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BRICS To Replace US Dollar With Cryptocurrency for Trade

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BRICS To Replace US Dollar With Cryptocurrency for Trade

According to a recent statement from the Chairman of the Russian State Duma Committee on the Financial Market Anatoly Aksakov, the BRICS bloc is working to replace the US dollar with cryptocurrency for trade. Indeed, Aksakoc discussed the alliance’s work to utilize digital assets in place of fiat currency for international transactions.

The economic alliance has long embraced its de-dollarization initiatives, along with the promotion of its local currencies. Subsequently, the development of digital currency solutions has been a priority since the arrival of its BRICS Pay system. Now, those efforts are set to carry the b loc toward a dollar-less future.

US Dollar notes
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Also Read: BRICS To Announce Membership of New Countries in 2024

BRICS Bloc to Utilize Digital Assets in Place of the Dollar in Trade

Throughout the last year, the BRICS bloc has embraced its opportunity to create a multipolar world. Its five-nation expansion effort enacted at its 2023 annual summit was one of the key pillars of that. However, so too is its commitment to the further embrace of local currencies in unilateral trade dealings.

Now, the alliance is taking a clear step forward in that regard, as the BRICS bloc is seeking to replace the US Dollar with cryptocurrency for international trade. Indeed, Russia stated that the bloc represents a “serious channel to replace fiat currencies in international transactions.”

What makes the prospect of this all the more interesting for the collective is that they appear committed to developing their own Central Bank Digital Currencies (CBDC) for which to substitute with fiat. Alternatively, the United States has been clear on its stance against such a project in the West.

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Also Read: BRICS: Major Update On Russia’s Economy Announced

Altogether, these projects should provide a clear opportunity for the BRICS bloc to continue to de-dollarize. Moreover, Russian Deputy Foreign Minister Sergey Ryabkov has recently discussed the development of new platforms for financial dealings. Specifically, these would support the presence of increased digital assets as opposed to fiat offerings.

Ryabkov discussed the “option of creating a platform that would unite the financial systems” of the BRICS members. What he called a “BRICS Bridge” would require stablecoins or other digitized currency forms. This would integrate a clear way for the ten BRICS countries to de-dollarize.

However, it would also increase concern with the US dollar being absent from any international dealing with the alliance members, and nations seeking to embrace such unilateral trade.

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Former NYC Mayor Eric Adams unveils ‘NYCToken’ cryptocurrency he claims will fight antisemitism

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Former NYC Mayor Eric Adams unveils ‘NYCToken’ cryptocurrency he claims will fight antisemitism

Swagger remains his currency.

High-flying Eric Adams returned from his post-mayoralty travels to unveil the “NYC Token” on Monday, moving forward on his bizarre vow to tackle antisemitism with cryptocurrency.

Adams announced the crypto coin in Times Square, surrounded roughly a half dozen reporters curious to see what the former mayor would say in his first public appearance since leaving office not even two weeks ago.

Former Mayor Eric Adams launched the “NYC Token” cryptocurrency. James Keivom for NY Post

“One focus we have on this New York City coin is to use the revenue generating to address anti-Americanism, antisemitism, to teach our children how to embrace the blockchain technology of how to run cities correctly,” Adams said.

“As Walmart is using blockchains to deal with their food chain and transparency, we know cities can run better, and by using this New York City token, this New York City token, we’re going to continue to invest in making our city a safer city.”

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While the former Hizzoner was still vague on details, the broad strokes of his grand plan are essentially that profits from the “NYC Token” will go into a still-unnamed nonprofit, which will then fund groups that combat antisemitism.

Historically black colleges and universities also will somehow be involved in Adams plans, he said.

“I’ve talked about it often, I want to get on our college campuses and make sure that we start the process of having our young people appreciate our country today,” he said.

The crystal-loving, ghost-believing Adams made clear early in his first and only term that he was a devotee of the magic of cryptocurrency. He famously took his early paychecks in cryptocurrency and cultivated close ties with Bitcoin billionaire and former “The Mighty Ducks” star Brock Pierce.


Former mayor Eric Adams in Times Square.
Adams revealed some details about his jet-setting post-mayoralty. James Keivom for NY Post

Adams is one of three creators behind the “NYC Token,” he said, noting Pierce was not involved.

He said the other creators are listed on the crypto coin’s website, but the page remained blank Monday other than two slogans and a link to follow the token’s X account.

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For those worried the whole venture could be a money-making scam, Adams promised he wouldn’t take a salary — at least at first.

“I’m not taking a salary at this time,” he said. “Down the line, if you take the determination of doing so, we will reveal that.”

The famous frequent-flyer-mile-collector said he had been spending his days since leaving office in Dubai and the Congo.

The jet-setter ex-mayor teased that he will be working with other countries across the globe and bringing the Big Apple’s “levels of services” abroad.

Mayor Zohran Mamdani didn’t seem too jazzed about his predecessor’s plans. When asked if he’d buy one of Adams’ crypto tokens, the new mayor had a one-word reply.

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“No,” Mamdani said with a smile.

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