On July 30, 2024, the Russian State Duma passed a key bill allowing the use of cryptocurrencies in cross-border payments. This marks a major shift in Russia's attitude towards cryptocurrencies.
JinseFinanceNabiullina, the governor of the Central Bank of Russia, said that she is discussing integrated payments with the BRICS alliance, and 159 countries have responded to join the new SPFS system.
MiyukiBRICS seeks to reshape global trade by reducing reliance on the US dollar, developing new payment systems, and expanding its membership to include countries like Egypt, UAE, and Malaysia.
ZeZhengFollowing the Saudi Arabia’s exit from the petrodollar deal, one would wonder what would propel Saudi Arabia to exit this deal after such a long time. Could it be a coincidence that this exit also happen to clash with Saudi Arabia’s new membership with BRICS. What then would this mean for the future of the US dollar?
XingChiSerbia may join BRICS, diversifying the alliance. Its economy is forecasted to grow, but structural reforms are needed. BRICS aims to reshape global trade.
SanyaBRICS aims to establish a blockchain-based payment system for financial autonomy, reducing dependency on the US dollar. Emphasizing innovation and independence, collaborative initiatives seek to integrate financial markets and diversify currency usage away from the dollar, reshaping the global financial landscape.
EdmundRussia's plan to expand BRICS to 40 nations challenges Western economic dominance, signaling a major shift in global power dynamics.
SanyaBRICS nations are spearheading a strategic de-dollarisation movement, challenging the long-standing dominance of the US dollar in global trade and signalling a transformative shift in the traditional financial order.
JasperBRICS nations unveils plans for their collective currency, shaping the future of global finance.
Hui XinBRICS accelerates de-dollarisation efforts with digital Yuan amid expanding influence.
Hui Xin