Bitcoin BTC, Ethereum, XRP is once again in the spotlight.
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Bitcoin prices have returned to all-time highs of around $70,000 per Bitcoin, pushing up the prices of Ethereum, XRP, and the broader crypto market as Wall Street bids for a staggering $90 trillion. There is.
China and Russia are teaming up to build a payment system based on Bitcoin's blockchain technology, which Tesla billionaire Elon Musk and legendary investor Warren Buffett have dubbed the “real currency.” — than nuclear weapons, which one respected economist warns “could be even more dangerous to American hegemony.” ”
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Kremlin aide Yuri Ushakov told Russia's TASS news agency this week: “We believe that an important goal for the future is the creation of an independent BRICS payment system based on digital technologies and cutting-edge tools such as blockchain. ” he said. .
Bitcoin, and other cryptocurrencies such as Ethereum and XRP, use distributed ledger technology known as blockchain to record and verify transactions without the need for a central authority.
“The important thing is to make sure that it is convenient, cost-effective and free of political elements for governments, ordinary people and businesses,” Ushakov said.
The BRIC countries, which include China, Russia, Brazil, India and South Africa, have been looking for ways to end their dependence on the US dollar in recent years, a trend reinforced by US-led sanctions against Russia. The invasion of Ukraine.
In 2022, Russia will be excluded from SWIFT, the world's main international payments network, with the former deputy chairman of Russia's central bank warning of a “catastrophe”.
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“The days of a dollar-centric world are over. That's the reality. Today we have a multipolar global trading system,” South Africa's BRICS ambassador Anil Sukrull was quoted as saying last year. fox business.
Meanwhile, China has gradually rolled out a digital version of the renminbi, also inspired by Bitcoin and cryptocurrencies, with the aim of controlling the flow of domestic funds between its citizens and competing with the US dollar in global trade. There is.
So-called central bank digital currencies (CBDCs) have exploded in total transaction value to 950 million transactions last year, with a cumulative value of 1.8 trillion yuan ($249.9 billion) by the end of June, far above the previous 1,000. This was an increase from 100 million yuan ($13.9 billion). In August, it was reported that South China Morning Post.
Yanis Varoufakis, Greece's former finance minister and economist, said: “If the flow of capital increasingly shifts to China's digital payment system, it will be more dangerous to US hegemony than nuclear weapons.” Said At an event held this week at the Australia Institute.
“Here is my explanation of why the Cold War is escalating between the United States and China.”
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