BRICS: Lula argues for alternate means of trade exchange
The president attended the summit meeting through video
Brazilian President Luiz Inácio Lula da Silva on Wednesday (Oct. 23) once again defended the creation of alternate means of payment for commercial transactions between the BRICS countries, a bloc of developing countries of which Brazil is a member. The president took part in the 16th BRICS Leaders’ Summit in Kazan, Russia, through video from Brasília.
I will suggest that he stop "inventing fashion", and use the existing blockchain technology :)
It is mainly about abandoning the use of the DOLLAR as a reference currency in contracts between the countries of the bloc. This would reinforce the value of the currencies themselves among themselves.
It will fail. That isnt how value is established. The lack of depth, sophistication, and derivatives is going to doom this from the start.
There is a lot more than just payments, something that are going to realize.
I will personally be pleased to see countries trading in a currency other than the dollar! Other than that, nothing or any benefit is profit!
In President Lula’s view, the measure should reduce vulnerabilities facing these nations and the asymmetries in the international financial system. “It’s not about replacing our currencies, but we need to work to ensure that the multipolar order we are aiming for is reflected in the international financial system. This discussion needs to be tackled with seriousness, caution, and technical solidity, but it can no longer be postponed,” he stated.
President Lula also addressed themes that have recurred in his speeches at international forums—such as the fight against climate change and hunger, the wars in the Middle East and Eastern Europe, taxing the super-rich, and the democratization of multilateral frameworks.
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