Bookmarking Crypto Insights
Auto Added by WPeMatico
Russian President Vladimir Putin has revealed plans for an independent payment system in collaboration with BRICS nations to secure foreign trade transactions. This move reflects a strategic shift aimed at increasing Russia’s and BRICS’s autonomy in global trade amid broader economic changes. Russia Announces Independent Payment System with BRICS for Foreign Trade During the Russian … Read more
Russia is pushing to develop independent interbank networks and payment systems within BRICS to boost the bloc’s financial influence. Moscow aims to expand cross-border settlements and the use of national currencies in BRICS trade, as part of a strategy to reduce dependence on Western financial institutions. These efforts have gained attention during Russia’s BRICS presidency, … Read more
Russian Foreign Minister Sergey Lavrov announced that a report on alternative payment systems for BRICS nations will be presented at an upcoming summit in Kazan. The proposal, led by Brazilian President Lula da Silva, seeks to reduce reliance on traditional financial platforms. Lavrov emphasized the increasing use of national currencies in BRICS trade, particularly with … Read more
Russian Foreign Minister Sergey Lavrov has backed former U.S. President Donald Trump’s remarks about the negative effects of U.S. sanctions on the dollar and the American economy. Lavrov agreed that sanctions imposed by the Biden administration have weakened the dollar’s global reserve status. He further noted a global shift towards dedollarization, led by nations like … Read more
China’s slowing economy is poised to redefine its global trade relationships, particularly with the Global South. Assistant professor Ning Leng of Georgetown University’s McCourt School of Public Policy discussed how these internal economic challenges might prompt China to boost investments in regions like Southeast Asia and Latin America. China’s Economic Shift and Its Global Implications … Read more
Elvira Nabiullina, head of Russia’s central bank, has highlighted challenges in cross-border settlements, including payment issues and falling trade volumes. She emphasized the importance of finding new solutions, such as using digital currencies and cooperating with global partners, to address these issues. Russia Faces Cross-Border Payment Issues Amid Declining Trade Russian Central Bank Governor Elvira … Read more
China and South Africa committed to deepening cooperation within the BRICS framework during South African President Cyril Ramaphosa’s second state visit to China, where he met with Chinese President Xi Jinping. The leaders emphasized the importance of expanding BRICS and enhancing economic coordination to support sustainable development. China and South Africa Reaffirm Commitment to Strengthening … Read more
Payments in national currencies among Shanghai Cooperation Organization (SCO) members have reportedly increased from 40% in 2022 to 92%, signaling a move away from reliance on the U.S. dollar. Similar to the BRICS economic bloc, the SCO, which includes Russia, China, India, and recently added Iran, is encouraging the use of local currencies to strengthen … Read more
Bank Indonesia, the Bank of Korea, and South Korea’s Ministry of Economy and Finance have introduced a local currency transaction framework to boost bilateral trade using the rupiah and won. This initiative aims to reduce exchange rate risk and improve transaction efficiency by facilitating direct currency transactions between the two nations, bypassing the need for … Read more
Chinese regional banks, which were once used as bridges to process payments from Russia to China, have begun rejecting these payments for fear of secondary sanctions. To facilitate these transactions, cryptocurrency and even barter schemes have emerged as options to continue trading outside the dollar-dominated financial system. Crypto Considered for Settling Trade Transactions Between China … Read more
