BRICS Prepares for Global Currency Reset

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News Date: May 5, 2024

Russian IMF representative, Alexey Mozhin, in an interview with RIA Novosti published on Friday, suggests BRICS nations should prepare for a potential collapse of the dollar and international monetary system by offering an alternative currency.
Mozhin's remarks highlight the increasing recognition of the flaws in the current financial system and the potential role of BRICS in providing an alternative solution.
"Such a proposal is being discussed. In the event of the collapse of the dollar and the international monetary system, it will be necessary to turn the said BRICS accounting unit into a real currency, backed by exchange goods,", he stated.

The BRICS digital payment system advances

October 17 update:
BRICS Pay officially unveils a new demo, according to its official website.
Users can test it at the BRICS Business Forum in Moscow, linking a one-time QR code card in the app and receive 500 rubles for purchases at BRICS Pay-labeled stores.
October 12 update:
Russia has proposed a new cross-border payment system at a BRICS meeting in Moscow.
The plan includes using local currencies, direct links between central banks, and distributed ledger technology (DLT) for faster, more secure settlements.
It also suggests creating trade centers for key commodities like oil and gold.
This comes ahead of the BRICS summit in Kazan, scheduled for October 22-24.
Older news:
Russia is advancing its plans for a BRICS digital payment system, according to Valentina Matviyenko, the Federation Council Speaker.
In response to sanctions and being cut off from SWIFT, the Bank of Russia has developed its own payment system, which has already seen participation from several countries.
Matviyenko announced that progress on the BRICS digital payment platform is ongoing.
"The creation of the independent financial payment platform BRICS Bridge, a standalone mutual payment system on a firm joint platform, is now being discussed within BRICS.
I have spoken both with the Central Bank and the Finance Ministry, things are moving along nicely," she said in a press conference.

Quantum computing development

Researchers hope to create large-scale quantum computers within a decade.
Researchers at Japan Riken Center for Emergent Matter Science have achieved a major step forward in increasing the scalability of quantum computers.
Instead of simply incrementing the total qubits in a system, the researchers have demonstrated a triple-qubit, silicon-based quantum computing mechanism.
Another huge quantum computing breakthrough: New 100-qubit processor is built with atoms cooled down near to absolute zero.
By cooling atoms down to near absolute zero and then controlling them with lasers, a company has successfully created a 100-qubit quantum processor that compares to the systems developed by leading quantum players to date.
Sources: www.techradar.com, www.zdnet.com

Blockchain Council Pioneers Blockchain-Based Voting Systems

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Wisconsin ends sound money taxes

The Wisconsin Senate has passed Assembly Bill 29 to end sales tax on gold and silver purchases, following overwhelming support from the State Assembly.
Sponsored by Rep. Shae Sortwell, the bill aims to align Wisconsin with the majority of U.S. states and remove an outdated tax practice.
Advocates argue that taxing precious metals is illogical, inefficient, and unfair to investors, especially given the constitutional recognition of gold and silver as money.

Gold has the historic value

Russia holds world's fifth-largest gold & foreign currency reserves.
Russia has reached a historic record in international reserves, ranking fifth in the world after China, Japan, Switzerland, and India, the Accounts Chamber said after an audit of the country's gold and foreign exchange holdings.
Gold proves its intrinsic value over time, as a hoard of Roman gold coins recovered from the seabed.
The horde was identified after two amateur free divers discovered coins in the bay of Portitxol in Xabia.
Sources: www.heritagedaily.com