BRICS nations are looking to pick up the pace to get their own central bank digital currencies (CBDC) out sooner.
BRICS represents the five largest emerging economies in the world who have made affinity together to increase their power and allyship, consisting of Brazil, Russia, India, China, and South Africa. BRICS are posing a serious threat and represent a major power shift in world preeminence.
It has been revealed that five other nations are considering making league with the original five nations: Argentina, Iran, Saudi Arabia, Egypt, and Turkey.
Two of these nations in particular, Russia and India, are out pacing the West in the delivery of a CBDC.
According to a Trends Journal report, Russia plans to release their official CBDC sometime this year and more widely implemented in 2024.
‘Experts are predicting the move will drive more income to retailers, who will save on payment fees, while Russia’s banking industry might lose 700 million annually,’ The TJ wrote.
Some have also argued that consumers would be hurt because digital rubles would not not earn interest like cash kept in banks. This speculation assumes that people holding digital rubles would be unable to find their own ways to appropriate digital rubles to earn interest if they desired, depending on what DeFi style options might be in the offing, the Journal noted.
This digital ruble is speculated to be used in settlements with China, which would nullify more of the effects of U.S. and allied sanctions placed upon Russia.
Two weeks ago The WinePress reported that Russia and Iran – a nation that is posturing to join BRICS – are working to develop a joint stablecoin together.
Meanwhile India is also looking to implement a CBDC of their own, to test a digital rupee for payment of goods during its pilot phase.
This historic initiative of pioneering the digital currency acceptance at our stores is in line with the company’s strategic vision of offering the power of choice to Indian consumer.
Reliance Retail managing director V. Subramaniam commented, according to Coindesk.
Interestingly enough, both India and China have some of the strictest laws to regulate other decentralized cryptocurrencies in the world.
Finance Minister Nirmala Sitharaman recently spoke to CNBC where he called for global regulatory standards for crypto.
Regulation cannot be done by any one country singularly, it has to be a collective action because technology doesn’t group any borders.
Sitharaman told CNBC.
And as of note, Brazil recently revealed that they are working on a CBDC with Argentina – another nation that plans to join BRICS.
The Trends Journal writes: ‘Will BRICS nations snooker the West into adopting a “China—India” crackdown strategy on cryptos, while beating them in CBDC rollouts? Good question.’
SEE: Federal Reserve Launches 12-Week CBDC Pilot Program With Major Banks
AUTHOR COMMENTARY
As I have said before and hinted at, 2023 will be the year of CBDCs. They may not be mandated, but introduced, floated out, propagandized, and incentivized heavily.
Moreover, you must resist them. Just because the lost world accepts them does not mean that you should. Fight them and warn who you can. Once they are implemented, freedom will truly be dead.
It will be tough, yes, but you must try and withstand the onslaught.
[12] Wherefore let him that thinketh he standeth take heed lest he fall. [13] There hath no temptation taken you but such as is common to man: but God is faithful, who will not suffer you to be tempted above that ye are able; but will with the temptation also make a way to escape, that ye may be able to bear it. [14] Wherefore, my dearly beloved, flee from idolatry. 1 Corinthians 10:12-14
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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