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BRICS member India on Tuesday announced the launch of a new foreign currency settlement system. The development marks a major step in enhancing India’s standing as a global financial hub. The system enables real-time settlement of foreign currency transactions within the upcoming Gujarat International Finance Tec-City (GIFT City). Also Read: China Rejects US Soybeans, Buys From BRICS Countries Foreign Currency Settlement System: BRICS Member India Charts a New Course Source: Adobe Stock The new system will eliminate the delays that usually last two days for foreign currency settlements in the existing mechanism. GIFT City’s International Financial Services Centre (IFSC) will oversee the operations and provide real-time settlements. Several IT companies around the world, including BRICS countries, can send their currencies to India and will be converted in real-time. “Transactions in foreign currency by entities in IFSC are today settled through correspondent banking arrangements r...

Laos has officially expressed its interest in joining the BRICS alliance. Laotian Prime Minister Sonexay Siphandone said on Friday that it’s in the country’s best interest to be a part of the bloc. “We are interested in becoming a member of BRICS. At present, we are in the process of studying this issue,” he said during the Russia-Laos business dialogue at the Eastern Economic Forum (EEF). Siphandone highlighted the growing importance of BRICS and how Laos could benefit from joining the bloc. He noted that the entire Global South region is learning to become independent by getting away from the clutches of the US dollar. The move seemed to be impossible until a decade ago, but the alliance has made it possible. Laos is located in Southeast Asia and is bordered by Cambodia, Vietnam, and Thailand. Also Read: BRICS Invests $2.02 Billion in Malaysia The Prime Minister’s statement urging Laos to join BRICS comes after he met with Vladimir Putin at the EEF foru...

Brazil’s Ambassador to India Kenneth Felix Haczynski da Nobrega confirmed in a recent interview that the BRICS alliance has no plans of creating a new currency to challenge the US dollar. The statement comes after the 17th summit in Rio de Janeiro which saw member nations push towards a multipolar financial world. The formation of a new BRICS currency is not feasible and was not discussed at the 17th summit on July 6 and 7. However, Kenneth revealed that the alliance will focus on settling trade with local currencies instead of the US dollar. The transactions will be on a “voluntary basis” among member nations to adapt local currencies for cross-border transactions. Also Read: India Officially Calls for a New Financial World at BRICS 2025 Summit BRICS Has No Plans of Creating a New Currency, Says Envoy Source: Shashi Shekhar Kashyap / The Hindu The Brazilian Ambassador to India revealed that BRICS is not envisioning creating a new currency. He stressed that the bloc is envi...

US President Donald Trump is looking to hit BRICS member India where it hurts them the most, which is the remittance tax. The new tax proposal by the House Republicans could impact a significant number of Non-Resident Indians (NRIs), as the bill aims to levy a 5% tax on remittances sent to India from the US. Also Read: BRICS: 5 Countries Pay 93% of Trade in National Currencies The bill was first introduced last Monday, where international transfers from non-citizens to BRICS country India will face a 5% tax. The bill, if passed, will affect workers who send money back to their families in India. The 5% tax will be used to help fund tax breaks and also tighten border security measures. Also Read: BRICS: Tanzania Officially Bans the US Dollar 5% Remittance Tax Could Soon Hit BRICS Member India Source: Forbes / GettyImages Trump has publicly called the legislation “great” and “one big beautiful bill” is also ensuring that Republicans pass the legislation. The 5% tax on remit...

The US dollar’s dominance in global trade has seen a steady decline over the last decade. Many nations have opted for local currencies for mutual trade. The BRICS bloc of nations has particularly pushed for de-dollarization. BRICS is comprised of Brazil, Russia, India, China, South Africa, and a few more member states. China has single-handedly propelled the idea of ditching the US dollar for alternative currencies. Albeit the CCP will likely not accept any other currency than the yuan. Also Read: Goldman Sachs: MAG7 Hits 7-Year Low Amid AI, Trade & Antitrust Fears CBDCs And China’s CIPS Further Push For De-Dollarization Source: Watcher Guru Also Read: $1,000 in Shiba Inu & XRP: Which Will Give Better Returns in 2030? A majority of global central banks are working on CBDC (Central Bank Digital Currency) pilot programs. According to reports, around 130 countries (93% of central banks) are exploring CBDCs to enhance cross-border payment efficiency. An efficient and working CBD...

