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BRICS Calls Its Payment System a Global Bombshell as it Nears Arrival
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The BRICS economic alliance has called its incoming payment system a global bombshell as it nears its long-awaited arrival. Indeed, Russia Federation Council Speaker, Valentina Matviyenko, discussed the potential implications of the mechanism at a recent press conference, Russian State Media reports.
The BRICS Bridge is poised to be the global southâs answer to SWIFT. Moreover, it will play a huge role in the allianceâs continued de-dollarization. Specifically, it should facilitate even more trade in local currency, and allow the bloc to engage in trade settlements with no need for the US dollar at all.
BRICS Payment System Called Global Bombshell as Debut Approaches
The BRICS have had a rather successful few years. The alliance has increased in prominence in a major way. It has enacted its first expansion effort since 2001. Therefore, growing the bloc to nine countries while introducing Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE).
That has led the group to develop its payment infrastructure similar to SWIFT. Moreover, BRICS have called their payment system a global bombshell as its debut gets ever closer. Many have predicted it could arrive during the 2024 annual summit.
âThe creation of the independent financial payment platform BRICS Bridge, a standalone mutual payment system on a firm joint platform, is now being discussed within BRISC,â Matbiyenko said. âI have spoken both with the Central Bank and the finance ministry, things are moving along nicely,â she added.
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The BRICS economic alliance has called its incoming payment system a global bombshell as it nears its long-awaited arrival. Indeed, Russia Federation Council Speaker, Valentina Matviyenko, discussed the potential implications of the mechanism at a recent press conference, Russian State Media reports.
The BRICS Bridge is poised to be the global southâs answer to SWIFT. Moreover, it will play a huge role in the allianceâs continued de-dollarization. Specifically, it should facilitate even more trade in local currency, and allow the bloc to engage in trade settlements with no need for the US dollar at all.
BRICS Payment System Called Global Bombshell as Debut Approaches
The BRICS have had a rather successful few years. The alliance has increased in prominence in a major way. It has enacted its first expansion effort since 2001. Therefore, growing the bloc to nine countries while introducing Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE).
That has led the group to develop its payment infrastructure similar to SWIFT. Moreover, BRICS have called their payment system a global bombshell as its debut gets ever closer. Many have predicted it could arrive during the 2024 annual summit.
âThe creation of the independent financial payment platform BRICS Bridge, a standalone mutual payment system on a firm joint platform, is now being discussed within BRISC,â Matbiyenko said. âI have spoken both with the Central Bank and the finance ministry, things are moving along nicely,â she added.
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#CHINA something interesting to share adding to JUSTIN SUN TWEET
The latest news from China regarding cryptocurrency is that the country is set to introduce revised Anti-Money Laundering (AML) regulations by 2025, which will include cryptocurrency-related transactions . The revised regulations aim to impose stricter guidelines to curb money laundering activities Âč. However, there is no official statement from the finance minister regarding the validation of cryptocurrency .
The latest news from China regarding cryptocurrency is that the country is set to introduce revised Anti-Money Laundering (AML) regulations by 2025, which will include cryptocurrency-related transactions . The revised regulations aim to impose stricter guidelines to curb money laundering activities Âč. However, there is no official statement from the finance minister regarding the validation of cryptocurrency .
#CHINA GEARING UP FOR BULLRUN, NO ONE TALKING ABOUT IT
Let's deep dive to some data đ
Crypto community is busy with US Stock and Crypto ETFs, meanwhile interesting developments happening around china about #crypto
1⣠China cuts it's interest rates by 25 points
2⣠On August 1, Futu Securities, Hong Kong's largest online brokerage with 3.5 million customers, now offers retail #Bitcoin trading.
3⣠China may reconsider its crypto ban in Q4 2024. #Bybit has enabled KYC for Chinese customers, hinting at easing regulations.
We all know, despite of ban, crypto is always on high demand in China, Crypto is already legalized in #HongKong , which is a sandbox test for mainland China.
Let's deep dive to some data đ
Crypto community is busy with US Stock and Crypto ETFs, meanwhile interesting developments happening around china about #crypto
1⣠China cuts it's interest rates by 25 points
2⣠On August 1, Futu Securities, Hong Kong's largest online brokerage with 3.5 million customers, now offers retail #Bitcoin trading.
3⣠China may reconsider its crypto ban in Q4 2024. #Bybit has enabled KYC for Chinese customers, hinting at easing regulations.
We all know, despite of ban, crypto is always on high demand in China, Crypto is already legalized in #HongKong , which is a sandbox test for mainland China.
Chinaâs Crypto U-Turn? Market Poised for Explosive Growth Amid Bitcoin Lull Period!
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As the summer lull continues in the crypto market, a series of intriguing factors and metrics suggest a big change might be coming in September. With Bitcoin currently moving sideways, some analysts predict a strong upward move in the fourth quarter.
