As an economist, it's clear to me that the article has been written by someone who's thoroughly unfamiliar with the subject matter of economics. If you want to write about these topics, and be taken seriously, you need to study a lot, and I mean A LOT, before you can even begin to understand the challenges posed by a monetary union, let alone coming up with a brand new design for a monetary system. I don't mean to be harsh, but this is the way it is.
This articles covers how the proposed BRICS digital currency can be realized as a cryptocurrency, thus challenging the claims made in the 'Digital Money Options for the BRICS' paper. The article explores how a public blockchain with smart contracts, combined with Zero-Knowledge Proof protocols like zkSNARKs and zkSTARKs, provides a natural fit for implementing the BRICS currency. It covers how the dynamic supply mechanism, legal compliance on-chain, and the integration with DeFi and zkLocus for authenticated private geolocation can be materialized. It also explans how the BRICS nations can leverage these technologies for a more decentralized, interoperable, and efficient financial system aligned with Web3 principles.<p>I’m curious to hear the community's feedback on this. Is there something you disagree on?
If the value of the currency is jointly tied to the economic performance of all member states, I wonder if that then lessens the penalty of bad economic decisions of worse performing member governments?
I dont understand enough about economics to confidently argue about this. But it does seem laughable to me to expect BRICS to do anything cohesively.<p>China/Russia are not friends, they do not trust each other and even recently China was stealing land back from Russia.
India is very much out for itself and has made a habit of fence sitting and flipping positions on a whim.<p>UAE are power brokers and not a mover and shaker on their own.<p>Most the rest of BRICS are powerless or fickle or too broken to reliably make changes or be relied upon if changes are instigated by the more senior members...<p>Cryptocurrencies are not going to change any of that.