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BRICS Expansion to Make West Recognize New World Order, De-Dollarization: UAE Professor

[Aug 11, 2023 5:30 PM] 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…

Putin and Ramaphosa Discuss BRICS Summit, Trade and Cooperation; Russian President to Join via Video Link

[Aug 9, 2023 4:00 PM] Russian president Vladimir Putin and South African president Cyril Ramaphosa recently addressed cooperation, trade, and preparations for the upcoming BRICS summit. The two leaders conversed about practical cooperation and the expansion of the…

Putin Signs Digital Ruble Law Allowing CBDC Payments in Russia

[Jul 25, 2023 4:00 PM] President Vladimir Putin has signed into law a bill on the introduction of the digital ruble in the Russian Federation. The new legislation, which legalizes and regulates the use of Bank of Russia’s digital currency for payments and other…

India and UAE Break Away From US Dollar: Landmark Agreement Enables Trade Settlements in Rupees and Dirhams

[Jul 16, 2023 4:00 PM] In a compelling turn of events this Saturday, India and the United Arab Emirates (UAE) inked a landmark agreement facilitating trade transactions to be settled in their native currencies, rupees and dirhams, instead of relying on the U.S. dollar…

Iran Looking to Replace Dollar With Dinar in $10 Billion Trade With Iraq

[Jul 10, 2023 4:30 AM] Iran’s government considers employing the Iraqi dinar in bilateral trade with Iraq in a bid to further curtail the dominance of the U.S. dollar. The annual turnover between the two neighboring nations exceeds $10 billion with millions of pilgrims…

China and Malaysia to Research AI for Blockchain Applications in Trade

[Jun 19, 2023 2:30 AM] Blockchain developers from Malaysia will be working with Chinese colleagues to utilize artificial intelligence (AI) in foreign trade. The collaboration, which is part of a China-led international research program, aims to speed up cross-border…

Russia to Trial Digital Asset Settlements in Foreign Trade

[Jun 16, 2023 11:30 PM] Bank of Russia plans to pilot cross-border payments using digital assets and central bank digital currencies, according to a deputy governor. The top executive believes these alternative instruments could increase efficiency in foreign trade while…

Egypt Applies for BRICS Membership, Seeks Trade in National Currencies

[Jun 15, 2023 9:30 PM] 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…

Iran and Russia Talk Crypto Cooperation, Unveil Tool Streamlining Trade in National Currencies

[Jun 12, 2023 2:30 AM] Experts and business representatives from Iran and Russia have discussed the potential uses of cryptocurrencies and blockchain. The two countries are also collaborating on implementing new financial instruments facilitating bilateral trade in their…

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…

Russian Businesses Ask Putin to Help Legalize Crypto

[Jun 1, 2023 3:30 PM] A body representing the interests of Russian businesses has called on president Putin to help with crypto legalization. Their proposals, including on the use of cryptocurrencies in foreign trade settlements, have been included in a report to…

Trade Bloc of Former Soviet States Ditches Dollar in 90% of Settlements

[May 27, 2023 2:00 PM] Trading within a Russia-led regional organization has effectively moved away from the U.S. dollar, according to the deputy head of the Russian government. The use of national currencies in the bloc’s transactions has reached around 90%, the…

De-dollarization Has Already Started, Says Russia’s Foreign Minister Lavrov

[May 21, 2023 1:30 PM] The process of de-dollarization has practically started, according to Russian Minister of Foreign Affairs Sergey Lavrov. Moscow’s top diplomat is convinced that Russia’s position on the matter is shared by many other countries while the West is…

Okx Introduces New Ordinals Marketplace Amid Bitcoin Inscription and BRC20 Buzz

[May 16, 2023 8:30 AM] On Tuesday, the crypto firm Okx announced the launch of a new Ordinals marketplace. The platform is accessible via the Okx Wallet and will enable users to mint and trade Ordinal inscriptions and BRC20 tokens. While the Ordinals marketplace is still…

Iran Sets Up Platform to Facilitate Crypto Payments for Imports

[May 3, 2023 5:30 AM] Authorities in Iran are taking steps to make crypto payments easier for companies importing goods in the sanctioned country. A dedicated platform has been established to allow local businesses to transfer cryptocurrency for the purpose of…

BRICS to Promote National Currencies Before Issuing Common One

[May 1, 2023 12:00 AM] The BRICS bloc is now focused on expanding the use of the currencies of its members, according to the representative of one of them. The establishment of a single currency for the group is not an immediate task at this point in time, the diplomat…

