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German Government Now Holds Less Than 10K BTC, Iran Proposes to Link All BRICS Payment Systems, and More — Week in Review
14.7.2024
Iran’s Foreign Affairs Ministry has proposed linking BRICS countries’ payment systems for seamless national currency transactions. Meanwhile, Germany’s government reduced its Bitcoin holdings by over 3,000 BTC, now holding under 10,000. AI chatbots predict Bitcoin’s...
BRICS Bloc Mulls Stablecoins, CBDC-Based System for International Settlements
23.4.2024
Russian Deputy Foreign Minister Sergey Ryabkov revealed that the BRICS bloc has been considering the use of stablecoins for its common rail payment systems. In an interview with TV BRICS, Ryabkov stated that the use of stablecoins and a connection linking the CBDCs of the participants were studied...
Lavrov Highlights 30 Nations’ Interest in BRICS as China-Saudi Pact Poses Challenge to US Dollar
27.12.2023
In a recent statement by Sergey Lavrov, Russia’s Foreign Affairs Minister, he noted that the BRICS bloc is set to expand in 2024 with new members including the United Arab Emirates (UAE), Iran, and Saudi Arabia. He revealed that approximately “30 countries would like to establish partner ties...
Russian Foreign Minister Sergey Lavrov: BRICS Is Focused on Reducing Dependence on US-Controlled System
26.8.2023
Russian Foreign Minister Sergey Lavrov has declared that the actions of the BRICS bloc, integrated by Brazil, Russia, India, China, and South Africa, are focused on reducing dependency on the economic system managed by the U.S. and its Western allies. He denied a possible unified currency for...
Ministry of Economic Development of Russia Pessimistic About Quickly Advancing BRICS Common Currency Proposal
25.8.2023
The Ministry of Economic Development of Russia does not expect the rapid development of a common currency for the BRICS bloc. Deputy Economic Development Minister Vladimir Ilyichev stated that “quick breakthroughs” on this issue are unlikely to happen during the ongoing BRICS summit...
BRICS Countries Can Use India’s UPI Instant Payment System, Prime Minister Modi Suggests
24.8.2023
Member states of the BRICS bloc can follow the example of other nations and start using India’s Unified Payments Interface (UPI) system, according to Prime Minister Narendra Modi. The country is a leader in digital transactions, the head of the Indian government said in South Africa where...
Local Currencies Are Not Alternatives to the Dollar but the System, BRICS Bank Chair Says
23.8.2023
The development bank founded by the BRICS bloc of emerging economies aims to promote a multipolar financial system, its head, Dilma Rousseff, has indicated. As part of these efforts, the institution seeks to expand lending in local currencies, those of member states in particular, such the South...
Dutch ING Bank Analysts: BRICS Expansion to Power De-Dollarization Across World Economies
22.8.2023
Analysts of ING bank believe the de-dollarization trend that has been growing in the world might pick up momentum due to the possible expansion of the BRICS bloc. While the issuance of a BRICS common currency remains uncertain, according to some developing narratives, the Chinese yuan could become...
BRICS Bank Issues First ZAR Bonds as It Looks to Use Local Currencies
18.8.2023
The New Development Bank (NDB), established by the BRICS bloc of emerging economies, has issued its first bonds denominated in South African rand (ZAR). The auction, which was closed on Tuesday, is part of the bank’s efforts to increase both fundraising and lending in local currencies. Development...
BRICS Summit Looms: Expert Warns of ‘Dramatic’ Shifts, US Dollar’s Wane, and Wall Street’s Blind Spots
18.8.2023
Market expert Peter Grandich is urging the masses to keep a close eye on the BRICS bloc of burgeoning countries, hinting that specific partnerships might usher in “dramatic” ramifications. In just five days, the much-awaited BRICS Summit will convene, and Grandich believes...
BRICS Expansion to Make West Recognize New World Order, De-Dollarization: UAE Professor
12.8.2023
The accession of new members will allow BRICS to push the West to accept changes in international relations, an expert from UAE has been quoted as stating. That’s valid in particular for cross-border trade and de-dollarization, said Mohamed El Yattioui, professor at the American University in...
South Africa’s Foreign Minister Hints at Expansion of BRICS Bloc With 3 New Members
27.7.2023
In a recent interview published on July 26, South Africa’s foreign minister Naledi Pandor highlighted the BRICS group of economies’ commitment to peace, asserting that these nations do not aim to “weaponize the oceans.” Moreover, leading up to the much-anticipated 15th BRICS...
Economist Jim Rickards States BRICS Currency Will Leverage Gold to ‘Destroy the Dollar’
25.7.2023
Jim Rickards, economist and best-selling author, has explained the possible repercussions of issuing a BRICS bloc currency for the dollar. For Rickards, the “bric” (the name he gives to the BRICS currency) will be anchored (but not redeemable or backed) to a weight of gold and will...
India’s External Affairs Minister Shuns BRICS Currency Talks, Prioritizes Rupee’s Strength Instead
11.7.2023
Members of the BRICS alliance are meeting at a summit in Johannesburg, South Africa, in August, focusing attention on the potential for the BRICS bloc to create a gold-backed reserve currency. However, Subrahmanyam Jaishankar, India’s external affairs minister, said India isn’t...
Economist Jim Rickards: ‘Biden Is Now a World Historic Figure — He Has Destroyed the Dollar’
11.7.2023
Jim Rickards, economist and best-selling author, has accused the Biden administration of destroying the U.S. dollar as a reserve currency. Rickards stated that Biden is to blame for the upcoming marginalization of the U.S. dollar at the hands of a BRICS bloc common currency to be proposed on August...
Google Trends Data Reflects Rising Interest in BRICS Bloc and De-Dollarization Searches
10.7.2023
Set to take place in less than two months, the upcoming BRICS Summit in Johannesburg, scheduled for August 22 to 24, has captured global attention. Anticipation is mounting as ministers from the BRICS countries convene to explore potential avenues for expanding the bloc’s membership...
North Korean Analyst Warns of Accelerating End to Dollar Dominance — Says BRICS Poses Challenge to US Hegemony
27.6.2023
A North Korean analyst has cautioned that the actions taken by the U.S. to restrict the usage of the dollar and the growing interest of countries to join the BRICS bloc are “accelerating” the decline of the USD as the world’s dominant currency. North Korean State Media...
Bangladesh Eyes BRICS Invite as Rumors Swirl of Formal Request
20.6.2023
In mid-May, several reports indicated that Bangladesh and India were engaging in currency trading using their respective currencies in order to address U.S. dollar liquidity challenges. Recent sources now reveal that Bangladesh is welcoming a formal invitation to join the BRICS bloc. Speaking...
Egypt Applies for BRICS Membership, Seeks Trade in National Currencies
16.6.2023
Egypt has filed an application to join the BRICS bloc, Russia’s ambassador to the Arab nation confirmed. The government in Cairo is interested in using alternative currencies in foreign trade, either national fiats or a new common currency, the diplomat unveiled. Egypt Takes Step to Join BRICS...
BRICS Nations to Encourage Use of Local Currencies in Trade
3.6.2023
Countries in the BRICS bloc intend to encourage the use of local currencies in cross-border trade, their foreign ministers revealed. The top diplomats, who met in South Africa, also emphasized the importance of financial inclusion, welcoming new technologies that support it. BRICS to Stimulate...