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Author: Mohamed Allam, Research Analyst; Compilation: 0xjs@作 作 作 作 作 作
This week is the BRICS Summit Week. It is expected that important global alliances will be established here.35 countries have confirmed to attend, and the BRICS (BRICS) will be renamed the BRICS+(Brigs+) to reflect the increasing number of their members.
Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) will join the BRICS+.Although this expansion will be gradually carried out, it is expected that the summit will provide more insights for the potential development of the new global order.
I want to emphasize the importance of mbridge in this article, which I have discussed before>A theme, Especially about the latest development of the UAE:
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MBridge Review: MBridge, also known as Multi -CBDC Bridge, is a multi -CBDC platform to support the use of CBDC for real -time, point -to -point cross -border payment and foreign exchange transactions.The platform is based on the MBridge Ledger blockchain to ensure that policies, legal requirements, regulations and governance needs to comply with specific jurisdictions.
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The UAE adopted CBDC: The UAE recently launched its own CBDC under the approval of the central bank, marking a major transformation to blockchain -based infrastructure.This highlights that countries not only pay attention to the concept of “cryptocurrency”, but also focus on using blockchain technology.The term “currency” is often misleading, because blockchain infrastructure and the convenience they use are the real goals.
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MBRIDGE test: As part of the ongoing network test, several transactions have been completed on MBridge, including transferring 50 million Diram from the UAE to China.These tests are designed to explore the functions of the system, but it should be noted that it is still in the experimental stage.These are the steps to understand how the network runs on a large scale.
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Future challenges: Despite progress, MBridge still faces major challenges, especially in terms of liquidity and foreign exchange transfer rate.A possible solution may be to create a unified currency with CBDC using a basket of members of a BRICS country, but with the development of the Internet, this idea is still just speculated.
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BRICS countries and global financial transformation: As the BRICS countries are positioned to reshape the global financial pattern, the possibility of decoupling in the US dollar is becoming more and more obvious.Former US President Donald Trump recently stated that any country that separated from the US dollar may face a situation of 100% tariffs on goods entering the United States, which shows that people are increasingly aware of the changes in global finance.
Having said that, this is just a waiting game.The BRICS country is coming, and the pattern is changing.BRICS countries are positioning themselves and may establish a new global order, and the West may not fully realize that many things are happening behind the scenes.
As I discussed in “Death By By A Thousand Cuts”, all these small factors may eventually lead to gradually leaving the US dollar.
In the next few years, we are very important for the world, but for us cryptocurrency, we are very accustomed to changing.
