BRICS, SCO Align on Unified Payment System to Reduce Dollar Reliance

October 29, 2024 Bitcoin.com

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The Shanghai Cooperation Organization (SCO) is advancing talks on a unified payment system to increase national currency use, aligning with BRICS efforts to counter Western economic dominance. A New Era? SCO’s Talks on Unified Payment System Revealed Shanghai Cooperation Organization (SCO) Secretary-General Zhang Ming detailed efforts to create a unified payment system among SCO member […]

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Brazil Pushes BRICS to Shift From US Dollar, Advocating National Currencies in Global Trade

October 17, 2024 Bitcoin.com

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Brazil pushes for a shift away from the U.S. dollar within the BRICS alliance, advocating for more use of national currencies in trade among member countries. As the group expands, discussions on alternative payment platforms are gaining momentum ahead of the BRICS summit in Kazan. Brazil aims to advance this initiative during its 2025 chairmanship, […]

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BRICS Slashes US Dollar and Euro Transactions to Below 30%

October 12, 2024 Bitcoin.com

Anton Siluanov

BRICS nations are increasingly using national currencies, with 65% of transactions now conducted in local currencies, according to a Russian finance official. The U.S. dollar and euro account for less than 30% of payments among member states, signaling a strategic shift to reduce dependency on Western financial systems. The trend has accelerated due to sanctions […]

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BRICS Unified Currency Deemed Premature by Russian Official

October 8, 2024 Bitcoin.com

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Russia’s Deputy Foreign Minister has stated that discussions on a single currency for the BRICS economic bloc are premature due to differences in financial regulation among member nations. Instead, the focus remains on enhancing financial sovereignty and exploring national currencies for trade. Ryabkov highlighted ongoing efforts to strengthen the bloc’s economic independence, with authorities actively […]

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BRICS Beats Dollar Dependence: National Currency Settlements Exceed USD Payments

September 22, 2024 Bitcoin.com

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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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Payments in National Currencies Surge to 92% Among SCO Members

September 1, 2024 Bitcoin.com

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Payments in national currencies among Shanghai Cooperation Organization (SCO) members have reportedly increased from 40% in 2022 to 92%, signaling a move away from reliance on the U.S. dollar. Similar to the BRICS economic bloc, the SCO, which includes Russia, China, India, and recently added Iran, is encouraging the use of local currencies to strengthen […]

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Russian Finance Minister Discloses That Over 90% of Bilateral Trade With China Is Settled Outside the U.S. Dollar System

August 20, 2024 Bitcoin.com

Anton Siluanov

Anton Siluanov, the Russian Finance Minister, pointed out that a majority of the bilateral trade with China is being conducted outside the U.S. dollar system. He stressed that over 90% of these transactions have been completed using national currencies (rubles and yuan) due to the risks associated with executing these using “unfriendly” currencies. Russian Finance […]

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Russian Senate Leader Predicts Use of CBDCs in BRICS Payment System

July 14, 2024 Bitcoin.com

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Valentina Matvienko, Chairman of the Russian Federation Council, talked about the role of national digital currencies, also known as CBDCs, in increasing the use of national currencies in BRICS trade. Matvienko stated that a hypothetical BRICS bridge, a joint payment system, would leverage the digital currencies of all the bloc states. Russian Senate Chairman Profiles […]

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Putin on Dedollarization: 80% of Russia-China Trade in Rubles and Yuan

July 8, 2024 Bitcoin.com

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Russian President Vladimir Putin highlights economic integration and dedollarization at the Shanghai Cooperation Organisation (SCO) Heads of State Council meeting, chaired by Indian Prime Minister Narendra Modi. “We are making wider use of national currencies for mutual settlements,” Putin stated, adding that over 80% of commercial transactions between Russia and the People’s Republic of China […]

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Former President Donald Trump’s Advisers Explore Penalties for Nations Ditching US Dollar

April 28, 2024 Bitcoin.com

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Former U.S. President Donald Trump’s economic advisers are reportedly devising strategies to deter nations from reducing their reliance on the U.S. dollar. Proposed deterrents include export controls, currency manipulation charges, and tariffs. Trump remains committed to preserving the U.S. dollar’s dominance as the global reserve currency. Nonetheless, a growing number of countries, particularly BRICS members, […]

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