BRICS countries to issue joint cryptocurrency
The BRICS Finance Committee meeting today in Southern China is discussing a joint virtual currency for the five nation bloc of developing economies (Brazil, Russia, India, China and South Africa), according to the Russian Direct Investment Fund (RDIF) chief Kirill Dmitriev.
"While there is a focus on settlements in national currencies, cryptocurrencies are also being discussed as one of the possible settlement mechanisms," Dmitriev explained to journalists in a press-conference in the southern port of Xiamen.
He added that within BRICS cryptocurrencies could replace the US dollar and other currencies used in settlements among the member states.
Ditching the dollar - I don't think the idea will be welcome in Washington!
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Can you say WAR! If you think the Deep State (and global bankers) are going to stand for this- just think Iraq & Libya!!!
I'm afraid you're right, sir.
I think this could be a likely factor in the Chinese Central Bank's decision to ban public use of cryptos today. It's interesting that they would have to use their own processors and encryption methods, seeing as intel chips are all compromised due to Intel's ME (management engine) rendering even the most secure operating system vulnerable to malicious attacks at the hardware level. Not to mention possible backdoors into open source encryption algos like SHA265, AES etc.
This video from the German Hacker Conferance details how Intel gear is compromised:
Even Gadhafi had a plan to make a currency based on gold and not the "petro-dollar". It didn't go very well for him.
Sure, Russia and Cina are extremely powerfull, but could they withstand the collapse of the global markets as we know them?