A crypto YouTuber analyzed how the #BRICS bloc (Brazil, #Russia , India, China and South Africa) is challenging the United States on the economic front, potentially using cryptocurrencies to gain an advantage.
The podcast talks about how the BRICS countries are forming alliances with other countries that may have previously opposed the US. The presenter also draws attention to Russia's potential use of cryptocurrency, particularly Tether's USDT, for money laundering.
Referring to a report from the analytics company Inca Digital, it is assumed that Russians can trade cryptocurrencies through platforms that do not require #kyc (Know Your Customer) checks. The report also lists exchanges such as Huobi and Kucoin that allow transactions with Russian banks despite sanctions. BitBoy also notes a surge in Russian Tether usage since the war began.
The discussion concludes by emphasizing that the world is shifting towards central bank digital currencies (#cbdc ), and cryptocurrencies such as Tether play a significant role in this transition.
A recent WallStreet Journal article highlights how stablecoins could be a vital tool for solving the looming debt crisis in #USA . The report highlights the strategic importance of stablecoins in maintaining the hegemony of the US dollar. The concerns arose after a petrodollar agreement between oil-rich Saudi Arabia and the United States expired on June 9, with no renewal in sight. "Petrodollar" refers to the role of the dollar in crude oil transactions. Termination of the agreement could lead to Saudi Arabia selling oil in other currencies.
This development could cause concern for the US government, which relies on the dominance of the dollar to support its borrowing and spending. Moreover, China's efforts to persuade oil-rich countries such as Saudi Arabia to accept the yuan for oil, and the latter's openness to the idea, have added to the worries. Saudi Arabia's membership in the bloc this year is likely to strengthen economic ties between the two countries.
All these developments highlight the need for the US to adapt to the changing financial landscape and consider the impact of digital assets on its economic hegemony.
