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Payments in National Currencies Surge to 92% Among SCO Members

[Sep 1 2:30 AM] 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…

BRICS Meeting Highlights Shift to Local Currencies

[Jun 11 3:13 PM] BRICS Ministers of Foreign Affairs have emphasized using local currencies in trade, reaffirming economic resilience and financial sovereignty. At their meeting on Monday, the Ministers underscored the importance of the enhanced use of local…

Former President Donald Trump’s Advisers Explore Penalties for Nations Ditching US Dollar

[Apr 28 5:13 PM] Former U.S. President Donald Trump’s economic advisers are reportedly devising strategies to deter nations from reducing their reliance on the U.S. dollar. Proposed deterrents include export controls, currency manipulation charges, and…

Dollar Share in Reserves Drops Below 60%, Yuan Rises, Russian Diplomat Says

[Sep 2, 2023 12:00 AM] The share of currencies other than the U.S. dollar and the euro in international reserves is on the rise, according to a Russian representative. The trend is being observed as a growing number of countries try to use their national currencies in…

Vietnam, the Philippines, and Brunei to Join ASEAN QR Payment System to Reduce Dependence on US Dollar

[Aug 29, 2023 1:30 AM] Vietnam, the Philippines, and Brunei will join a QR payment system to settle cross-border payments using local currencies within the Association of Southeast Asian Nations (ASEAN) bloc. The network, already being used between Indonesia and…

Analysis Says 2024 Halving Could Push Bitcoin to $400K, BRICS Declares Importance of Local Currencies in Trade — Week in Review

[Aug 27, 2023 7:30 AM] This week’s hottest stories detail a potential skyrocketing of bitcoin’s price to $400,000, connected with the upcoming 2024 halving event, emphasis on trade in local currencies made at the conclusion of the recent BRICS summit in…

Russian Foreign Minister Sergey Lavrov: BRICS Is Focused on Reducing Dependence on US-Controlled System

[Aug 26, 2023 12:30 AM] 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…

Local Currencies Are Not Alternatives to the Dollar but the System, BRICS Bank Chair Says

[Aug 23, 2023 1:30 PM] 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…

BRICS Bank Issues First ZAR Bonds as It Looks to Use Local Currencies

[Aug 18, 2023 2:00 AM] 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…

BRICS Currency Not on Agenda for Leaders’ Summit — Nations to Focus on De-Dollarization

[Jul 22, 2023 7:30 PM] The heavily anticipated BRICS currency is not on the agenda to be discussed at the economic bloc’s upcoming leaders’ summit, according to South Africa’s diplomat in charge of BRICS relations. He clarified that the BRICS members will focus on…

Russia, 10 Southeast Asian Nations Discuss Using National Currencies in Trade Settlements

[Jul 14, 2023 9:30 PM] Russia is discussing using national currencies in trade settlements with 10 Southeast Asian countries, members of the Association of Southeast Asian Nations (ASEAN), Russian Foreign Minister Sergey Lavrov has revealed. The move comes as more and…

BRICS Bank Official Discusses Common Currency as Reports of Gold-Backed BRICS Currency Gain Attention

[Jul 8, 2023 8:00 PM] The BRICS Bank’s vice president and chief financial officer has shed light on the economic bloc’s aspiration to develop a common BRICS currency. His remarks followed recent reports suggesting that Russia has confirmed the BRICS’ plan to…

BRICS Nations to Encourage Use of Local Currencies in Trade

[Jun 2, 2023 7:30 PM] 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…

Rand Plunges After US Weapons Accusations Against South Africa, Schiff Criticizes Misleading Inflation Numbers, and More — Bitcoin.com News Week in Review

[May 21, 2023 7:30 AM] Another exciting week in crypto and finance has come and gone, with news of U.S. government accusations against South Africa, regarding the alleged supply of the Russian state with ammunition. In other news, ten Southeast Asian nations are…