A China-led regional organization that covers more than half of Eurasia intends to transition to settlements in the currencies of its members. While the plan is to abandon the U.S. dollar in mutual payments, participating nations are yet to consider a common currency. Shanghai Cooperation Organization to Abandon Dollar in Favor of National Currencies The…
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The Chinese yuan is now China’s most used currency for cross-border settlements. According to official data from the State Administration of Foreign Exchange, the Chinese yuan rose to be the most-used currency in March over the U.S. dollar, in a push from the Beijing government to internationalize its currency for payments. Chinese Yuan Used to…
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As Meta and other Western tech giants seek to create virtual worlds for consumers in the metaverse, China is taking a different approach. The Chinese government is backing technologies that it sees as strategic and setting rules to govern what can go on in cyberspace. Rather than creating a virtual world for socializing, China’s version…
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The Chinese tech giant Tencent has stated that its WeChat ecosystem will let users make digital yuan payments on applets and video channels. The move will allow WeChat users to pay via in-app applets using the Chinese central bank digital currency (CBDC). They will also be able to use the CBDC to shop on e-commerce…
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Fiat currencies of BRICS member states will have no alternative in the future, according to former President of Russia Dmitry Medvedev. Nations in the bloc need to think about their digital forms and a digital currency issued by the group as a whole, the Russian politician said. Ruble, Yuan, Other BRICS Currencies to Take Over…
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Over two dozen nations have applied for BRICS membership ahead of its upcoming annual summit, the representative of the hosting nation revealed in an interview. The organization which unites leading emerging economies will discuss its enlargement in early June. BRICS to Talk Expansion as Number of Candidates Continues to Grow The BRICS group of nations…
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Changshu, a city in China with more than 1.5 million inhabitants, will pay public workers’ wages with the Chinese central bank digital currency (CBDC), the digital yuan. The move marks an acceleration of the adoption plans that Beijing has for the digital currency, which has been included in some limited programs before. Public Employees in…
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Ron Paul, the former U.S. presidential candidate and former U.S. congressman, has stated that recent geopolitical events have caused nations to start ditching the U.S. dollar. Paul stated that the debasement of the currency, the manipulation of prices, and sanctions against other nations have made other countries afraid of holding dollars. Ron Paul Believes De-Dollarization…
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A Chinese city wants to pull off a world first – by becoming the first city to pay its employees entirely in a central bank digital currency (CBDC). The move would be a massive breakthrough for the People’s Bank of China (PBoC) and its digital yuan token…. Read More: Chinese City to Pay Salaries ‘100%’…
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