CandleFocus Vaneck: UAE, Argentina and Ethiopia begin state-backed Bitcoin mining
2024-10-28
Author: Content Editor
Three new members of the BRICS coalition, Argentina, the UAE, and Ethiopia, have started mining Bitcoin using government resources, indicating a growing trend among BRICS nations towards exploring digital assets for economic resilience and financial independence. Russia's Sovereign Wealth Fund is also investing in Bitcoin mining across the BRICS bloc with the aim of settling global trade in Bitcoin, potentially reducing reliance on the US dollar. The move towards Bitcoin represents an alternative to dollar-dependent systems for BRICS countries.
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