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De-Dollarization: China, Brazil Can Be Instrumental in Building Less Centralized World With No Hegemony, Says Lula’s Adviser
17.4.2023
Brazil’s President Luiz Inacio Lula da Silva’s chief adviser on foreign policy, Celso Amorim, says China and Brazil “are coming closer together” and they could play important roles in building a less centralized world with no hegemony. Commenting on de-dollarization, he stressed:...
De-Dollarization Trend Irreversible, Flight From US Dollar Sure to Accelerate, Says Russian Official
16.4.2023
Russia’s foreign minister says a flight from the U.S. dollar “is sure to accelerate,” emphasizing that “this trend is irreversible.” The official added: “The path of sanctions is the path to nowhere. Serious countries and sober-minded politicians are drawing relevant...
Bank of Russia Analysts Note Ditching US Dollar Is ‘Hardly Possible’ Without Structural Changes to Foreign Trade
14.4.2023
A report from the research department of the Bank of Russia shows that, due to the structure of foreign trade contracts, it will be difficult to ditch the usage of the U.S. dollar to settle payments. The analysts found that contracts are often denominated in U.S. dollars and that most transactions...
BRICS Nations Push to Expand Global Influence to Counter the West’s ‘Destructive Actions’
13.4.2023
The BRICS nations are focusing on increasing their international roles and “enhancing coordination on key multilateral platforms,” Russia’s Minister of Foreign Affairs reportedly revealed after a meeting with BRICS ambassadors. He stressed “the need for joint efforts to counter destructive actions...
Russian Central Bank Attributes Recent Ruble Depreciation to Lower Forex Sales by Exporters
12.4.2023
The Russian central bank has attributed the ruble’s latest plunge against the U.S. dollar to the temporary reduction “in sales of foreign currency earnings by exporters.” The central bank also revealed that the Chinese yuan accounted for 39% of the Russian forex market’s...
Nigerian Forex Inflows: ‘Ambiguous Foreign Exchange Regime’ Blamed After Inflows Dropped to $5.32 Billion in 2022
12.4.2023
Between 2019 and 2022, the value of foreign capital that flowed into Nigeria dropped from $23.9 billion to $5.32 billion. The drop has been attributed to low investor confidence, the high cost of doing business, as well as the country’s high inflation rate. Nigeria will “struggle...
Saudi Arabia Strengthens Bond With China by Joining SCO Bloc as Dialogue Partner
8.4.2023
China’s relationship with Saudi Arabia is growing as the country’s Cabinet has agreed to join the Shanghai Cooperation Organization (SCO). The diplomatic move made by the kingdom began with a memorandum of understanding in September, and at the end of March, Saudi Arabia’s Cabinet...
Nigerian crypto foreign investment is at a record low: Study
6.4.2023
Foreign direct investment (FDI) in Nigeria fell by 33% last year due to a severe shortage of dollars, which discouraged crypto companies from expanding into the country
Coinbase supports new court action to remove Tornado Cash ban
6.4.2023
The motion is part of a broader effort to restore internet privacy rights for U.S. citizens
India to Facilitate International Settlements in Rupees to Reduce Dependence on the US Dollar
3.4.2023
The government of India has announced that it will facilitate the settlement of international transactions using its national currency, the rupee. As part of its foreign trading policy framework implemented on April 1, the country introduced this measure to facilitate payments for countries...
Saudi Arabia and OPEC Reveal Surprise Oil Production Cut; White House Insists Cuts Aren’t Advisable Right Now
3.4.2023
On Sunday, Saudi Arabia and several major oil producers announced their plan to cut oil production by 1.15 million barrels per day, starting in May and continuing until the end of 2023. According to the Saudi Energy Ministry, the move was coordinated with some members of the Organization of...
Analyst Predicts Gold Prices Might Exceed $8,000 in the Next Decade as Central Banks Lose Confidence in Foreign Currency
27.3.2023
Jan Nieuwenhuijs, a gold market analyst, has predicted that gold might exceed prices of $8,000 during the next decade, as the current Ukraine-Russia war, and the worldwide battle against inflation, shift the preference of central banks for foreign currencies to gold. The proposed long-term price...
Report: Terra Co-Founder Do Kwon Plans to Appeal Detention Extension After Arrest in Montenegro
26.3.2023
According to the Montenegro-based newspaper Vijesti, Do Kwon, the co-founder of Terraform Labs, also known as Kwon Do-hyung, is appealing the detention extension ordered by a Montenegrin court. Kwon was arrested on March 23, 2023, after being caught at Podgorica Airport in Montenegro while...
Report: Egyptian Police Arrest 29 Alleged Masterminds of Crypto Mining App Scam
14.3.2023
The Egyptian police are reported to have recently arrested 29 individuals associated with the Hoggpool cryptocurrency mining app scam. In addition to seizing 95 mobile phones and 3,367 SIM cards, the police said domestic and foreign currency valued at $194,000 was recovered during the arrests....
Central Bank of Bolivia Selling Dollars Directly to Citizens as Devaluation Fears Rise
11.3.2023
The Central Bank of Bolivia is now selling dollars directly to citizens in order to curb what it is calling a speculative attack that has increased the demand of the population for foreign currency. This rise in demand has been caused by several factors which led the population to believe there...
CBDCs threaten our future, so it’s time to take a stand
9.3.2023
Central bank digital currencies will give governments around the globe unprecedented power to surveil (and control) your financial activity
India-Russia Oil Deals Chip Away at Dollar Dominance in International Trade
8.3.2023
On Wednesday, Reuters reported that Western sanctions on Russia and oil trading between Moscow and India have started to erode the dollar’s decades-old dominance of international oil trade. The oil deals between India and Russia have been settled in other currencies, putting the U.S....
Kenyan Forex Crisis: Central Bank Orders Financial Institutions to Ration Dollars
6.3.2023
Growing shortages of foreign exchange on the interbank market have reportedly forced the Central Bank of Kenya to ask financial institutions to ration dollar purchases by Kenyan businesses. The shortages have forced Kenyan firms to seek greenbacks on alternative markets where the exchange rate...
Reports Indicate USDT Is Being Used in Venezuela to Facilitate Settlements and to Avoid Sanctions
27.2.2023
Some companies in Venezuela are using the stablecoin tether as a way of sidestepping sanctions and settling payments with foreign customers and providers. Local reports indicate that, while the most popular use case for the stablecoin involves its purchase for devaluation shielding purposes,...
South Africa Added to FATF ‘Grey List’ Despite Designation of Crypto as a Financial Product
26.2.2023
In a move seen as a major setback for South Africa, the international financial watchdog, the Financial Action Task Force, announced on Feb. 24 that it had added the country to its “grey list.” Getting grey-listed by the financial watchdog potentially makes it difficult for South Africa...