Russian President Putin Says US Dollar-Based Global Financial System Is Collapsing
joneOctober 08, 2023
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Russian President Vladimir Putin has stated that the U.S. dollar-based global financial system is gradually collapsing. “After all, a currency is a derivative of the power of the economy of the country that issues this currency,” Putin noted, emphasizing: “The share of the American economy in world GDP is declining.” In contrast, the Russian president highlighted the increasing share of BRICS countries in terms of purchasing power parity compared to the G7 countries.
Putin on U.S. Dollar-Based Financial System Collapsing
Russian President Vladimir Putin conveyed at the plenary session of the 20th-anniversary meeting of the Valdai Discussion Club on Thursday that the global financial system based on the U.S. dollar is gradually collapsing.
“The Bretton Woods system is outdated,” Putin said (translated by Google), noting that he is not the only one with this view, as Western experts also share this perspective. The Russian president added:
This Bretton Woods system was created on the basis of the dollar, but it is all gradually collapsing. After all, a currency is a derivative of the power of the economy of the country that issues this currency.
“The share of the American economy in world GDP is declining. This is also an obvious thing, this is statistical data,” he stressed.
In contrast, Putin emphasized that the share of the BRICS countries “in terms of purchasing power parity in relation to the share of the G7 countries, is increasing, especially after the admission of new members to the organization.” He pointed out: “This is already a serious meaning, the difference is quite serious.”
The BRICS economic bloc recently extended membership to Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). At the conclusion of the BRICS summit in August, the leaders of Brazil, Russia, India, China, and South Africa declared “the importance of encouraging the use of local currencies in international trade and financial transactions.”
Commenting on the BRICS group creating a common currency, the Russian president opined:
For BRICS, we now need not to create a single currency, but we need to establish a settlement system, create financial logistics in order to ensure payments between our states, switch to payments in national currencies.
Putin further shared: “Yesterday we discussed this issue with our experts, including the possibility of creating a single BRICS currency. Theoretically, yes, it’s probably possible, but in order to ever approach this, we need to achieve a certain parity in the development of the economies of our countries, but this is a very long-term prospect.”
What do you think about the statements by Russian President Vladimir Putin? Let us know in the comments section below.
What is Crypto Gambling?
In the broadest sense, crypto gambling refers to all sorts of gambling activities that in some way involve cryptocurrency. So, for inexperienced traders, just trading crypto assets, especially with higher leverage would also be considered crypto gambling.
However, when discussing crypto gambling, we usually refer to playing “online chance” or “sports/events” betting games via a website/platform supporting cryptocurrencies.
For instance, if a traditional online gambling website allows users to deposit/withdraw cryptocurrencies and to use them to play the games, it would typically already qualify as a crypto gambling project.
Usually, crypto gambling entails projects that use blockchain technology to make their games more transparent and decentralized. Furthermore, in many cases, these types of projects have their own native cryptocurrencies, known as crypto gambling tokens. Also, crypto gambling projects with a proper level of decentralization have an umbrella term: GambleFi.
So, centralized or decentralized crypto gambling is normally performed via a crypto casino or crypto betting platform, dapp (decentralized application), or a Telegram bot.
Some typical crypto gambling projects include Rollbit, Bazed, and BetSwirl.
Banner stating: Can You Legally Gamble with Crypto?
Can You Legally Gamble with Crypto?
Whether you can legally gamble with crypto or not depends on many factors. First of all, crypto regulations and laws are still quite unclear in most countries. Some areas of the world took an extreme approach and banned them altogether, while some have no laws regarding cryptocurrencies yet.
So, in order to answer the above question, you need to find out what laws apply in your area. Essentially, for you to have a green light from the legal perspective, your state/country must allow online gambling as well as cryptocurrencies.
However, there’s another factor when it comes to crypto casinos that you ought to consider – what kind of platform will you be using? After all, if you aim to perform truly decentralized crypto gambling, it’s basically impossible for anyone to know about it.
Plus, depending on your willingness to work around the rules, you can always explore your options for using VPNs. After all, if something is available online and you have internet access, you almost always have good options to exercise your preferences.
Traditional online casinos vs decentralized crypto gambling sites
Why Gambling Crypto Tokens and Not Stick to Traditional Casinos?
Legal obstacles aside, at the end of the day, it all comes down to your personal preferences. For instance, if you enjoy visiting physical casinos, then crypto casinos aren’t for you. However, if you already enjoy online casinos, it may be worth exploring the path of decentralized crypto gambling.
After all, there are several obvious advantages that this path has to offer. Of course, it’s also worth pointing out that not all crypto gambling/betting projects are properly decentralized. In some cases, the only advantage comes in the form of allowing you to deposit/withdraw popular cryptocurrencies like BTC, ETC, LTC, and often some popular stablecoins (e.g., USDT or USDC).
However, in the case of “more serious” crypto gambling platforms, you can stay in charge of your crypto assets. These platforms allow you to connect your Web3 wallet, and BetSwirl is one example.
Other benefits also include greater transparency, faster transactions, and even the use of verifiable randomness. Plus, there are often some sorts of incentives involved in using crypto gambling tokens.
All in all, if you already enjoy online gambling, decentralized crypto gambling is worth exploring. And, as a bonus, you may end up holding the best crypto gambling coins, which could increase in price to provide you with additional profits.
