🚀 BRICS Digital Currency: Cryptocurrency on a Public Blockchain 🪙

🚀 BRICS Digital Currency: Cryptocurrency on a Public Blockchain 🪙

In this article, we explore how the BRICS currency can be implemented on a public blockchain and challenge the claims made in "Digital Money Options for the BRICS" for Web3

🌍 The BRICS digital currency aims to integrate with existing monetary systems, creating a unified economic area for member nations 🤝

Its value is algorithmically derived from various economic factors of the participating countries 📈

💡 While the original paper suggests the impossibility of realizing the BRICS currency as a cryptocurrency, we'll challenge it 🤔

A public blockchain with SmartContracts, combined with Zero-Knowledge Proofs (ZKP), provides a natural fit for the implementation 🧩

🔍 Let's explore how the BRICS currency can leverage these technologies:

✅ Dynamic supply mechanism via smart contracts
✅ Legal compliance on-chain using ZKPs
✅ Integration with DeFi and zkLocus for authenticated private geolocation

👉 A cryptocurrency for Web3

💸 The dynamic supply of the BRICS currency is defined by a formula:

M = ForT + FDI + PI + ForEx + G&EX + InterSec + Der + ForDeposit + EuroCurrency + MTransfer + Etc.

This can be automated using smart contracts on the blockchain 🤖

Like Algorithmic stablecoins and Uniswap