Adrien Hubert works in international cryptocurrency and Web3 circles more generally. He has set up several companies, including Geminy, of which he is CEO. He gives us his views, based on a wealth of economic data and publications, on the future reconfiguration of the global monetary system: BRICS, Dollar, digital Euro, MDBC, crypto-currencies… an overview of the movements of the various tectonic plates.
The lesson we can learn from the latest BRICS summit is that it is very complicated for this group of countries to make an official announcement about the launch of a common currency, or even a monetary instrument, because it would immediately be linked to the war in Ukraine. They do not want to be some sort of collateral victim or accomplice of Russia. This is the main reason why the joint announcement is being avoided for the time being. However, the project has been in the pipeline for ten years or so, and it was the sanctions against Iran rather than those against Russia that prompted the desire to build an alternative common international currency that would be competitive with the dollar. The current challenge is political and geostrategic, to be associated with the war in Ukraine and to be presented by the Americans as Russia’s objective economic allies. Obviously, Brazil doesn’t want this, but even the Chinese are very cautious. From my point of view, this could be the argument that would sway Vladimir Putin in favour of a ceasefire, even a temporary one, to allow this project to get off the ground, even if it means resuming the war afterwards.
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