RocketFuel shares impact of BRICS' Gold-Backed currency on crypto, blockchain tech & US dollar
New York
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July 12, 2023 05:10 PM Eastern Daylight Time
RocketFuel Payment Solutions CEO Peter Jensen joins Proactive's Natalie Stoberman to discuss the potential impact of a gold-backed currency being developed by BRICS (Brazil, Russia, India, China, and South Africa) on cryptocurrencies and blockchain technology.
Jensen says he sees the gold-backed currency as another use case for blockchain technology, highlighting its ability to automate and enhance existing payment systems. He believes that currencies, whether fiat or digital, need to be backed by something of value, such as gold, to gain traction and compete with established currencies like the US dollar.
While acknowledging the dollar's dominance in global trade, Jensen points out that there are already multiple currencies competing with it, such as the Euro and Bitcoin. He expects shifts in currency dynamics over time, citing the growth of the Chinese currency as an example.
Regarding the potential optimization of money movement, Jensen emphasizes that the monetary system should embrace digitalization using blockchain-based technologies. He suggests that individuals using their local currency may not need to worry, but businesses operating across borders should keep an eye on developments in order to facilitate secure and cost-effective cross-border transactions.
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