ShortSimon on Nostr: Can the BRICS make their own currency work? If they run a centrally controlled ledger ...
Can the BRICS make their own currency work?
If they run a centrally controlled ledger system like the dollar, then it is prone to manipulation. The people that control the ledger can add units to it for themselves (money printing) or they can take them away from other people that have money on the ledger (sanctions). This will be the case, even if the currency is backed by gold.
If the BRICS countries want to use something that doesn’t require that they trust each other, then the best thing that they can do is to use Bitcoin. Bitcoin uses a decentralised ledger that cannot be changed.
If they run a centrally controlled ledger system like the dollar, then it is prone to manipulation. The people that control the ledger can add units to it for themselves (money printing) or they can take them away from other people that have money on the ledger (sanctions). This will be the case, even if the currency is backed by gold.
If the BRICS countries want to use something that doesn’t require that they trust each other, then the best thing that they can do is to use Bitcoin. Bitcoin uses a decentralised ledger that cannot be changed.