payment system

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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BRICS Payment System a SWIFT Substitute? Network to Implement Digital Assets and Financial Messages

October 26, 2024 Bitcoin.com

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The Russian Finance Minister offered insight into the inner workings of the new BRICS payment system at the recent summit held in Kazan. Anton Siluanov stated that the modern system will take digital financial assets into account and will be able to deliver financial messages. BRICS Proposed Payment System Might Use Digital Assets as Currencies […]

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BRICS Backs Russia’s Push for New Global Payment System to Counter Western Control

October 26, 2024 Bitcoin.com

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Russia’s push for a BRICS payment system is gaining traction, with partners endorsing the plan to counter an “outdated, expensive, and ineffective” global framework. BRICS Partners Support Russia’s Plan for a New Payment System Russian Deputy Finance Minister Ivan Chebeskov announced that BRICS partners have shown strong support for Russia’s proposal to develop a BRICS […]

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Russia Vows to Launch Domestic Payment System to Render Western Sanctions Obsolete

October 20, 2024 Bitcoin.com

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Russia is determined to create a domestic payment system to conduct trade and international transactions free from current disruptions. Mikhail Mishustin, Prime Minister of Russia, stated that this will be a joint effort by many institutions to achieve a principles-based system instead of the current one managed by Western institutions. Prime Minister States Russia Will […]

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BRICS Bloc Mulls Stablecoins, CBDC-Based System for International Settlements

April 23, 2024 Bitcoin.com

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Russian Deputy Foreign Minister Sergey Ryabkov revealed that the BRICS bloc has been considering the use of stablecoins for its common rail payment systems. In an interview with TV BRICS, Ryabkov stated that the use of stablecoins and a connection linking the CBDCs of the participants were studied as part of the integration processes of […]

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Kremlin Reveals Plans to Create a “Politics-Free” BRICS Blockchain-Based Payments System

March 8, 2024 Bitcoin.com

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Yury Ushakov, an aide of Russian president Vladimir Putin, revealed plans to create a digital blockchain payment system for the BRICS bloc. Ushakov remarked that the countries of the group would benefit from implementing such a system for the use of governments, common people, and businesses, stating that it would be convenient, cost-effective, and “free […]

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‘Not Related to a Digital Currency’ — US Central Bank Addresses Concerns Over Fednow Payment Network

April 9, 2023 Bitcoin.com

Americans

The U.S. Central Bank has issued an update regarding the Federal Reserve’s Fednow project, which is scheduled to commence in July. The Fed has responded to recent criticism of the Fednow service and asserts that the Fednow payment network is “neither a form of currency nor a step toward eliminating any form of payment, including […]

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Report: Elon Musk’s Payments Vision for Twitter Takes Shape, Small Team Tasked to Build Infrastructure

January 30, 2023 Bitcoin.com

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Seven months ago, current Twitter owner Elon Musk said, prior to acquiring the social media giant, he would integrate cryptocurrency payments. According to sources, a team is working on the infrastructure for a payment platform, and Twitter is proceeding with regulatory approvals and registrations. Elon Musk’s Plan for Twitter Payment System Advances, Adding Cryptocurrency Later […]

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14th Anniversary of Bitcoin’s Genesis Block: A Look Back at the Birth of Cryptocurrency

January 3, 2023 Bitcoin.com

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14 years ago on Jan. 3, 2009, Satoshi Nakamoto launched the Bitcoin network and block zero at approximately 1:15 p.m. (ET) on a Saturday afternoon. Satoshi’s technology allows “online payments to be sent directly from one party to another without going through a financial institution.” Since Bitcoin was born it changed the financial system significantly, […]

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Bank of Thailand Needs More Time to Complete and Launch Retail Digital Currency

October 31, 2022 Bitcoin.com

bank of thailand

The central bank of Thailand is not going to rush with the launch of its digital currency as it’s not yet sure about the benefits it would bring. According to the head of the monetary authority, the development of the state-issued coin may take several years. Thailand’s Central Bank Wants to Better Understand Risks of […]

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