DeFI News by Thebittimes.Com

BRICS members Russia, China, and India are looking at the Chinese yuan for oil settlements and not the US dollar. Reuters reported that Russian refiners are seeking payments in the Chinese yuan from Indian oil and gas firms. China, the largest buyer of Russian oil, has convinced the Putin administration to push for local currency for settlements. Indian oil refiners did not immediately respond to the demand from their BRICS counterpart, Russia, for oil payments in the Chinese yuan. However, Reuters quoted two sources who said that India already paid the Chinese yuan for three cargoes of Russian oil. This development has not been officially confirmed by the oil refiners. Also Read: Wall Street Buys 1,300+ Tonnes of Gold Before BRICS Currency Launch Also, India rotated payments in the Chinese yuan, Russian ruble, rupee, and the dirham. After China supported Pakistan post the Kashmir attacks, India stopped paying the Chinese yuan. Trump’s tariffs and trade wars also dealt a blow to t...

Brazil’s President Lula da Silva to convene a BRICS virtual meeting next Monday to discuss Trump’s tariffs and trade policies. The alliance will most likely release a joint statement on the White House’s trade policies after the online gathering. The show of strength comes after India, Russia, and China are holding high-level talks this week to safeguard their economies from trade wars. Lula da Silva will convene the BRICS virtual meet as Trump imposed 50% tariffs on Brazil and India last month. The bloc now wants to protect its economy and businesses from the tariffs imposed by the White House. Brazil and India have been affected by the decision, leading to the alliance group after the July summit. Also Read: India Offers Zero Tariff Deal, Trump Says ‘It’s Too Late’ Amid BRICS What Will Brazil Discuss In the BRICS Virtual Meet on Monday? Source: Reuters Brazil’s Lula da Silva will focus on multilateralism in the BRICS virtual meet on Monday, said a source close ...

The world is now witnessing a sharp change with the US dollar being sidestepped and overshadowed by local currencies. The majority of the countries are now strengthening their commitment to local currencies, powering local trade routes to evade US sanctions, to the point of ditching them completely. Many nations are using alternatives to the USD to make foreign trade deals, a phenomenon that could end up hurting the dollar in the long run. Also Read: BRICS Moves to Local Currency Trading: BRICS Currency Dead? Local Currencies Like Yuan in Global Energy Trade Are Taking Precedence Source: Watcher.Guru India and Russia have lately been engaging in a local currency narrative, involving the yuan in the majority of their deals. Russia has asked India to pay 10% of its oil payment in yuan, a currency that Russia has long been exploring in depth. As Russia can no longer conduct business in USD, the nation has switched to the Yuan, which continues to benefit the nation in the long run. Similar...

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...

The de-dollarization phenomenon is once again gaining swift momentum as the world unites forces against the US dollar. With escalating geopolitical tensions and narratives, the US dollar is displaying a volatile stance. Coupled with its heavy weaponization, the world is now questioning whether it truly needs the US dollar for the long haul. In addition to this, several alliances, such as BRICS and ASEAN, are voicing their case for a local currency hegemony, thereby bolstering the multipolar currency narrative. In the midst of it, Bank of America has revealed two prominent reasons why ASEAN is pioneering this agenda in full swing. Also Read: De-Dollarization Necessary: Unveiling The Risks Of A Strong US Dollar ASEAN’s De-Dollarization Dreams Source: Watcher Guru ASEAN has always been very vocal about its local currency narrative. The fact that the US dollar has been heavily weaponized has always irked the bloc, to the point where it has shared openly how it wants to reduce its dependenc...

1. South Korea: Over 30% of Population Now Engaged in Cryptocurrency Investments link According to data from the Bank of Korea, as of the end of November, the total number of cryptocurrency investors in South Korea surpassed 15.59 million for the first time, accounting for over 30% of the country’s population. The total asset size reached 102.6 trillion won (approximately $79 billion), with the daily trading volume nearing the total of the domestic stock market. Fueled by expectations of crypto-friendly policies following Donald Trump’s election as U.S. president, Bitcoin prices surged nearly 35% in November, significantly boosting investment activity in South Korea’s crypto market. Among the five major exchanges, the average cryptocurrency holdings per investor reached 6.58 million won (approximately $5,070), with 610,000 new investors added in November alone. Additionally, the volume of deposits not yet invested in the market increased to 8.8 trillion won (approximately $6 billion). ...