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,…
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According to information from the Salvadoran Ministry of Foreign Affairs, Compass Coffee, a U.S.-based coffee company, has completed an international purchase of Salvadoran coffee using bitcoin. Jorge Cruz, the Salvadoran counterpart in this transaction, explained that he received the payment in less than 10 minutes, bypassing the need for intermediaries in these deals. Salvadoran Coffee…
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The payment flow between China and Russia is being disrupted once again due to the enactment of a new package of sanctions that includes 46 Chinese companies allegedly assisting the Russian war effort. This has affected imports of dual-use products, which can be used for both military and civilian purposes, as well as other merchandise.…
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Analysts of ING bank believe the de-dollarization trend that has been growing in the world might pick up momentum due to the possible expansion of the BRICS bloc. While the issuance of a BRICS common currency remains uncertain, according to some developing narratives, the Chinese yuan could become the de facto substitute for the U.S.…
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The Mbridge project, a central bank digital currency (CBDC) international payment system, is starting to worry observers. Such a system, when completed, could ostensibly allow the digital yuan to reach more countries in trade settlements, chipping away at the world dominance of the U.S. dollar and bypassing established sanctions systems. Mbridge Project Worries Observers The…
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The BRICS challenge to the world’s established economic order is not a joke, according to experts in the field of international relations. Now that the bloc, which unites leading emerging markets, accounts for over a quarter of the global gross domestic product (GDP), it could become a counterpart of the G7 group of developed economies,…
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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 transactions, will enter into force on Aug. 1. President Putin Greenlights Law Introducing Digital Ruble as…
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The government of Venezuela has announced that it is currently working to integrate Mir, a Russian electronic card and transfer payments system. President Nicolas Maduro backed this integration, stating that this move is part of a de-dollarization push. More than 40,000 payment terminals are being adapted to accept Mir-compliant cards. Venezuela Integrates Russia’s Mir Payments…
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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 such settlements will not be permitted inside Russia. Russian Government Backs Initiative to Test Digital Assets in Payments Abroad The…
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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 diplomat unveiled. Egypt Takes Step to Join BRICS Club, Russia Backs Bid Egypt has applied to…
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