Meanwhile, whispers of China potentially unbanning crypto are adding to the anticipation, suggesting that the latter half of the year could bring major developments for the crypto space.
Chinaâs Crypto Unban?
One of the most exciting news is the possibility that China may soon lift its ban on cryptocurrency trading. In a recent tweet post Justin Sun, founder of Tron, has hinted that China might allow its users to begin trading & mining in crypto.Â
Earlier this year, China allowed crypto-related activities in Hong Kong, including the launch of ETFs and retail trading. If China extends these permissions to the mainland, it could inject a significant amount of capital into the crypto market, further fueling the bullish outlook for the remainder of the year.
Bitcoin Stagnation: The Calm Before the Storm?
The crypto market might appear stagnant at the moment, with Bitcoin largely trading sideways. However, macro investor Raoul Pal describes this period as the âboring zone,â with nothing substantial happening in the immediate term.
Despite this, there are several positive indicators worth noting.
The stock market, particularly the S&P 500, has experienced a V-shaped recovery on its daily chart, signaling potential strength ahead. The Relative Strength Index (RSI) for the S&P 500 isnât even in the overbought zone yet, which is another encouraging sign.
#CHINA #Bitcoin #PowellAtJacksonHole #CryptoMarketMoves #LowestCPI2021 $BTC $ETH $SOL
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As the summer lull continues in the crypto market, a series of intriguing factors and metrics suggest a big change might be coming in September. With Bitcoin currently moving sideways, some analysts predict a strong upward move in the fourth quarter.
Meanwhile, whispers of China potentially unbanning crypto are adding to the anticipation, suggesting that the latter half of the year could bring major developments for the crypto space.
Chinaâs Crypto Unban?
One of the most exciting news is the possibility that China may soon lift its ban on cryptocurrency trading. In a recent tweet post Justin Sun, founder of Tron, has hinted that China might allow its users to begin trading & mining in crypto.Â
Earlier this year, China allowed crypto-related activities in Hong Kong, including the launch of ETFs and retail trading. If China extends these permissions to the mainland, it could inject a significant amount of capital into the crypto market, further fueling the bullish outlook for the remainder of the year.
Bitcoin Stagnation: The Calm Before the Storm?
The crypto market might appear stagnant at the moment, with Bitcoin largely trading sideways. However, macro investor Raoul Pal describes this period as the âboring zone,â with nothing substantial happening in the immediate term.
Despite this, there are several positive indicators worth noting.
The stock market, particularly the S&P 500, has experienced a V-shaped recovery on its daily chart, signaling potential strength ahead. The Relative Strength Index (RSI) for the S&P 500 isnât even in the overbought zone yet, which is another encouraging sign.
#CHINA #Bitcoin #PowellAtJacksonHole #CryptoMarketMoves #LowestCPI2021 $BTC $ETH $SOL
BRICS Considers Implementing Gold-Backed Currency and Payment System
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BRICS, the economic bloc consisting of Brazil, Russia, India, China, and South Africa, is reportedly considering announcing a gold-backed currency at its upcoming summit in October 2024. This move could challenge the dominance of the U.S. dollar in global trade and finance as the bloc explores alternative financial structures to reduce dependency on Western economic systems.
BRICS to Explore Crypto and Blockchain for Cross-Border Settlement
Such a development marks a bold step towards financial sovereignty for BRICS nations, potentially offering a more secure and reliable currency for international trade, particularly in an era of increasing economic volatility.
In addition to the gold-backed currency, BRICS is reportedly exploring the use of blockchain technology and cryptocurrencies for cross-border settlements.
This aligns with the blocâs broader goal of creating a more independent financial infrastructure. Russia, in particular, has been at the forefront of these efforts, initiating steps to implement blockchain and crypto solutions for international transactions.Â
If the bloc successfully implements a gold-backed currency and embraces blockchain for cross-border transactions, it could reshape the global financial landscape, providing a formidable alternative to the current dollar-centric system.
#BRICS2024 #BRICS #US #CHINA #Bicoin $BTC $ETH $SOL
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BRICS, the economic bloc consisting of Brazil, Russia, India, China, and South Africa, is reportedly considering announcing a gold-backed currency at its upcoming summit in October 2024. This move could challenge the dominance of the U.S. dollar in global trade and finance as the bloc explores alternative financial structures to reduce dependency on Western economic systems.
BRICS to Explore Crypto and Blockchain for Cross-Border Settlement
Such a development marks a bold step towards financial sovereignty for BRICS nations, potentially offering a more secure and reliable currency for international trade, particularly in an era of increasing economic volatility.
In addition to the gold-backed currency, BRICS is reportedly exploring the use of blockchain technology and cryptocurrencies for cross-border settlements.
This aligns with the blocâs broader goal of creating a more independent financial infrastructure. Russia, in particular, has been at the forefront of these efforts, initiating steps to implement blockchain and crypto solutions for international transactions.Â
If the bloc successfully implements a gold-backed currency and embraces blockchain for cross-border transactions, it could reshape the global financial landscape, providing a formidable alternative to the current dollar-centric system.
