While the BRICS alliance is strengthening its banking system, the US seems to be on a downhill. In the last three years alone, 15 US banks collapsed renewing fears of financial instability across the country. The BRICS bloc has pushed de-dollarization efforts especially since it expanded its numbers. Now, the pressure is mounting on the…
BRICS member China has dumped over $21 billion in its US treasuries since the beginning of 2024. The data is highlighted by the largest sell-off initiated by China ever recorded, with $53.3 billion dumped in Q1 2024 alone. Data from Q3 2024 has yet to be compiled, but at recent rates, could add $5B-$10B more…
With the BRICS bloc increasing its opposition to Western hegemony, one expert has noted that the US dollar is likely nearing the ‘End of the line.’ Indeed, the currency has faced a growing de-dollarization movement on a global scale. With an economic crisis burgeoning in the country, it could spell a perfect storm for the…
Deputy Chairman of the State Duma Alexander Babakov proposed creating a unified BRICS exchange using blockchain and virtual currency for inter-bloc settlements. Babakov stated that such an organization “will be the key to the economic sovereignty and independence of our countries,” while sidestepping the use of third-party payment networks. Newly Proposed BRICS Unified Exchange May…
With the BRICS bloc increasing its embrace of cryptocurrency, Ripple has gotten ever closer to alliance integration with its most recent approval. Indeed, the firm, and its native XRP token, have been discussed as a potential point of interest for the economic alliance. Especially as it seeks to challenge Western hegemony. The bloc has recently…
The world order is experiencing a paradigm shift as the financial powers are revolving from the West to the East. The BRICS+ which is now a nine-member alliance accounts for 40% of crude oil production and exports. They also account for one-quarter of the global GDP and command nearly half of the world’s population. They…
BRICS is brewing trouble for the US dollar reserves from all corners after the White House pressed sanctions on Russia in 2022. The alliance has been accumulating gold for two years and diversifying its central bank reserves with the precious metal. In the last 18 months, central banks of developing countries have combinedly brought 800…
Russian President Vladimir Putin marked the 75th anniversary of the People’s Republic of China by praising the solid partnership between Russia and China. He emphasized the resilience of their economic relationship and increasing trade despite international challenges. Putin also highlighted the significance of their cooperation in multilateral organizations, showing the strategic alignment between the two…
BlackRock is quietly positioning itself for a potential US dollar collapse by embracing Bitcoin and stablecoins like UStb as alternative hedges. The rise of BRICS and tokenized finance could accelerate the decline of the US dollar’s global dominance, with Bitcoin gaining traction as a safe haven. As global efforts to challenge the dominance of the…
With the BRICS bloc actively seeking the demise of the US dollar, one trillion dollar asset manager in the US is secretly preparing for the greenback’s collapse. Indeed, BlackRock may be looking to protect itself and its clients with a new investment fund it has created. The $9 trillion asset manager recently launched a fund…
The BRICS bloc has reportedly chosen gold to power its developing payment system, further challenging the US dollar’s supremacy. Throughout the last several years, the economic bloc has stocked up on the metal. Now, it looks as though it is set to rely heavily as they turn away from the greenback. Over the last year,…
Amid rumors of a developing BRICS currency, one expert has warned that such a development could greatly threaten the US Dollar’s dominance in both the oil and global banking sectors. Specifically, Nasdaq has released a comprehensive warning regarding the impact that the BRICS alternative could have on the greenback. The economic alliance has stood firm…
Former Chinese Vice Minister Zhu Guangyao emphasized the need to study crypto’s role in the digital economy despite acknowledging its risks, including market instability and its association with money laundering. He highlighted shifting global crypto policies, particularly in the U.S., which has seen pro-crypto changes, such as the approval of Bitcoin ETFs. Zhu Guangyao, former…
The BRICS summit is scheduled to be held from October 22 to 24, 2024 in the Kazan region of Russia. The 16th summit will see nine countries at the table to discuss issues about trade and opportunities to use local currencies. Four new nations joined the bloc this year which includes the UAE, Egypt, Ethiopia,…
The BRICS alliance is giving hope to developing countries that want to break away from the clutches of the US dollar. Emerging economies are facing challenges from carrying the burden of the US dollar on their backs. The latest report shows that around 40 countries are interested in joining the BRICS alliance in 2024. All…
A Nasdaq analyst has issued a warning concerning the BRICS alliance, saying the bloc could destabilize the US dollar into a crisis. The BRICS bloc has threatened the greenback’s place as the top fiat in the world for a few years, and the threat continues to grow. As the US dollar has suffered from a…
The BRICS alliance has officially announced its blockchain-based payment system while unveiling new details on its development. Indeed, Russian President Vladimir Putin discussed the project that is nearing arrival. Moreover, he announced certain details that could fortify its position as a game-changer in global trade. There are rumors that the project could officially go live…
