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Why not BTC? It is like gold, but you don't have to haul pallets of gold back and forth with logistics and security risks.

Remember they don't trust each other, right now, they rather use USD with all the negative aspects over their own currencies.

I'm definitely not saying they will promote use of Bitcoin by their own people. Quite the opposite.

BTW wasn't this already the model during the cold war? Eastern Block would be doing international trade in Dollars, but their own people would be banned from owning any foreign currency.

The Beave 1y ago

Because BTC is beyond their direct control. The countries in BRICs are all control freaks. If they can't control something, it's not going to work, politically.

I would love for them to use BTC, but, it may lead to the situation that you noted. That would be quite a blow to the world, IMO.

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Discussion

Diacone Frost 1y ago

I suspect that it's not just about being control freaks. They won't use bitcoin because they already plan how to rug pull each other :)

And it's just not possible with Bitcoin.

That's why the whole thing is probably just about leaving dollar standard.

So you're probably right that they won't run bitcoin standard.

My reasoning was based on an asumption that they actually want to cooperate in an honest way. But we all know that it's not what states do.

Aida 1y ago

That is a very good point... And a test how dumb the member states are. So it is likely that the Bitcoin standard will not be the first choice.

The Beave 1y ago

Yup. I think you're correct.

Their first priority is to break the dollar hegemony. After that... It's a free-for-all.