#BRICS2024 #BRICS #US #CHINA #Bicoin $BTC $ETH $SOL
Russia to Launch Crypto Exchanges and coins Pegged to Yuan
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Russia is launching crypto exchanges in Moscow and St. Petersburg to support digital payments.
The new stabilised tokens will be tied to the Chinese yuan, offering stability for international trade.
These moves aim to strengthen economic ties within BRICS and decrease reliance on the U.S. dollar.
Russia plans to set up two crypto trading platforms to combat U.S. sanctions that limit its access to global monetary systems. These markets will be located in Moscow and St. Petersburg.
The fresh coins will be tied to the Chinese yuan, offering protection for international trade, especially among BRICS nations including Brazil, Russia, India, China, and South Africa.
Russiaâs Move Towards Digital Asset Development
Russiaâs move to create these exchanges is a key step in its cryptocurrency development.
The first exchange might use the St. Petersburg Currency Exchange to support foreign economic activities.
The second exchange, in Moscow, could be developed on the Moscow Exchange or as a new entity under an experimental framework.
Russia is launching crypto exchanges in Moscow and St. Petersburg to support digital payments.
The new stabilised tokens will be tied to the Chinese yuan, offering stability for international trade.
These moves aim to strengthen economic ties within BRICS and decrease reliance on the U.S. dollar.
Russia plans to set up two crypto trading platforms to combat U.S. sanctions that limit its access to global monetary systems. These markets will be located in Moscow and St. Petersburg.
The fresh coins will be tied to the Chinese yuan, offering protection for international trade, especially among BRICS nations including Brazil, Russia, India, China, and South Africa.
#CHINA #Russia #CryptoNews #Altcoins #Bitcoin $BTC $ETH $SOL
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Russia is launching crypto exchanges in Moscow and St. Petersburg to support digital payments.
The new stabilised tokens will be tied to the Chinese yuan, offering stability for international trade.
These moves aim to strengthen economic ties within BRICS and decrease reliance on the U.S. dollar.
Russia plans to set up two crypto trading platforms to combat U.S. sanctions that limit its access to global monetary systems. These markets will be located in Moscow and St. Petersburg.
The fresh coins will be tied to the Chinese yuan, offering protection for international trade, especially among BRICS nations including Brazil, Russia, India, China, and South Africa.
Russiaâs Move Towards Digital Asset Development
Russiaâs move to create these exchanges is a key step in its cryptocurrency development.
The first exchange might use the St. Petersburg Currency Exchange to support foreign economic activities.
The second exchange, in Moscow, could be developed on the Moscow Exchange or as a new entity under an experimental framework.
Russia is launching crypto exchanges in Moscow and St. Petersburg to support digital payments.
The new stabilised tokens will be tied to the Chinese yuan, offering stability for international trade.
These moves aim to strengthen economic ties within BRICS and decrease reliance on the U.S. dollar.
Russia plans to set up two crypto trading platforms to combat U.S. sanctions that limit its access to global monetary systems. These markets will be located in Moscow and St. Petersburg.
The fresh coins will be tied to the Chinese yuan, offering protection for international trade, especially among BRICS nations including Brazil, Russia, India, China, and South Africa.
#CHINA #Russia #CryptoNews #Altcoins #Bitcoin $BTC $ETH $SOL
MARKET PULSEđ LATEST #NewsAboutCrypto
Watch more: youtube.com/@FomoUA
NEWS
US spot $BTC #ETFs saw +$105M in net inflows yesterday
US Spot $ETH ETFs registered +$43m in net inflows yesterday
#CHINA WEIGHS INJECTING $142 BILLION OF CAPITAL INTO TOP BANKS
PAYPAL ENABLES U.S. BUSINESS ACCOUNTS TO BUY, SELL, AND HOLD CRYPTOCURRENCY
The SEC has settled charges with TrueCoin and TrustToken over fraudulent sales of TrueUSD $TUSD
#binance CEO, Changpeng Zhao, also known as #CZBÄ°NANCE set to be released on Sunday after serving a #four month prison sentence.
Watch more: youtube.com/@FomoUA
NEWS
US spot $BTC #ETFs saw +$105M in net inflows yesterday
US Spot $ETH ETFs registered +$43m in net inflows yesterday
#CHINA WEIGHS INJECTING $142 BILLION OF CAPITAL INTO TOP BANKS
PAYPAL ENABLES U.S. BUSINESS ACCOUNTS TO BUY, SELL, AND HOLD CRYPTOCURRENCY
The SEC has settled charges with TrueCoin and TrustToken over fraudulent sales of TrueUSD $TUSD
#binance CEO, Changpeng Zhao, also known as #CZBÄ°NANCE set to be released on Sunday after serving a #four month prison sentence.
