BRICS Challenge to U.S. Dollar Hegemony: The Crypto Angle
- BRICS nations may be using crypto to challenge US economic dominance.
- Stablecoins could be a potential tool to address the US debt crisis.
- Petrodollar’s end could weaken the US dollar’s global influence.
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 leveraging cryptocurrencies to gain an advantage.
The podcast looks at how BRICS nations are forming alliances with other countries that may have previously opposed the U.S. The presenter also highlights Russia’s potential use of cryptocurrency, specifically Tether’s USDT, to launder money.
Citing a report by blockchain analytics firm, Inca Digital, it is suggested that Russians may be trading cryptocurrencies through platforms that do not require KYC (Know Your Customer) checks. The report also lists exchanges like Huobi and Kucoin that allow transactions with Russian banks despite sanctions. BitBoy also notes a surge in Tether usage by Russians after the war began.
The discussion concludes by emphasizing that the world is shifting towards central bank digital currencies (CBDCs), and cryptocu…
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