tl;dr
BRICS countries are exploring a cross-border payment system using their own currencies and digital technologies. Russia, in particular, has been embracing digital currencies and assets, while other BRICS nations are also exploring or testing central bank digital currencies (CBDCs). However, an opini...
BRICS countries are exploring a cross-border payment system using their own currencies and digital technologies, with Russian Finance Minister Anton Siluanov discussing the potential system. This initiative aligns with Russia's increasing embrace of digital currencies and assets, including the digital ruble and legalization of digital currency mining. The wider BRICS alliance, comprising nations like China, Indonesia, and Argentina, is also exploring or testing central bank digital currencies (CBDCs) and digital currencies, signaling a move towards de-dollarization and trade in digital national currencies.
However, an author argues against the need for a new cross-border settlement system, advocating for utilizing the BSV blockchain for international trade instead. The article emphasizes the potential of BSV for global trade, highlighting its efficiency, scalability, and suitability for conducting international transactions. It underlines the advanced features of BSV, such as token protocols for digital currencies, smart contracts, and automated compliance for trade.
The author asserts that the BSV blockchain, designed with payments at scale in mind, serves as a battle-tested and proven global settlement network. With the recent Teranode upgrade enabling BSV to handle one million transactions per second at an average fee of $0.00001, it is positioned as a cost-effective and high-throughput system for trade. Additionally, BSV's decentralized nature allows for freely issuing and trading digital currencies, offering a trusted, audit-ready system with minimal censorship or control.
The article suggests that utilizing BSV for international trade could save nations significant time and costs compared to building a new system, and encourages entrepreneurs, policymakers, and central bankers to explore the potential of BSV for alternative payment and cross-border settlement systems. It concludes by highlighting BSV's potential to facilitate free and conflict-free trade, enabling global prosperity.