BRICSSUMMIT
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BRICS Nations Propose New Currency to Reduce Reliance on US Dollar
The BRICS nations (Brazil, Russia, India, China, and South Africa) have proposed creating a new common currency to reduce their reliance on the US dollar. The proposal was made at the recent BRICS summit in Johannesburg, South Africa.The BRICS proposal is a significant development in the global monetary system. The US dollar is the world's dominant reserve currency, and it is used for most international trade and financial transactions. However, the BRICS nations have been increasingly critical of the US dollar's hegemony, arguing that it gives the United States too much power over the global economy.A BRICS currency would be a major challenge to the US dollar's dominance. It would give the BRICS nations a more powerful voice in global economic affairs and would help to reduce their vulnerability to US economic policy.However, there are also a number of challenges that would need to be overcome in order to create a BRICS currency. The BRICS nations have different economic systems and levels of development, and they would need to agree on a number of complex issues, such as the exchange rate and the governance of the currency.Despite these challenges, the BRICS proposal is a significant step forward in the effort to create a more multipolar global monetary system. It remains to be seen whether the BRICS nations will be able to overcome the obstacles and create a new common currency, but their proposal is a sign that the US dollar's dominance is not as secure as it once was.Potential Benefits of a BRICS CurrencyThere are a number of potential benefits to a BRICS currency. These include:Reduced reliance on the US dollar: A BRICS currency would allow the BRICS nations to reduce their reliance on the US dollar, which would give them more control over their own economies.Increased trade and investment: A BRICS currency would make it easier for BRICS nations to trade and invest with each other, which would boost their economies.Greater stability: A BRICS currency would be less volatile than the US dollar, which would make it a more stable store of value.Challenges of Creating a BRICS CurrencyThere are also a number of challenges to creating a BRICS currency. These include:Economic disparities: The BRICS nations have different levels of economic development, which could make it difficult to agree on an exchange rate for a BRICS currency.Political differences: The BRICS nations have different political systems, which could make it difficult to agree on the governance of a BRICS currency.Technical complexities: Creating a new currency is a complex technical undertaking, and it would take time and resources to develop a BRICS currency.ConclusionThe proposal to create a BRICS currency is a significant development in the global monetary system. It is still too early to say whether the BRICS nations will be able to overcome the challenges and create a new common currency, but their proposal is a sign that the US dollar's dominance is not as secure as it once was.#BRICSDigitalCurrency #BRICSSummit2023 #BRICSSUMMIT
BRICS: China Exploring Cross-Border Use of Digital Yuan
Amid the release of BRICS Pay, China has reportedly been exploring cross-border use cases for its digital yuan. Indeed, the deputy chief executive of the Bank of China, Xing Guiwei, discussed the process of seeking out cross-border applications for the currency.
The digital yuan made headlines when PetroChina used it to settle an oil deal. Moreover, the country is now seeking ways to utilize it to greater effect. Subsequently, the entire BRICS alliance may well be leaning toward embracing digital finance amid its greater de-dollarization efforts.
China Exploring Cross-Border Use of Digital Yuan
For much of this year, BRICS growth and de-dollarization plans have been a point of geopolitical focus. Additionally, the bloc made headway recently with the announcement of both a BRICS Pay digital financier system and the blockchain-based digital yuan.
Now, the country may be seeking to explore greater uses for the asset. Indeed, as BRICS leans into digital finance, China is seeking to explore cross-border use for the digital yuan. Speaking at the Hong Kong FinTech Week, Xing discussed the cross-border pilot projects that came to fruition in 2020. Moreover, he discussed the large-scale promotion and innovative applications it is exploring currently.
Conversely, Reuters reported a successful early reception of the digital Yuan’s arrival. Specifically, Central Bank governor Yi Gang noted that transactions using the specific digital asset reached 1.8 trillion yuan by the end of June. Moreover, the mark is a noted increase over the 100 billion yuan that was transacted as of August of last year.
Overall, the continued development of the country’s Central Bank Digital Currency (CBDC) is important. Adoption may be just beginning, but cross-border focus is a notable sign of its perception of its future. Specifically within its most noted international alliance, the BRICS bloc
#BRICSDigitalCurrency #BRICSSUMMIT
Amid the release of BRICS Pay, China has reportedly been exploring cross-border use cases for its digital yuan. Indeed, the deputy chief executive of the Bank of China, Xing Guiwei, discussed the process of seeking out cross-border applications for the currency.
The digital yuan made headlines when PetroChina used it to settle an oil deal. Moreover, the country is now seeking ways to utilize it to greater effect. Subsequently, the entire BRICS alliance may well be leaning toward embracing digital finance amid its greater de-dollarization efforts.
China Exploring Cross-Border Use of Digital Yuan
For much of this year, BRICS growth and de-dollarization plans have been a point of geopolitical focus. Additionally, the bloc made headway recently with the announcement of both a BRICS Pay digital financier system and the blockchain-based digital yuan.
Now, the country may be seeking to explore greater uses for the asset. Indeed, as BRICS leans into digital finance, China is seeking to explore cross-border use for the digital yuan. Speaking at the Hong Kong FinTech Week, Xing discussed the cross-border pilot projects that came to fruition in 2020. Moreover, he discussed the large-scale promotion and innovative applications it is exploring currently.
Conversely, Reuters reported a successful early reception of the digital Yuan’s arrival. Specifically, Central Bank governor Yi Gang noted that transactions using the specific digital asset reached 1.8 trillion yuan by the end of June. Moreover, the mark is a noted increase over the 100 billion yuan that was transacted as of August of last year.