Syria Urges BRICS to Lead in Ditching Dollar, Talks Yuan Adoption With China

[Apr 30, 2023 8:00 PM] BRICS nations can lead efforts to abandon the U.S. dollar in international settlements, according to President Bashar Assad of Syria. At a meeting with China’s top diplomat for the region, the leader of the war-torn Middle Eastern country called…

No Rate Hikes in Russia, Central Bank Keeps Interest Rate Level Again

[Apr 29, 2023 10:00 AM] Bank of Russia decided to maintain the interest rate at 7.5% amid moderate inflation, estimated at 2.5% on an annual basis in April, although this may change later this year. The monetary authority improved its forecast for the Russian economy and…

Argentina to Settle Chinese Imports in Yuan to Safeguard Dwindling Dollar Reserves

[Apr 29, 2023 12:00 AM] The economy minister of Argentina, Sergio Massa, announced that starting this month, payments for imports coming from China will be settled using the Chinese yuan. The agreement, which will allow the country to safeguard its dwindling dollar…

Dollar Dominance Fading Amid Growing China Trade, Russia Sanctions Risks, Ray Dalio Says

[Apr 20, 2023 4:30 PM] Fewer nations are willing to hold the U.S. dollar as America’s share in the global economy becomes smaller while China’s role in international trade expands, billionaire Ray Dalio noted. The founder of the world’s largest hedge fund also said thatâ€

Brazil’s President Lula Urges Developing Countries to Abandon Dollar as Global Reserve Currency

[Apr 13, 2023 11:30 AM] According to Brazil’s president Luiz Inácio Lula da Silva, developing countries should abandon the U.S. dollar and strengthen their own national currencies. During a speech at the New Development Bank in Shanghai, Lula expressed his nightly…

US Treasury to Attempt Coercing European Countries Into Implementing Sanctions Against Russia

[Apr 12, 2023 5:30 AM] Officials of the U.S. Treasury Department will travel to Europe this month with the objective of getting more countries to apply punitive actions against Russia. The tour, which includes visits to Switzerland, Italy, and Germany, aims to stop the…

China Ready to Talk Asian Monetary Fund to Cut Dollar Dependence, Malaysia Says

[Apr 5, 2023 8:00 AM] An idea to establish an Asian Monetary Fund has caught the attention of the Chinese leadership, the head of the Malaysian government revealed. The prime minister believes there is no reason for his country, which is hurting from a strong U.S…

Saudi Arabia and OPEC Reveal Surprise Oil Production Cut; White House Insists Cuts Aren’t Advisable Right Now

[Apr 2, 2023 5:30 PM] 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…

Binance Sued by CFTC for Alleged Violations of Trading and Derivatives Rules

[Mar 27, 2023 10:30 AM] The world’s largest crypto exchange by trade volume, Binance Holdings Ltd., has been sued by the U.S. Commodity Futures Trading Commission. Binance CEO Changpeng Zhao has been named in the lawsuit and the charges claim the crypto exchange…

Stablecoin Market Sees Fluctuations With Some Coins Gaining and Others Reducing Supply

[Mar 26, 2023 8:30 AM] According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market. In the last…

Following APT’s 400% Rise Since Late December, Aptos Drops 20% From All-Time High 

[Feb 1, 2023 1:00 PM] On Jan. 26, 2023, the cryptocurrency asset aptos (APT) reached an all-time high and then lost 20% of its value over the next five days. In the past 24 hours, it also shed 8.3% against the U.S. dollar. Despite the decline from its all-time high, APT…

Stablecoin Economy Sheds Another $3 Billion in 44 Days

[Jan 28, 2023 3:00 PM] The stablecoin economy continues to deplete as more than $3 billion has been erased from the stablecoin market ecosystem over the last 44 days. While statistics show that tether’s market valuation has risen by 2% over the last 30 days, usd…

Saudi Arabia Open to Trading in Currencies Other Than US Dollar, Signaling a Shift Toward De-Dollarization

[Jan 19, 2023 9:30 AM] After a 48-year relationship solely with the U.S. dollar, Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, said the kingdom is open to trading in currencies other than the U.S. dollar. The statements follow China’s president, Xi…

Iran and Russia Consider Issuing Gold-Backed Stablecoin, Officials Unveil

[Jan 18, 2023 12:30 AM] Tehran and Moscow are discussing the possible launch of a stablecoin for international settlements, the Russian press revealed. In order to mint the gold-backed currency, however, authorities would need to first regulate crypto assets, a lawmaker…