BRICS currency is the talk of the town lately as the alliance is looking to trounce the US dollar’s dominance. Brazil, which chairs the upcoming summit in July confirmed that the bloc is working on a new payment system where non-members will be allowed to settle transactions. The development could be a game-changer after launch as the US dollar will not be incorporated into the payment mechanism. Also Read: De-Dollarization Reaches European Shores: EU Questions US Dollar Usage The threat of a BRICS currency is looming large and the superiority of the US dollar remains under pressure. Developing countries want to disassociate with the USD as it carries the risk of debt. Holding it in their central banks without diversifying their assets leads to bigger financial issues, including absorbing inflation. Emerging nations are turning to protectionists in a bid to safeguard their economies from America’s debt. Also Read: BRICS Makes Huge Announcement On New Payment System Will BRIC...

The BRICS alliance is aiming to launch a new currency to challenge the US dollar and topple it from the world’s reserve status. The bloc came to a consensus that a new tender is required for its survival after the White House pressed sanctions on Russia. Developing nations believe that the US is weaponizing the greenback to make other countries fall in line with its policies. The rift between the East and West is growing as emerging economies want to hold a dominant role in global finances. Also Read: BRICS: US Dollar Is Now an Unreliable Currency, Say Analysts BRICS Currency: What Are the Advantages & Benefits? Source: Cryptopolitian.com The first and foremost advantage of launching a BRICS currency is the diminishing influence of the US dollar in the global sector. The greenback cannot influence financial developments and reduce its power to any other local currency. The move would encourage developing nations to come together and remain united in advancing the de-dollarization ...

BRICS member India is repeatedly making it clear that they will not ditch the US dollar for trade and transactions. India’s Foreign Minister S. Jaishankar spoke in the Parliament regarding the de-dollarization agenda and the country’s role in it. He confirmed that India is steering off any anti-dollar moves amid US President Donald Trump’s tariff threats. Also Read: BRICS: New Country Plans to Reduce 25% of Trade Without US Dollar “BRICS, a platform that has grown in membership and agenda over the last two decades, seeks to enhance understanding among the international community,” said Jaishankar in response to a question in the Lok Sabha Parliament. Trump had threatened to impose tariffs on India and all BRICS nations if they plan to reduce dependency on the US dollar. Jaishankar added that India has conveyed its stance to the US authorities during bilateral discussions that they will not pursue the BRICS agenda of sidelining the US dollar. Therefore, the de-dollariz...

BRICS member Russia confirmed that it has settled 80% of trade with its neighboring country Kazakhstan in local currencies and not the US dollar. Russian President Vladimir Putin confirmed the development saying that both nations have agreed to strengthen their trade ties. Also Read: BRICS Moving Away From the De-Dollarization Agenda “The problem is and partly remains but we have already transferred more than 80% of all settlements to national currencies. From my point of view, everything should be done to strengthen our ties,” said Putin. Russia is advancing the BRICS de-dollarization initiative to its neighboring countries by putting the US dollar behind local currencies. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Local currencies will strengthen in the forex markets and give developing countries a boost in the arm. This puts the US dollar’s hegemony at risk as emerging economies are looking to topple it as t...

The BRICS alliance has invited three countries to attend the 2024 summit in October this year. The 16th summit is scheduled to take place in the Kazan region of Russia on October 22 to 24. The expanded nine-member alliance will discuss bilateral trade, ways to promote local currencies, and new ways to settle cross-border transactions. The de-dollarization agenda will also be discussed on how to end dependency on the US dollar. Also Read: BRICS: No De-Dollarization, Countries Use China When It Suits Them Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The development will kick-start a paradigm shift in global finances and directly challenge the US and other Western allies. The upcoming BRICS 2024 summit will play a prominent role in the future of the US dollar. Also Read: BRICS No Longer Attaching Importance to the US Dollar BRICS 2024 Summit: Alliance Sends Invitations To 3 Countries Source: Valery Sharifulin (TASS) The BRICS bloc ha...

