BRIC Coin is designed for cross border transactions among BRICS nations

The BRIC Coin is a digital currency intended for cross-border transactions between BRICS nations. In the early part of this year, it was in the working stages of an initial exchange offering, or ICO. This type of cryptocurrency has lost some of its appeal due to its increased risk and lack of transparency. This ICO is expected to pass the scrutiny of the government and receive wide media coverage.The BRICS countries are already looking to decrease their reliance on US dollars in cross-border transactions. In the last five years, the dollar's share of foreign trade payments has fallen from 92% to 50%. In comparison, the ruble's share of payments has risen from three percent to 14 percent. Creating their own crypto currency could be a significant step in fostering economic growth and strengthening the global economy.

The BRIC Coin is a cryptocurrency intended for cross-border transactions between BRICS nations

The five countries originally referred to themselves as the "BRICs," but the group now includes South Africa. The group has combined land area of 39,746,101.0 sq mi. The combined population of the BRICS nations is about three billion, making them one of the largest emerging market economies in the world.The BRICS economic bloc consists of Brazil, India, China, South Africa, and Russia. The countries are in the process of developing a single cryptocurrency for cross-border transactions. This will serve as a decentralized alternative to the global payment system, which is heavily influenced by US policy. The cryptocurrency would avoid US sanctions and facilitate trade with sanctioned countries. It is possible to create a global currency by creating a unified payment system between BRICS member nations.

BRICS nations have been predicted to grow faster than the developed countries

The BRIC Coin is a cryptocurrency that is designed for cross-border transactions among BRICS nations. The BRICCOIN is a digital currency that was created to eliminate reliance on U.S. dollar for global payments. The BRICS countries have also drafted a plan for a single payment system, but they have not decided on a name yet. The RDIF will be leading the way in the project. By 2050, the BRICS countries will account for 46.2% of the world's GDP. The BRICS Coin will be backed by the Tron blockchain ecosystem, which enables the use of escrow without the presence of a third party. With its support, the BRICS economic bloc is in a position to become more competitive.The BRICS countries are slowly moving away from the dollar and the Euro. This means that a BRICS digital currency must be able to promote trade without adding too much complexity. However, the BRIC Coin is currently in its early stages of development and has already demonstrated the potential to become a dominant digital currency. It is expected that the BRICS nations will generate around 20% of the world's total foreign direct investment.

Challenges in the industry

There are some challenges, which both the parties must face are:

The ticket size of the order
The minimum amount of LC/SBLC
Total Duration of the transaction
Duplication of LC/SBLC
High Transactions Fees
Reliability of third party (Agent/Bank)
Tough Documentation Process
Validity of the instrument (LC/SBLC)

So, due to these challenges, the international trades, Imports & Exports have become too complex. That is why the countries cannot deliver extremely good economic conditions in spite of having very good production facilities.

The BRICS countries are currently working toward the full use of their currencies as a global reserve currency

They have proposed to include their currencies in the SDR basket, and even construct their own supranational currency. Although this is a bold step, it is still a long way off. The BRICS countries will need a unified cryptocurrency that is transparent, untraceable and stable. The BRICCOIN is being developed to support cross-border transactions. This new cryptocurrency will be a digital currency aimed at facilitating these kinds of cross-border transactions. The BRICS countries have high levels of demand for bitcoin, and their exchange rates are growing. In addition, the BRIC nations are looking to use a unified cryptocurrency that can be traced and untraceable.

For Details

● Website: https://bric-coin.com/
● Twitter: https://twitter.com/briccoin
● Telegram: https://t.me/bric_coin
● Facebook: https://www.facebook.com/official.briccoin/

Owner

● Ethereum Username: Eatund79
● Ethereum Profile Link: https://bitcointalk.org/index.php?
action=profile;u=2252708;sa=summary
● Telegram Username: @Eatund79
● BSC Wallet Address:0x553125428f809ceCEBb444C0BaD01307077d0843

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