DeFI News by Thebittimes.Com

The Philippines is the latest country to explore the creation of a strategic Bitcoin reserve. The bill was introduced by Congressman Migz Villafuerte. According to reports, the bill will allow the Philippine central bank, Bangko Sentral ng Pilipinas (BSP), to purchase 2000 Bitcoin (BTC) annually over five years. The central bank will hold the asset for 20 years. The BTC reserve will increase national security and help tackle the country’s debt. The bill has been introduced in the House and is yet to be debated on and passed. More Bitcoin Adoption Worldwide? Source: Watcher.Guru More and more nations are becoming open to creating a Bitcoin reserve for national and financial security. President Trump made it a mission to strengthen the US digital asset industry. Trump signed an executive order within weeks of entering office to create a digital asset reserve for the US. The Philippines is the latest country in an ever-growing list to consider creating a strategic Bitcoin reserve. Bi...

BRICS is beating the drum of a US dollar decline even before launching a common currency in the global markets. The operating style is typical of that of any developing country where leaders talk big but deliver nothing. It also reflects the mindset of emerging economies where a simple piece of governmental work is lauded as ‘major achievement’. Even the BRICS de-dollarization agenda falls under the same category which is heavily exaggerated to the brim by their leaders. Also Read: BRICS Inspires 15 Countries To Use Homegrown Payment System Rewriting trade deals and forging new partnerships is a daily yet regular phenomenon in the global financial world. That’s not the case for BRICS members, as each trade deal is shown as a brownie point to their people marketed as de-dollarization. While we agree that BRICS settled many deals in local currencies, the number is minuscule compared to the global trade volume. It is as good as making a mountain out of a molehill, which l...

Despite the world gnawing at the US dollar with all its might, it may take a significant amount of time for major economies to completely dethrone the US dollar. Despite all odds, the US dollar is still the dominant currency of the world and continues to be used by the majority of nations in all major financial formats. The changing financial order has certainly helped the USD encounter new currency competitors, but are they enough to truly derail the reserve currency of the world? The answer is no, and here’s how USD can continue to trample the Yuan and Euro to take center stage in this ever-evolving currency competition, commencing the era of re-dollarization. Also Read: BRICS: Why US Dollar Can’t Afford To Lose Reserve Currency Status Three Ways Re-Dollarization Can Gain Momentum 1. Securing Trade Leverage Source: Cloudfront The US dollar is king for a reason. The world economies have long been trading in USD, a fact that remains unchanged to this day. While the changing geopol...