BRICS member Russia announced on Sunday that it has found massive oil and gas reserves in the British Antarctic territory. The discovery will potentially lead to drilling in the protected region making Russia’s oil reserves grow in the coming years. The newly discovered reserve findings are so massive that it covers around 511 billion barrels worth of oil. That’s around 10 times the North Sea’s output in the last 50 years. Also Read: BRICS : 2 New Countries Agree To Ditch US Dollar The development could put BRICS member Russia on top of the map making it among the top producers of oil in the world. However, the massive oil discovery comes with a price as Russia might find it difficult to drill in the region. Antarctica is protected by the 1959 Antarctic Treaty, which prohibits all oil developments in the region. However, if Russia goes ahead with the drilling, it could make the BRICS alliance stronger in oil output and ...

BRICS member China made a huge financial announcement last week indicating that they are launching a new currency swap program with developing countries. The currency swap allows the Central Banks of developing countries to sign an agreement with China that would facilitate trade in local currencies. Central Banks can swap their local currencies for trade with China and save millions in exchange rates. Also Read: BRICS : China Dumping US Dollars To Keep Yuan on Top The US dollar will play no role in the Currency Swap agreement making local currencies the centerpiece of all transactions. The move comes in line with the BRICS alliance looking to push local currencies first for trade and commerce instead of the US dollar. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. BRICS: Currency Swap With China Is Worth $553.49 Billion Source: Associated Press China is looking to sign currency swap agreements with 29 developing cou...

A handful of developing countries in Asia, Africa, and Eastern Europe are looking to join the BRICS alliance in 2024. South African Foreign Minister Naledi Pandor confirmed recently that around 36 countries have formally applied to join BRICS this year. Amid the joining frenzy, another country has thrown its hat in the ring in the hopes of joining the alliance. The development indicates that the bloc is becoming powerful in its agenda to de-dollarize the world and promote local currencies. Also Read: 36 Countries Apply To Join BRICS Alliance in 2024 BRICS: New Country Shows Interest To Join Alliance Source: stratnewsglobal.com The latest and new country to express its interest in joining the BRICS alliance is the African nation Cameroon. Russian Ambassador Georgy Todua confirmed that Cameroon has expressed its interest in being a part of the bloc in 2024. Cameroon is on the Gulf of Guinea and is a Central African country with varied terrain and wildlife. Also Read: BRICS ...

BRICS member China is taking undue advantage of lower crude oil prices by stockpiling 1.39 million barrels every day. China hoarded cheap crude oil from Russia as the country was sanctioned and forced to sell it at discounted prices. The sanctions against Russia are a blessing in disguise for China as it has been accumulating crude oil since October 2023. China is benefiting from its BRICS counterpart Russia as both countries are initiating Oil deals in local currencies. Also Read: BRICS: HSBC Predicts the Future of the U.S. Dollar The move has made the Chinese Yuan become the most traded currency in Russia for trade. In December last year, China aggressively boosted its oil purchases and now has a stockpile worth of six months. The Communist nation does not publicly report its strategic inventories leading to analysts believing that it is hoarding crude oil. Not just Russia, China is also buying cheaper crude oil from other developing countries around the world. Als...

The Chinese Yuan is officially the top most traded currency in Russia surpassing the US dollar by 2.5%. BRICS members China and Russia are settling trade in Chinese Yuan since February 2022 ending dependency on the US dollar. The US pressed sanctions against Russia for invading Ukraine making it harder for the country to trade in the dollar. Making good use of the opportunity, China pushed the Chinese Yuan to settle cross-border transactions by sidelining the US dollar. Also Read: Saudi Arabia To Decline BRICS Membership? The sanctions against Russia are helping the Chinese Yuan become the de facto currency in the country for trade. BRICS member China is making Russia limit receiving the US dollar for trade and accept only the Chinese Yuan. The ploy plays straight into the idea of de-dollarization initiated by the BRICS alliance. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read:  BRICS : U.S. Dollar Ranks Last in ...