Putin Backs Cryptocurrency as Trump Threatens 100% Tariffs on BRICS

 
Rajpalsinh Parmar
Written By 
Rajpalsinh Parmar
December 4, 2024
Putin

After Trump’s threat to implement a 100% tariff on BRICS, if they create a new alternative to counter the Dollar, Russian President Vladimir Putin made a bold remark, saying no matter what happens to the dollar, Bitcoin and digital assets will develop one way or another.

Putin Sees Potential In Crypto’s Decentralized Nature 

While highlighting the cryptocurrency’s decentralized nature, Putin remarked that “these tools will develop one way or another, because everyone will strive to reduce costs and increase reliability.” 

The statement came during the event called Russia Calling 2024 at the World Trade Center in Moscow.  The two-day-long event follows the theme of “The Future of Capital and the Capital of the Future.”

At present, BRICS is a group of nine countries, including Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. Trump said he’ll enact the 100% tariffs if the countries either decide to create a new rival currency to the dollar or an alternative currency to replace the greenback as the world’s reserve medium of exchange. This has sparked broader discussions on BRICS’ de-dollarization goals and the potential impact on crypto, as these nations continue to explore alternatives to the U.S. dollar.

“We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy,” said Trump.

BRICS nations are exploring the creation of an alternative currency as part of their push for de-dollarization and to reduce their dependency on the U.S. dollar. The motive behind this initiative affirms that a currency could protect their economies from the volatility associated with U.S. monetary policies and sanctions.

Also Read: Russia Approves 15% Tax on Crypto Trading and Mining Income

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Rajpalsinh Parmar
Written by Rajpalsinh Parmar

Rajpalsinh is a crypto journalist with over three years of experience and is currently working with CryptoNewsZ. Throughout his journey, he has honed skills like content optimization and has developed expertise in blockchain platforms, crypto trading bots, and hackathon news and events. He has also written for TheCryptoTimes, where his ability to simplify complex crypto topics makes his articles accessible to a wide audience. ionate about the ever-evolving crypto space, he stays updated on industry trends to provide well-researched insights. Outside of work, gaming serves as his stress buster, helping him stay focused and refreshed for his next big story. He is always eager to explore new blockchain innovations and their potential impact on the global financial ecosystem.