With the country’s interest in joining BRICS growing as the 2024 Summit approaches, could Turkey leave NATO for the alliance this year? The nation has continued to discuss the prospect of its position in the BRICS bloc. Moreover, questions have arisen regarding how that could affect its global standing amid a shifting economic landscape. In…
Russia’s President Vladimir Putin announced a collaboration with BRICS nations to develop an independent payment and settlement system aimed at operating outside of traditional Western financial regimes. Over 50 nations that have expressed interest in joining the alliance, a massive improvement over the 36 applications received from interested nations in March 2024. The BRICS alliance…
As the BRICS bloc looks to continue its de-dollarization efforts, one expert has outlined that a failing US dollar would precede the end of the Western empire. Indeed, Geopolitical Economy Report founder Ben Norton recently discussed how the greenback is key to the American prominence that has been present since the late 1940s. In a…
BRICS member Russia confirmed that the alliance is looking to create an independent payment system for trade settlements. The new payment mechanism will be used to settle foreign transactions and will be similar to the SWIFT messaging system. The US dollar will not be incorporated into the payment system and will be run on local…
Russian President Vladimir Putin has revealed plans for an independent payment system in collaboration with BRICS nations to secure foreign trade transactions. This move reflects a strategic shift aimed at increasing Russia’s and BRICS’s autonomy in global trade amid broader economic changes. Russia Announces Independent Payment System with BRICS for Foreign Trade During the Russian…
In what is an important development for the impending BRICS pay platform, nearly 50 nations are looking to the blockchain-based payment system over the US dollar. Indeed, reports show that 47 countries in total are discussing the adoption of the payment system that is likely to debut at the BRICS 2024 Summit. BRICS Pay is…
The purchasing power of the US dollar is declining every year leading to inflation in the homeland. The CEO of Zang Enterprises, Lynette Zang emphasized that the purchasing power of the US dollar is eroding at an advanced speed. This comes when the BRICS alliance is looking to pin the US dollar down as the…
The BRICS currency, which is reported to be in development, is said to be backed by 40% gold and 60% local currencies. The currency is disclosed to be apolitical and would be outside the “circumference” of the SWIFT payment network. The much anticipated BRICS currency, which would be the principal driving force at the heart…
BRICS nations are considering adopting the petroyuan for oil trade as part of their ongoing dedollarization efforts, according to economic expert Herbert Poenisch. He noted the BRICS group may discuss alternatives to the petrodollar at their Kazan summit. He highlighted Saudi Arabia’s potential shift towards the petroyuan and Russia’s plans to reduce dollar reliance. However,…
With the BRICS bloc likely to expand, recent developments have shown that North Korea is expected to seek a place in the alliance in 2024. Specifically, recent reports show that the country has recently skipped a UN General Assembly. Instead, they traveled to a BRICS event, with experts pondering its intention to become the alliance’s…
The BRICS summit is about a month away, and a potential de-dollarization update is set to be unveiled. Whether the role of cryptocurrency among BRICS nations will be amplified will be known at the summit. There are speculations that the BRICS economic alliance will unveil its de-dollarization roadmap at its upcoming 2024 annual summit. Amid…
North Korea may be ramping up efforts to align itself with the BRICS economic bloc, as its top diplomat skipped the United Nations General Assembly in favor of a BRICS-related event. Analysts suggest that while Kim Jong-un seeks to break diplomatic isolation through such alliances, North Korea’s sanctions and economic constraints make membership unlikely. Recent…
Russia is pushing to develop independent interbank networks and payment systems within BRICS to boost the bloc’s financial influence. Moscow aims to expand cross-border settlements and the use of national currencies in BRICS trade, as part of a strategy to reduce dependence on Western financial institutions. These efforts have gained attention during Russia’s BRICS presidency,…
September 24, 2024 at 02:45 PM GST updated: September 24, 2024 at 12:56 PM 2 mins read News Michael Saylor proposes Bitcoin-backed loans, allowing BTC holders to borrow USD without selling their assets. Saylor suggests major banks like JPMorgan and Bank of America could offer Bitcoin-backed loans for liquidity and yield. Economist Saifedean Ammous warns…
Russian Foreign Minister Sergey Lavrov announced that a report on alternative payment systems for BRICS nations will be presented at an upcoming summit in Kazan. The proposal, led by Brazilian President Lula da Silva, seeks to reduce reliance on traditional financial platforms. Lavrov emphasized the increasing use of national currencies in BRICS trade, particularly with…
The decline of the US dollar’s value is accelerating with depleting purchasing power in 2024. A dip in the USD’s buying power could lead to hyperinflation in the homeland affecting the broader stock and commodity markets. The US dollar’s purchasing power is dwindling at a time when the BRICS alliance is looking to topple it…
