BRICS announced a plan to launch their commune in the near future. The project threatens the American dollar, but also the euro, a currency notably used by a country like Germany. It seems that this country is working to destroy this plan by focusing in particular on the digital version of the euro that it intends to introduce.
Germany wants to pit the digital euro against the BRICS currency
Germany has embarked on a bold move to challenge the growing influence of the BRICS in the global economic landscape. At the forefront of this initiative is the introduction of the digital euro.
According to information that has leaked recently, the European country is actively studying the possibilities of boosting the launch of the digital euro. A project with eminently sovereignist motivations.
This German monetary project is basically a response to the program announced by the BRICS countries to launch their own currency. Sergey Glazyev, former advisor to the Russian president, confirmed that the BRICS currency was “almost ready” for launch in 2024.
This BRICS plan, which we imagine could include cryptos, fundamentally contravenes Germany’s strategic monetary ambitions. The latter thus intends to counter competing currencies by developing a digital euro. But can she achieve it?
The game is far from won for Germany
We can understand Germany’s intention to protect its monetary interests. But we can also, in the current state of things, doubt its ability to counter the BRICS monetary plan. There are several reasons for this.
One of the most important is that when we talk about a digital euro we are not talking about a crypto, but about a central bank digital currency (CBDC). However, the question of CBDCs like the digital euro is divisive.
Indeed, European countries are not unanimous in favor of the creation of the digital euro. While some countries are in favor of the creation of this CBDC, others do not consider its issuance useful. It seems that Germany has its work cut out for it from this point of view. While the West remains divided over the prospects of the CBDC, the BRICS are accelerating the development of their common currency. A perspective that could reshape the dynamics of international finance. According to some analysts, failure to counter the emergence of the BRICS currency after its introduction could have repercussions on Western countries. To be continued…
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