BRICS New Currency Could CRASH The US Dollar?! This Is How!
Published: 2024-07-21
Status:
Available
|
Analyzed
Published: 2024-07-21
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The BRICS payment system is named m-CBDC Bridge (m-CBDC Bridge).
"now the name of the payment system the bricks recently released is embridge"
Pending
m-CBDC Bridge is a CBDC system developed by the central banks of Thailand, Hong Kong, China, and UAE with BIS assistance, first discussed in February.
"if you watched our first video about mbridge back in February you'll know that it's a cbdc system that was built by the central banks of Thailand Hong Kong China and the United Arab Emirates with the help of the bis"
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m-CBDC Bridge is a wholesale CBDC system intended solely for institutional use.
"embridge is a wholesale cbdc system and it's meant to be used only by institutions"
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m-CBDC Bridge is built on an Ethereum-like blockchain called MBL, coded in Solidity and using the EVM.
"embridge is based on etherium in fact it's essentially an ethereum copy it uses a blockchain called the MBL which is coded in solidity and uses the evm for smart contracts"
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Unlike Ethereum, the MBL blockchain used by m-CBDC Bridge is private and permissioned.
"the difference between ethereum and the MBL is that the MBL is private and permissioned"
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m-CBDC Bridge is significantly faster due to its novel 'Dashing' consensus mechanism.
"embridge seems to be much faster this is because of its novel consensus mechanism called dashing"
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m-CBDC Bridge aims to bypass the US-centric financial system, including SWIFT, intermediary banks, and the US dollar in foreign exchange.
"the primary purpose of embridge is to make it possible for its users to bypass the existing us Centric Financial system this not only includes bypassing Swift but also bypassing all intermediary banks in crossborder transactions as well as the US dollar in Forex Trading"
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m-CBDC Bridge will eliminate the need for the US dollar as an intermediary currency in cross-border transactions, potentially reducing demand for USD.
"if you want to swap say a large amount of New Zealand dollars for Canadian dollars you'll have to swap New Zealand dollars for US dollars and then us dollarss for Canadian dollars with embridge you'd be able to swap New Zealand dollars for Canadian dollars directly from a bank in New Zealand to a bank in Canada this removes the US dollar as the bridge currency"
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A reduction in demand for USD due to m-CBDC Bridge will weaken its value, as its strength is based on supply and demand.
"the demand for USD Falls by trillions of dollars this weakens the US dollar as the Dollar's strength is fundamentally a product of supply and demand"
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Saudi Arabia has recently joined the m-CBDC Bridge system.
"this ties in to Saudi Arabia's recent decision to join embridge"
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The number of central and commercial banks considering joining m-CBDC Bridge has reached 26.
"the number of observing members I.E the number of central banks and Commercial Banks considering joining embridge has risen to 26"
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There is circumstantial evidence suggesting the NDB might integrate with m-CBDC Bridge, though no direct confirmation exists.
"although we couldn't find any concrete evidence that the NDB is going to use embridge the circumstantial evidence is certainly there"
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The NDB's base in China, and the participation of China, Hong Kong, and UAE in both NDB and m-CBDC Bridge, suggests potential integration.
"the NDB is based in China recall that Hong Kong and China are two of the five participants in embridge the UAE also happens to be one of the shareholders in the NDB and you'll recall that it too is a participant in embridge that makes three out of five"
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m-CBDC Bridge is currently in its early stages, with the recent launch being a Minimum Viable Product (MVP).
"mbridge is still in its early stages the recent launch was a minimum viable product or MVP"
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The US dollar's significant value stems from its requirement in international trade, particularly for purchasing dollar-priced commodities like oil.
"the biggest reason why the US dollar has so much value is because it's required for international trade specifically to buy Commodities like oil which are priced in dollars"
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m-CBDC Bridge enables countries to acquire commodities without relying on US-controlled infrastructure, offering independence from US influence.
"what Enbridge ultimately does is allow countries without Commodities to purchase these Commodities directly from producers without having to rely on us controlled infrastructure put differently it gives them freedom from US influence and allows them to make more independent decisions"
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The launch of m-CBDC Bridge could signal the decline of US dollar dominance, but this will be a gradual process with challenges.
"the launch of embridge could very well Mark the beginning of the end of the US Dollar's dominance but it's going to take time and there will be lots of setbacks along the way"
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The US will leverage the power of the US dollar and dollar-denominated debt, rather than military force, to maintain its financial influence.
"the US will not do this through War because it has a weapon more powerful than any nuclear bomb the US dollar and the trillions of dollar denominated debts that countries owe making the dollar stronger is enough to bring many countries to their knees"
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BRICS countries are actively developing an alternative payment system.
"the creation of an alternative payment system however certainly is"
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The BRICS payment system was launched concurrently with speculation about the US-Saudi oil deal to potentially divert attention.
"this payment system launched in the same week that media Outlets were freaking out about the supposed us Saudi oil deal"
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Widespread adoption of the BRICS payment system could potentially challenge the US dollar's dominance.
"if the brics payment system gets adopted it really has the potential to Dethrone the US dollar"
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Central banks are shifting their focus from retail CBDCs to wholesale CBDCs.
"central banks seem to be turning their focus away from retail cbdcs and turning more towards wholesale cbdcs"
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Last year, BRICS invited Egypt, Ethiopia, Iran, Saudi Arabia, UAE, and Argentina to join as BRICS Plus.
"last year the bricks invited six countries to join its growing Alliance which is now being referred to as bricks plus these countries were Egypt Ethiopia Iran Saudi Arabia the UAE and Argentina"
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All invited countries except Argentina accepted the BRICS Plus invitation.
"every one of these countries accepted except for Argentina"
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Saudi Arabia's ambiguous stance on joining BRICS is likely to avoid friction with Western nations.
"Saudi Arabia's lack of clarity around joining the bricks is likely because it doesn't want to increase friction with its Western counterparts"
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BRICS Plus currently lacks formal organizational structures like a headquarters, website, or charter.
"the bricks doesn't have a headquarters an official website or even a charter with its stated aims"
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The New Development Bank (NDB) is the only established BRICS entity, with $100 billion allocated for infrastructure and loans.
"the NDB seems to be the only brics initiative with an actual entity and it has $100 billion earmarked for infrastructure development and Loans"
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The necessity of commodities versus the dollars to buy them is a key factor in geopolitical alignment.
"as a country what do you need more the Commodities or the dollars required to buy them well logically the answer depends on the country"
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Russia accumulated billions of Indian rupees from oil sales that it could not utilize effectively.
"last year one of Russia's officials revealed that it had amassed billions of Indian rupees that it couldn't use as a result of selling oil in rupees to India"
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The BRICS currency is likely to be a wholesale currency within the m-CBDC Bridge system, primarily for central and commercial banks, possibly to manage surplus currencies like rupees.
"it's likely that the bricks currency will be wholesale contained to the Enbridge system and used exclusively by the central banks and Commercial banks that are a part of that system notably its only purpose could be to ensure that nobody is left holding say billions of rupees that they don't need"
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The concept of a BRICS currency backed by a basket of commodities becomes more logical when viewed as a bridge currency on m-CBDC Bridge.
"the idea that the bricks currency will be backed by a basket of Commodities starts to make a lot more sense when you look at it through the lens of being a bridge currency on Embridge"
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