Russian Foreign Minister Sergey Lavrov has backed former U.S. President Donald Trump’s remarks about the negative effects of U.S. sanctions on the dollar and the American economy. Lavrov agreed that sanctions imposed by the Biden administration have weakened the dollar’s global reserve status. He further noted a global shift towards dedollarization, led by nations like…
The BRICS bloc might have already overcome its dollar-dependence problem, as the volume of settlements in the national currencies of its member nations has already surpassed the USD-based exchanges. Using the U.S. dollar can lead to expenses that can be avoided when paying with other currencies, BRICS Deputy Chairman of the Chamber of Commerce and…
23 countries have formally submitted their applications to join the BRICS alliance before the 2024 summit. The countries hail from Asia, Africa, and South America and are all emerging economies that want to use local currencies for trade instead of the US dollar. Find out how many sectors in the US will be affected if…
Amid the alliance’s quest to decrease reliance on the greenback, one BRICS official already confirmed that native currency trade already exceeds deals settled in the US dollar. Indeed, the vice chairman of the BRICS Chamber of Commerce and Industry, Sameep Shastri, confirmed the alliances continued to move away from trade in the Western currency. De-dollarization…
BRICS member Russia is laundering its crude oil to the West with the help of middlemen despite the US sanctions. A new report from CERA shows that Russia has sold close to $2 billion worth of oil to Western countries via middlemen. The Putin administration has bypassed US sanctions to keep its economy afloat and…
Amid BRICS’ opposition to the dollar, asset manager BlackRock has said crypto can protect against a potential US economic crisis. Indeed, the firm noted that its client base has started to embrace Bitcoin for its potential as a hedge against potential trouble for the greenback if some kind of hard landing was to meet the…
In a recent interview, JPMorgan CEO Jamie Dimon has warned of a potential US economic crisis as the BRICS bloc grows more relevant. Indeed, the notable economist spoke at the Council of Institutional Investors in New York this week. There he laid out a potential outcome for the United States that would be far worse…
The BRICS alliance is working towards the formation of a new payment system to end reliance on the US dollar. The bloc wants to dim the lights on the USD and challenge the currency’s dominance in global trade and transactions. BRICS member Russia is also advancing in creating digital currencies (CBDC) in the ruble with…
The United States dollar (USD) has been the world’s reserve currency for the longest time. Several governments have previously challenged the dollar. But the United States only grew stronger, forcing a number of nations to jointly roll out a currency to uphold de-dollarization. Amidst this, China has been keeping at it, as the Chinese yuan…
With the 2024 Annual Summit arriving next month, Pakistan could be poised to join BRICS and adopt the alliance’s new currency system in 2024. Russia has recently voiced its support for the country’s inclusion in the economic bloc, according to Moscow’s Deputy Prime Minister Alexie Overchuk. In 2023, the alliance welcomed four new members in…
Amid the continued growth of the BRICS alliance, the International Monetary Fund (IMF) has recently highlighted that the bloc is leading the G7 group in four distinct and crucial areas. Indeed, they note that the gap between the Western bloc and the Global South collective is lessening. The BRICS group took a massive step toward…
Elvira Nabiullina, head of Russia’s central bank, has highlighted challenges in cross-border settlements, including payment issues and falling trade volumes. She emphasized the importance of finding new solutions, such as using digital currencies and cooperating with global partners, to address these issues. Russia Faces Cross-Border Payment Issues Amid Declining Trade Russian Central Bank Governor Elvira…
BRICS’ new payment platforms, which offer alternatives to the U.S. dollar and euro, are attracting global attention, according to Russian Foreign Minister Sergey Lavrov. These systems enable countries to conduct economic activities without relying on currencies used as political tools by Western powers. The Russian official noted increasing interest in these platforms as a way…
With the BRICS Pay platform likely to debut at the alliance’s 2024 Annual Summit, the bloc is set to increase its trade dealings while facilitating a global shift away from the US dollar. An independent think tank has recently delved into the economic groups’ focus on an alternative to the greenback. Moreover, why that focus…
Russia is actively developing regulations to harness cryptocurrencies for foreign trade, aligning with its goal to mitigate the impact of Western sanctions and reduce reliance on the U.S. dollar. The proposed regulatory changes and potential introduction of a yuan-pegged stablecoin underscore a collaborative push within the BRICS nations to establish alternative global financial systems. After…
According to one expert, a BRICS currency that is backed by gold could be a key to eventually ditching the US dollar. Although a native currency has taken a back seat for the alliance, the massive surge in the value of the metal could have it playing a crucial role in global de-dollarization. In a…
The US dollar is on a slippery slope as BRICS is looking to topple it from the world’s reserve currency status. The de-dollarization agenda is gaining steam as the alliance is convincing developing countries to cut ties with the US dollar. On the heels of the BRICS de-dollarization efforts, Citi Bank has predicted the future…