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BRICS, SCO Align on Unified Payment System to Reduce Dollar Reliance

[Oct 29 3:30 AM] The Shanghai Cooperation Organization (SCO) is advancing talks on a unified payment system to increase national currency use, aligning with BRICS efforts to counter Western economic dominance. A New Era? SCO’s Talks on Unified Payment System…

BRICS Payment System a SWIFT Substitute? Network to Implement Digital Assets and Financial Messages

[Oct 26 4:30 AM] 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…

BRICS Backs Russia’s Push for New Global Payment System to Counter Western Control

[Oct 26 2:30 AM] Russia’s push for a BRICS payment system is gaining traction, with partners endorsing the plan to counter an “outdated, expensive, and ineffective” global framework. BRICS Partners Support Russia’s Plan for a New Payment System Russian Deputy�

Russia Vows to Launch Domestic Payment System to Render Western Sanctions Obsolete

[Oct 20 10:32 PM] Russia is determined to create a domestic payment system to conduct trade and international transactions free from current disruptions. Mikhail Mishustin, Prime Minister of Russia, stated that this will be a joint effort by many institutions to…

Peru adopts India's UPI system to boost financial inclusion

[Jun 7 10:57 AM] The Indian instant payment system is gradually making its way around the world. Soc India and Peru collaborate on payments

BRICS Bloc Mulls Stablecoins, CBDC-Based System for International Settlements

[Apr 22 9:33 PM] 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…

Kremlin Reveals Plans to Create a “Politics-Free” BRICS Blockchain-Based Payments System

[Mar 7 11:00 PM] Yury Ushakov, an aide of Russian president Vladimir Putin, revealed plans to create a digital blockchain payment system for the BRICS bloc. Ushakov remarked that the countries of the group would benefit from implementing such a system for the use…

BRICS Countries Can Use India’s UPI Instant Payment System, Prime Minister Modi Suggests

[Aug 24, 2023 4:30 AM] 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…

Going Crypto Makes Sense for Elon Musk’s X

[Aug 13, 2023 9:30 PM] While X, the platform formerly known as Twitter, has made a turn to share some of its earnings with its users, the lack of a genuinely universal payment method – like crypto – means users of countries such as Russia and Venezuela are…

Custodia Bank Goes Live: Bridging Digital Assets With US Dollar Payments

[Aug 11, 2023 4:30 PM] Custodia Bank, the financial institution that aims to bridge digital assets with the U.S. dollar payment system, is now live. Last month, Custodia started serving external business customers in select U.S. states, offering U.S. dollar deposits and…

Egyptian and Nigerian Central Banks Sign Agreement to Deepen Cross-Border Regulation

[Jul 20, 2023 5:30 AM] The central banks of Egypt and Nigeria have signed a fintech agreement to deepen the two institutions’ “cross-border regulatory collaboration” and information sharing. The London Institute of Banking & Finance, which also…

Is Fednow the First Step Towards a Central Bank Digital Currency? Speculations Rise Ahead of Launch

[Jun 30, 2023 2:30 PM] In recent days, there has been a buzz surrounding the upcoming debut of the U.S. Federal Reserve’s Fednow project, slated for July 1, 2023. The discussions surrounding this topic have sparked speculation about whether this marks the central…

China, Russia Urged to Speed Up Creation of ‘Cutting Edge’ Payment Infrastructure for BRICS and SCO Currencies

[May 23, 2023 8:30 PM] The chairman of Russia’s national economic development institution VEB.RF has urged China and Russia to speed up the establishment of a new, “cutting-edge” payment system for currencies of Shanghai Cooperation Organization (SCO) and BRICS…

Russia ‘Actively’ Working on SWIFT Alternatives, Foreign Ministry Official Says

[May 22, 2023 3:30 AM] The Russian Federation is collaborating with partners to link payment systems alternative to the interbank messaging system SWIFT, a representative of the country’s Ministry of Foreign Affairs announced. The work is part of the de-dollarization of…

‘Not Related to a Digital Currency’ — US Central Bank Addresses Concerns Over Fednow Payment Network

[Apr 9, 2023 7:34 AM] The U.S. Central Bank has issued an update regarding the Federal Reserve’s Fednow project, which is scheduled to commence in July. The Fed has responded to recent criticism of the Fednow service and asserts that the Fednow payment network is…

Report: Elon Musk’s Payments Vision for Twitter Takes Shape, Small Team Tasked to Build Infrastructure

[Jan 30, 2023 3:30 PM] Seven months ago, current Twitter owner Elon Musk said, prior to acquiring the social media giant, he would integrate cryptocurrency payments. According to sources, a team is working on the infrastructure for a payment platform, and Twitter is…

14th Anniversary of Bitcoin’s Genesis Block: A Look Back at the Birth of Cryptocurrency

[Jan 3, 2023 2:30 PM] 14 years ago on Jan. 3, 2009, Satoshi Nakamoto launched the Bitcoin network and block zero at approximately 1:15 p.m. (ET) on a Saturday afternoon. Satoshi’s technology allows “online payments to be sent directly from one party to…