Overall, the continued development of the country’s Central Bank Digital Currency (CBDC) is important. Adoption may be just beginning, but cross-border focus is a notable sign of its perception of its future. Specifically within its most noted international alliance, the BRICS bloc
#BRICSDigitalCurrency #BRICSSUMMIT
Week in #reviews
The government intends to raise import duties on alcohol and flowers from unfriendly countries. The duty on strong alcohol will be 20%, but not less than €3 per liter; on wine – 25%, but not less than $2 per liter; on cut flowers – 20%. The new rates will be in effect until the end of this year.
The ban on the export of #Russian gasoline, which was suspended at the end of May, resumed on August 1. The Ministry of #energy announced a decision to extend the ban into September-October "as a precaution."
The State Duma passed a law allowing the use of cryptocurrency for cross-border settlements in foreign trade contracts. This opportunity can be realized only within the framework of an experimental legal regime.
Starting September 1, the #CentralBanking of the Russian Federation will begin creating a special platform for cross-border settlements in cryptocurrencies, with the first payments expected by the end of this year. The work will be conducted jointly with BRICS partners, and the creation of an independent financial settlement platform, "BRICS Bridge," will be discussed at the #BRICSSUMMIT in Kazan in October.
Russian-Turkish trade turnover decreased by 14% over six months, to $26.3 billion. Supplies from Turkey to Russia fell by 26.5%, to $4.3 billion, while Russian exports decreased by 10.4%, to $22 billion.
The government intends to raise import duties on alcohol and flowers from unfriendly countries. The duty on strong alcohol will be 20%, but not less than €3 per liter; on wine – 25%, but not less than $2 per liter; on cut flowers – 20%. The new rates will be in effect until the end of this year.
The ban on the export of #Russian gasoline, which was suspended at the end of May, resumed on August 1. The Ministry of #energy announced a decision to extend the ban into September-October "as a precaution."
The State Duma passed a law allowing the use of cryptocurrency for cross-border settlements in foreign trade contracts. This opportunity can be realized only within the framework of an experimental legal regime.
Starting September 1, the #CentralBanking of the Russian Federation will begin creating a special platform for cross-border settlements in cryptocurrencies, with the first payments expected by the end of this year. The work will be conducted jointly with BRICS partners, and the creation of an independent financial settlement platform, "BRICS Bridge," will be discussed at the #BRICSSUMMIT in Kazan in October.
Russian-Turkish trade turnover decreased by 14% over six months, to $26.3 billion. Supplies from Turkey to Russia fell by 26.5%, to $4.3 billion, while Russian exports decreased by 10.4%, to $22 billion.
Nigeria Joins BRICS, Impacting the Economic Landscape. 🇳🇬🫰🏻
In a surprising turn of events, Nigeria is eyeing BRICS membership, seizing an opportunity created by Argentina's unexpected decline during the BRICS 2023 annual summit.
BRICS Aspiration:
Nigeria, under President Bola Tinubu's leadership, actively pursues BRICS and G20 membership within the next two years, signaling a commitment to diversify global partnerships.
Global Representation:
Nigeria pushes for a more inclusive United Nations Security Council, emphasizing diverse representation on the global stage.
Argentina's Void:
With Argentina's decline, Nigeria emerges as a viable alternative with substantial economic and demographic profiles, paving the way for its entry into BRICS.
Expanding BRICS Influence:
BRICS extends invitations to nations like Saudi Arabia and Egypt. President Bola Tinubu's invitation to the G20 summit in India solidifies Nigeria's commitment to join as a permanent member.
Strategic Shift:
Nigeria's bid goes beyond diplomacy, representing a strategic shift to assert a more significant role in global economic discussions.
Leadership in Democratization:
Nigeria's efforts in curbing regional coups and advocating for democratization enhance its position, reshaping dynamics within the BRICS bloc.
Economic Influence:
With a vast population and economic potential, Nigeria aims to diversify international alliances, influencing future global economic policies.
Reshaping Foreign Policy:
Nigeria's ambitious pursuit signifies a substantial shift in foreign policy, enhancing its influence on the global stage and shaping the future of economic policies.
In conclusion, Nigeria's journey towards BRICS membership showcases its dedication to shaping the geopolitical landscape, establishing itself as a key player in the ever-evolving world of international relations.
#BRICS #Nigeria #BRICSSUMMIT #Argentina
In a surprising turn of events, Nigeria is eyeing BRICS membership, seizing an opportunity created by Argentina's unexpected decline during the BRICS 2023 annual summit.
BRICS Aspiration:
Nigeria, under President Bola Tinubu's leadership, actively pursues BRICS and G20 membership within the next two years, signaling a commitment to diversify global partnerships.
Global Representation:
Nigeria pushes for a more inclusive United Nations Security Council, emphasizing diverse representation on the global stage.
Argentina's Void:
With Argentina's decline, Nigeria emerges as a viable alternative with substantial economic and demographic profiles, paving the way for its entry into BRICS.
Expanding BRICS Influence:
BRICS extends invitations to nations like Saudi Arabia and Egypt. President Bola Tinubu's invitation to the G20 summit in India solidifies Nigeria's commitment to join as a permanent member.
Strategic Shift:
Nigeria's bid goes beyond diplomacy, representing a strategic shift to assert a more significant role in global economic discussions.
Leadership in Democratization:
Nigeria's efforts in curbing regional coups and advocating for democratization enhance its position, reshaping dynamics within the BRICS bloc.
Economic Influence:
With a vast population and economic potential, Nigeria aims to diversify international alliances, influencing future global economic policies.
Reshaping Foreign Policy:
Nigeria's ambitious pursuit signifies a substantial shift in foreign policy, enhancing its influence on the global stage and shaping the future of economic policies.
In conclusion, Nigeria's journey towards BRICS membership showcases its dedication to shaping the geopolitical landscape, establishing itself as a key player in the ever-evolving world of international relations.
#BRICS #Nigeria #BRICSSUMMIT #Argentina
