Hey this is big news for Bitcoin, BRICS+ are considering using Bitcoin for cross border payments among their member nations. That would make Bitcoin a type of global reserve currency.
At least more than half the global economy is now in BRICS. If you include the 30 new members who wish to join.
As a member of BRICS by default, I'm along for the ride here in sunny South Africa. This is the true global south. And it's apparently on the rise. While the dollar declines gradually.... then all at once.
Not without a world War first of course.
Either way, those nations embracing Bitcoin blockchain will win out in the end. Russia has legalized Bitcoin mining. Even at a state level. This means price will go banana zone.
When nation states, like El Salvador mine Bitcoin, then the glass ceiling is smashed and price discovery reaches new levels. This could be this seasons bullish catalyst. Besides silly meme coins. And political coins.
The markets are about to explode to the upside. We're all just waiting for the USA election next week. Markets hate uncertainty. If we make it through the election, which is uncertain, markets will explode. The timing and economic conditions favor it.
And soon a dollar value to Bitcoin won't mean much. Price could skyrocket, especially if the dollar tanks. Never before had the global economy looked this primed for change than today.
"...idea was particularly favoured by the Russian delegation, who posited the idea of local miners who would sell their Bitcoin to buyers, enabling them to pay for imported goods, thereby bypassing sanctions imposed upon them.
To this end, the Russian government has established two exchanges in the country that allow fiat to be exchanged for crypto and vice versa. In addition, the Russian government is encouraging the growth of Bitcoin mining within its borders, which would guarantee a steady supply."
"With 30 other countries currently applying for BRICS membership, this is potentially going to weaken the dollar’s prime position as the world reserve currency, perhaps bringing Bitcoin to the fore in the process."
"The new law permits individuals to mine without registration if they stay within specific electricity usage limits, whereas businesses must be registered to mine legally."
https://cryptobriefing.com/russian-digital-law-mining/
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