DeFI News by Thebittimes.Com

It has been a rather complicated few months for the leading collective of the Global South. Amid ongoing tensions for the BRICS bloc and its members, one key reason is emerging that could lead India to eventually leave the economic alliance entirely. The country has seen no shortage of reasons to potentially see increased tensions with the group. Its conflict with China has been well documented, although it has been resolved to this point. However, in its place is a new issue that is beginning to fracture its relationship with the group. Source: Rafael Neddermeyer Also Read: BRICS: 5 Countries Pay 93% of Trade in National Currencies BRICS Facing Issue that Could Eventually See India Quit the Collective The start of the year saw US President Donald Trump once again return to the White House. That has brought with it increased geopolitical tensions, as his protectionist economic policy has threatened several global relationships. Moreover, it is worse for the BRICS bloc, as he entered th...

The de-dollarization narrative is yet to die down completely. With Donald Trump busy deploying aggressive tariffs on nations, the retaliatory forces have become quite active, mulling over launching counter-tariffs on the US. At the same time, 2 leading economies have decided to ditch the US treasury bonds, ending their reliance on the US dollar to bag gold in an attempt to stabilize their economic strata. Will this phenomenon derail the US economic anatomy and usher in de-dollarization? Let’s find out. Also Read: Changpeng Zhao’s Personal Crypto Portfolio Unveiled—What’s Fueling His Fortune India and China Are Bagging Gold Source: Finbold India and China, the two global superpowers, have decided to depend on gold and have decided to move away from US Treasury bonds. Per a recent post uploaded by the Kobeissi Letter, India and China have lately been diversifying their holdings, moving away from the dollar in all ways. This includes a pattern in which both nations have dumped US Tre...

BRICS member India’s local currency rupee is facing heavy pressure from the US dollar in the forex markets in 2025. The INR dipped to an all-time low of 86.65 on Monday and was close to falling to a lifetime low of 87. However, the local currency managed to break the downward spell and briefly surged to 86.46 on Thursday’s opening bell. Also Read: BRICS: Russia & Myanmar to Trade In Local Currency, Ditch US Dollar Source: Google India is accused of intervention in the currency markets to keep the rupee from crashing against the USD. Reuters reported that the Reserve Bank of India (RBI) directed state-run banks to dump billions worth of US dollars in the currency market to keep the rupee from falling. This is not the first time that BRICS member India has been accused of market intervention to safeguard the rupee. The country most likely intervened thrice in 2024 and twice in 2025 to protect the rupee from sliding. The BRICS country’s local currency brief correction on ...

Growing reports of Indian citizens becoming enslaved in South East Asia to commit cybercrime and cryptocurrency fraud has forced the government to tighten security checks for SIM cards and disconnect over 20 million mobile connections. More than 29,000 Indians are believed to be trapped in Thailand, Cambodia, Myanmar, and Vietnam, where they are forced to scam their fellow citizens. Lured under the guise of a well-paying job, their money and passports are confiscated on arrival. These cyberslaves are given phones that will mask their location and present as an Indian mobile number. They’re told to call Indians and lure them into cryptocurrency scams, identity theft, pig butchering scams, and more . They’re threatened and beaten if they don’t comply. The Indian Cyber Crime Coordination Centre (I4C) has reportedly received around 100,000 cybercrime complaints since January 2023. Of those cases, a whopping 45% originated in South East Asia. The Union Ministry of Tele...

Cracks are emerging in BRICS as India is showing discomfort with paying the Chinese Yuan to procure oil from Russia. The Indian government is upset over letting state-run refiners like the Indian Oil Company (ICO) settle payments in the Chinese Yuan. India’s unwillingness to pay the Chinese Yuan for Russian oil imports has held up payments for seven cargoes reported Reuters. However, the tussle over payments has not disrupted the oil flow and deliveries, officials with knowledge of the matter said. Also Read: US Military Stocks Experience a $100 Billion Wipe Out in 2023 Two finance ministry officials told the news outlet that India is uncomfortable with using the Chinese Yuan for oil payments. They said on the condition of anonymity that payments for seven cargoes are pending with Russia since September. The development comes at a time when BRICS is looking to end reliance on the US dollar. However, India is unhappy with the idea of putting the Chinese Yuan forward for g...

Numerous initiatives by local and state governments in India — from data management systems to verifiable certificate issuances — currently use blockchain technology. Ever since Bitcoin (BTC) popularized blockchain technology worldwide, the tech has found its way into myriad processes, from finance to public administration. What started as a flex statement for early adopters has now become a way of revamping legacy systems and improving immutability, transparency and decentralization. Despite its proven real-world use cases, most government agencies continue to take a cautious approach to adopting and infusing blockchain into their paper-based processes, given its predominant link to the cryptocurrency ecosystem. However, a change of heart is underway as emerging economies see blockchain as a rare opportunity to establish a trust-based system for society. While still reluctant to legitimize cryptocurrencies fully, India has generally accepted blockchain technology. Numerous initiat...

Also Read: Bitcoin Price: Why Russia Military Coup Is Bullish For Crypto Market advertisement In recent times, several India n banks have been rolling out the pilot of Digital Rupee e₹ project. Platforms launched by these banks offer e₹ wallet and enable customers to transact in e-Rupee. Kotak Mahindra Bank – Ripple Partnership In 2018, Kotak Mahindra Bank joined Ripple ’s enterprise blockchain network Ripple Net to work on cross border transactions. The deal also involved Ripple ’s settlement solution, with an eye to solve the global payments problem. Hence, it is being speculated if the same Ripple technology is powering the bank’s new E-Rupee project. Recently, the bank sent out emails to select customers inviting them to be a part of a Closed User Group (CUG) as part of the project. However, it is likely that only the Ripple tech products are involved in the project and not the XRP token. With Ripple Net, banks can...