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Kang-hoon

Thu, June 20, 2024 at 19:25

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    Kang-hoon

    • Hello, Annie.

    • Today, I have some intriguing news regarding the BRICS Group and its efforts to challenge the dominance of the US Dollar.

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  • Annie

    • Oh, that sounds interesting!😊 What exactly is happening with the BRICS Group?

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    Kang-hoon

    • Well, the BRICS Group, which includes Brazil, Russia, India, China, and South Africa, has been expanding its agenda to de-dollarize their economies.

    • Recently, they've even invited Iran to join the bloc.

  • Annie

    • Wow, that's a significant move.

    • What are they planning to use instead of the US Dollar?

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    • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

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    Kang-hoon

    • They've been considering various alternatives, including creating an independent payment system based on digital currencies and blockchain technology.

    • One option they explored is implementing a stablecoin.

  • Annie

    • Stablecoins?

    • Like Tether (USDT)?

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    Kang-hoon

    • Yes, exactly.

    • Paolo Ardoino, the CEO of Tether, recently highlighted USDT's broad use cases, particularly in developing countries where local fiat currencies are prone to devaluation.

  • Annie

    • That makes sense.

    • But how does this relate to the BRICS Group's de-dollarization efforts?

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    Kang-hoon

    • Ardoino's statement was actually a reaction to a post by Howard Lutnick, the CEO of Cantor Fitzgerald.

    • Lutnick emphasized the need for a responsible dollar-backed stablecoin to contest the BRICS Group's efforts.

  • Annie

    • So, is Lutnick suggesting that the US should use Tether to maintain its dollar dominance?

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    Kang-hoon

    • Lutnick wasn't specific about which USD-pegged stablecoin the US should use, but his thoughts likely align with USDT.

    • This prompted Ardoino to voice his support for Tether.

  • Annie

    • I see.

    • And how has Tether proven its legitimacy?

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    Kang-hoon

    • Earlier this year, Cantor Fitzgerald confirmed that Tether Reserve has the reserves it claims, which bolstered its legitimacy.

    • This could be another strategy to promote the digital currency.

  • Annie

    • That's quite a development.

    • Do you think this will have a significant impact on the market?

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    Kang-hoon

    • In the short term, this news could create uncertainty in the market.

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    • The BRICS Group's efforts to de-dollarize and the potential use of stablecoins like Tether might lead to volatility.

  • Annie

    • So, you think this is bad news for the market?

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    Kang-hoon

    • Yes, I would classify this as a negative development.

    • The market doesn't respond well to uncertainty, and the ongoing efforts to challenge the US Dollar's dominance could lead to instability.

  • Annie

    • Got it.

    • Thank you for the detailed explanation, Kang-hoon.

    • This really helps me understand the situation better.🙏

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    Kang-hoon

    • You're welcome, Annie.

    • Always here to help you navigate through the complexities of the financial world.

    • Upon comprehensive consideration, this news is perceived as a 😱Bearish.

알림

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