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BRICS Payment System a SWIFT Substitute? Network to Implement Digital Assets and Financial Messages
26.10.2024
The Russian Finance Minister offered insight into the inner workings of the new BRICS payment system at the recent summit held in Kazan. Anton Siluanov stated that the modern system will take digital financial assets into account and will be able to deliver financial messages. BRICS Proposed...
BRICS Slashes US Dollar and Euro Transactions to Below 30%
12.10.2024
BRICS nations are increasingly using national currencies, with 65% of transactions now conducted in local currencies, according to a Russian finance official. The U.S. dollar and euro account for less than 30% of payments among member states, signaling a strategic shift to reduce dependency...
Russian Finance Minister: Western Policies Hurt the US Dollar
11.10.2024
Russian Finance Minister Anton Siluanov believes that the policies of the US and its Western allies are affecting the role of the U.S. dollar as a reserve currency. Siluanov stated that while the U.S. dollar will remain popular, the BRICS bloc will develop a solution using digital financial assets...
BRICS Nations Set for 4.4% Growth in 2024-2025, Outpacing G7 Economies
11.10.2024
Russian Finance Minister Anton Siluanov has emphasized the rising influence of BRICS nations during a recent event, noting their projected economic growth of 4.4% in 2024-2025, compared to 1.7% for G7 countries. Siluanov highlighted BRICS’ growing share of global GDP, now at 36.7%, and...
Russian Finance Minister Discloses That Over 90% of Bilateral Trade With China Is Settled Outside the U.S. Dollar System
20.8.2024
Anton Siluanov, the Russian Finance Minister, pointed out that a majority of the bilateral trade with China is being conducted outside the U.S. dollar system. He stressed that over 90% of these transactions have been completed using national currencies (rubles and yuan) due to the risks associated...
Russia to Clarify Cryptocurrency Mining Gray Areas, Including Payments
27.3.2024
Anton Siluanov, the finance minister of Russia, is prepared to discuss the gray areas surrounding cryptocurrency mining and the use of its proceeding for payments. In a recent lecture, Siluanov stated that the government needed to agree “on what can be done with cryptocurrency,”...
Russia Discusses Testing Digital Ruble for Budget Payments
27.3.2024
The Central Bank of Russia and the Russian treasury are considering testing using the Russian CBDC, the digital ruble, to complete budget settlements. The tests would involve using this CBDC to make payments to businesses and citizens and receiving payments from these in CBDC, to ensure...
Russia Hints at Development of CBDC-Based BRICS Bridge Payments System
27.2.2024
Russia has proposed the development and implementation of a BRICS-wide payment system that would use central bank digital currencies (CBDCs) to manage trade settlements. The BRICS bridge, as referred to by Russian Finance Minister Anton Siluanov, would address the fragmentation of the current...
Digital Ruble Pilot to Expand to Execute Budget Expenditures Next Year
22.11.2023
Anton Siluanov, the finance minister of Russia, has announced that the Central Bank of Russia will expand the pilot phase of the digital ruble next year to include the execution of still undefined targeted budget expenditures. Digital Ruble to Be Leveraged for Budget Expenditures The digital ruble...
BRICS Discussing Single Unit of Account, Alternative to Dollar, Russian Finance Minister Says
24.8.2023
The BRICS members are mulling over the possible launch of a common unit of account, Russia’s Minister of Finance Anton Siluanov unveiled. This would be an alternative to the U.S. dollar that can be used to denote the cost of some commodities, for example, but not a single currency like the euro...
Russian Finance Minister Talks Dollar Attack on Russia, Importance of Developing Alternatives for Settlements
7.6.2023
Russian Finance Minister Anton Siluanov has given his opinion on the perceived attack the Russian economy has been receiving from the U.S. dollar, and how the country has moved to keep trade going. Siluanov also remarked on the importance of developing settlements in national currencies. Russian...
Russia Launching Payment System With ‘No Restrictions’ — Digital Currencies to Be Completely Unrestricted
25.4.2023
Russia is launching a new payment system that is “bound by no restrictions” where digital currencies could be used in cross-border payments, said Russian Finance Minister Anton Siluanov. “Two parties come to an agreement, make settlement payments, and no other country could step in and freeze such...
Co-Founder of Bitmex Predicts Gold Rising to $10K, Bitcoin Marching to $1 Million
18.3.2022
On March 16, Arthur Hayes, the co-founder of the cryptocurrency exchange Bitmex, published a blog post called “Energy Cancelled,” which describes the economics behind the ongoing Russia-Ukraine war. Hayes explains in his 26-minute long opinion piece that historians may point...
De-Dollarization: Russia Removing All US Dollar Assets From Its $600 Billion National Wealth Fund
5.6.2021
Russia has reportedly announced that U.S. dollar assets will be removed from its National Wealth Fund as U.S. sanctions on Moscow intensify. The fund, which currently totals about $600.9 billion, forms part of Russia’s gold and currency reserves. Russia Steps up De-Dollarization Efforts...