BRICS to Discuss Alternative Payment Platforms at Upcoming Summit

September 24, 2024 Bitcoin.com

bitcoin.com

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 […]

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China still controls 55% of Bitcoin hashrate despite crypto ban

September 23, 2024 Coin Telegraph

Bitcoin

China remains a major player in the Bitcoin mining industry despite imposing a blanket ban on cryptocurrencies in 2021.

Chinese Bitcoin miners still control the lion’s share of the global network despite the country’s ban on cryptocurrencies.

Over 55% of the Bitcoin (BTC) mining network is still controlled by Chinese mining pools, according to Ki Young Ju, founder and CEO of CryptoQuant.

However, Bitcoin mining dominance is slowly shifting to US mining firms. Ju wrote in a Sept. 23 X post:

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Lavrov Says He Agrees With Donald Trump on US Sanctions Weakening Dollar’s Status

September 23, 2024 Bitcoin.com

Biden Administration

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 […]

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How China’s Economic Slowdown Will Transform Global Trade, Expert Insights

September 23, 2024 Bitcoin.com

bitcoin.com

China’s slowing economy is poised to redefine its global trade relationships, particularly with the Global South. Assistant professor Ning Leng of Georgetown University’s McCourt School of Public Policy discussed how these internal economic challenges might prompt China to boost investments in regions like Southeast Asia and Latin America. China’s Economic Shift and Its Global Implications […]

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BRICS Beats Dollar Dependence: National Currency Settlements Exceed USD Payments

September 22, 2024 Bitcoin.com

bitcoin.com

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 […]

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China’s Anti-Crypto Policies Threaten to Ripple Through Its Gaming Market

September 19, 2024 Bitcoin.com

bitcoin.com

Chinese authorities’ recent actions to define crypto as a money laundering tool could influence the performance of its billion-dollar gaming industry. SCMP’s Hugh Harsono argues that these measures may affect games like Metacene, which has introduced cryptocurrencies as in-game currency. In addition, games that include play-to-earn components and non-fungible tokens (NFTs) could also be impacted […]

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Global Surge in CBDC Development: 134 Countries Now Exploring Digital Currencies

September 19, 2024 Bitcoin.com

Atlantic Council

New data shows that 134 countries, representing 98% of global GDP, are now exploring central bank digital currencies (CBDCs), with 66 nations advancing to pilot or development stages. Every G20 nation is engaged in CBDC efforts, with notable leaders such as China and the European nations pushing forward. The U.S. remains lagging behind Europe and […]

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Chinese gov’t mulls anti-money laundering law to ‘monitor’ new fintech

September 14, 2024 Coin Telegraph

AML

According to the Chinese government, 1,391 individuals have been prosecuted on money laundering-related charges in the first half of 2024.

Chinese lawmakers are considering revising an earlier anti-money laundering law to enhance capabilities to 'monitor' and analyze money laundering risks through emerging financial technologies—including cryptocurrencies.

According to a translated statement from the South China Morning Post, Legislative Affairs Commission spokesperson Wang Xiang announced the revisions on Sept. 9—citing the need to improve detection methods amid the "rapid development of new technologies."

The newly proposed legal provisions also call on the central bank and financial regulators to collaborate on guidelines to manage the risks posed by perceived money laundering threats from nascent technologies.

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Saudi Minister Hints at 86 Million Tonnes of Petroyuan Adoption, States Country Is ‘Open to New Ideas’

September 14, 2024 Bitcoin.com

bitcoin.com

Bandar Alkhorayef, Saudi Minister of Industry and Mineral Resources, stated that while the petroyuan – the use of the Chinese currency to settle oil shipments – was not “substantial to the ministry,” the country was open to new ideas, trying not to mix politics and commerce. This hints at the yuan’s adoption for this purpose. […]

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BRICS Gains Global Appeal as 34 Countries Show Interest, Putin Reveals

September 13, 2024 Bitcoin.com

Argentina

Russian President Vladimir Putin revealed that 34 countries have shown interest in joining BRICS activities, highlighting the global appeal of the group. He detailed Russia’s role in facilitating the integration of new members, sharing updates on BRICS activities under Russia’s chairmanship. 34 Countries Show Interest in BRICS, Putin Says Russian President Vladimir Putin said on […]

China

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