitted an application “for full membership” in the bloc that Russia this year chairs, and it will be considered.