China and Russia Team Up to Challenge the Dominance of the US Dollar in the Global Market

Right now, the global market is dominated by the US dollar. This dominance allows the United States to control the market to an extent.

The global market is currently dominated by the US dollar, which gives the United States a significant degree of control over the market. China and Russia have emerged as potential challengers to the US's market advantage and have been developing various strategies to counter US dominance.

The latest development in this regard is a document signed by the two Eurasian powers during the 29th Regular Meeting of Chinese and Russian Prime Ministers, which includes some interesting takeaways for the cryptocurrency community.

China-Russia Financial Collaboration Strategy

During the meeting, both countries made some bold decisions, including enhancing their financial corporation. As part of this decision, they would limit the use of the US dollar and instead enhance the use of their own currencies, in bilateral trade, investment and credit. Opening bank branches in each other’s countries was accepted by both countries as a sensible plan.

China-Russia’s Plan for BRICS

Both countries recognised the importance of enhancing their relationship with BRICS. China disclosed clearly in what areas it wanted to collaborate with BRICS. Artificial intelligence was named one of the prime focus areas in which China wanted to work with BRICS countries. China proposed the establishment of a China-BRICS Artificial Intelligence Development and Cooperation Center. The plan was received well by the Russians in the meeting. It seems that Russia and China want BRICS to play a bigger role in managing the global economy. There is no doubt that they aim to create a power block, which can be presented to the global market as a symbol of fair trade practices and a strong pillar of non-political trading.

Implications of the Russian-China-BRICS Collaboration on the Crypto Market

Some of the bold decisions taken by Russia and China in the meeting go well with what the crypto industry stands for, which is financial independence. There is a chance that the proposed reduction of reliance on the US dollar might encourage the adoption of alternative financial systems, such as cryptocurrencies like Bitcoin, which are not controlled by any country. The growing importance of BRICS in global economic governance might open up opportunities for cryptos as alternative assets and payment methods within the block.

In conclusion, there are people who think that if financial independence is the aim of a country, it should work towards embracing cryptocurrencies. If the latest plan of Russia and China is not motivated by politics, they cannot stop themself from taking a strong stand in favour of cryptocurrencies. Rightnow, it is too early to assume whether the proposed Russia-China-BRICS collaboration can benefit the global crypto adoption or not.

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