A unified crypto would allow the BRICS nations to circumvent US control and obstacles.

ZeroHedge –

"BRICS Nations Discuss Shared Crypto to Break away from USD and SWIFT"

1 – The BRICS countries hope to reduce their dependence on the US$.

2 – They are discussing plans to develop a shared cryptocurrency.

3 – Russia could sidestep US sanctions by a shared-crypto system.

4 – China sees the US as its “adversary across the Pacific.”

5 – Among BRICS, Brazil has the highest rate of Bitcoin adoption.

6 – India could use it to fight corruption and ease international transfers.

7 – It would give unbanked South Africans access to financial services.

The BRICS countries (Brazil, Russia, India, China, and South Africa) are considering the issuance of a cross-border cryptocurrency.

Issuing a single, trans-national crypto would allow them to not only decrease their dependence on the US and the US$, it would also help them to overcome various obstacles they face regarding trans-national payments.

One of the major hurdles faced by these countries is the SWIFT payment system. SWIFT (the Society for Worldwide Interbank Financial Telecommunication) is a network to facilitate and secure international financial transactions. To a large extent, SWIFT is controlled by the US.

By simply disconnecting any “unfavored” nation from the network, the US can prevent that nation from sending or receiving payments.

Russia and China have already stopped using the US dollar in cross-border settlements. Many other countries are following this trend, or planning to follow it. Even some banks in Europe are looking at ways to circumvent the SWIFT system and its unilateral requirements and controls.

The BRICS countries now have plenty of economic clout with which they can face up to US dominance and control.

This initiative is currently in the discussion stage. However, as the article states, such a unified crypto would be “an effective, transparent, untraceable and stable instrument for circumventing U.S. sanctions and decreasing dependence on the US dollar.”

Soon enough, this plan will most likely move from the discussion stage to the implementation stage. And that could be a catalyst for further de-dollarization by numerous other countries across the globe.