Analysis Crypto by Thebittimes.Com

India officially confirmed that they do not support the formation of a BRICS currency to challenge the US dollar. The Modi government made it clear that India embraces the US dollar and will use the currency for cross-border transactions. The country will settle payments in local currencies with other developing nations only when it seems fit. The U-turn comes after Trump spared India from tariffs but imposed them on Canada, Mexico, and China. Also Read: BRICS: 2 Countries Officially Agree To Ditch the US Dollar For Trade BRICS member China might not take India’s stance lightly as the Communist country wants to launch the new currency. It is working closely with Russia and Iran for the formation of the currency to uproot the US dollar’s global dominance. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The move could dampen the US markets and lead to inflation in the homeland. Also Read: De-Dollarization: New Country Emerg...

The BRICS bloc created a mock-up currency during the 16th summit in October in Russia’s Kazan region. Russian President Vladimir Putin proudly displayed the mock-up bill to all the attendees, indicating that a new currency is in the works. The currency in question would challenge the US dollar’s hegemony and dim its demand in the global supply mechanism. On the other hand, BRICS member India is slowly distancing itself from the de-dollarization agenda. Also Read: The US Dollar’s Clout Is Decreasing Globally, Says BRICS The threat from BRICS was real and the Joe Biden administration stood by doing nothing. However, things are changing after Trump reclaimed the White House and the bloc is backtracking on the formation of a new currency. The recent threat from Trump to impose a 100% tariff on goods has ruffled feathers among developing countries. India made an official announcement regarding the BRICS currency and the de-dollarization initiative. Also Read: BRICS Worry Trump To...

Ripple XRP is now playing a significant role in trade talks between two BRICS nations: India and the UAE. India has completed its first crude oil transaction with the UAE using local currencies, bypassing the US dollar. The transaction is integrated with the XRP Ledger System CryptoTradingFund (CTF). This enables customers to earn CTF tokens as cashback when using the system. Earlier this week, Ripple announced a major partnership in the United Arab Emirates (UAE). The company issued a press release unveiling a partnership with the Dubai International Financial Centre (DIFC). The release stated that the collaboration will “accelerate blockchain and digital asset innovation in the UAE.” BRICS Members India and UAE Use XRP Ledger To Abandon US Dollar Source: Financial IT Both India and the UAE have been strong supporters of the overall BRICS mission to ditch the US dollar. The two nations have struck multiple deals already together, but this is the first of its kind fully bypassing th...

In a multipolar world where US dollar dominance continues to be challenged, the rise of local currency narratives is gaining steady momentum. These currencies are sharp, robust, and equally capable of driving the USD off the rails, threatening its global reputation. In a bid to kickstart the USD derailment, Russia and India have settled a weapons deal worth $4 billion in local currencies, challenging the USD’s supremacy.  Also Read: The US Dollar Continues To Lose Strength Against Alternative Assets Trade Settled in Rupee Between India & Russia Source: Freepik.com Per recent reports, an array of Russia n companies have purchased robust arms and defense equipment worth $4 billion from India . The deal struck between India and Russia was later settled in India n Rupee s rather than using the traditional US dollar. The purchase was made over six to eight months via a concept called Rupee Vostro accounts. A Vostro account simply refers to an account tha...

India has ordered a cluster of finance analysts and think tanks to study the prospects of a new BRICS currency. The proposal orders finance intellectuals to debate if India wants to agree on the formation of an upcoming BRICS currency. A senior and top-level government official said on the condition of anonymity that the discussion will be significant at the upcoming summit in October. India plans to keep its talking points prepared at the 16th BRICS summit in Russia’s Kazan region this year. Also Read: $5,000 Invested in Nvidia Stocks in 2000 is Worth $2 Million Today BRICS member Russia is also contemplating ideas of a BRICS currency as its economy is affected by the US sanctions. Russia is reaching out to India for a renewed and extensive dialogue about the prospects of a new BRICS currency. “We have not changed our position at all, but there is no harm in a study,” informed a source to Business Standard. Speculations are rife that the finance analysts and think tank...

Russia ’s President Vladimir Putin and India ’s Prime Minister Narendra Modi held a telephone conversation on Tuesday and discussed the recent policies established at the BRICS summit in Johannesburg. The two leaders spoke extensively about BRICS expansion and the way ahead for the newly formed 11-member group. Modi and Putin discussed plans for the next BRICS summit in 2024, which will be hosted by Russia . The 16th BRICS summit will see Putin welcome the six new members into the bloc. Also Read: BRICS GDP Reaches $31 Trillion With New Members The two leaders expressed a desire to initiate large-scale energy projects by expanding the international transport and logistics infrastructure. India and Russia reviewed progress on their bilateral ties and exchanged views on both regional and international matters. The mutual issue discussed among the two is BRICS expansion and the upcoming G20 summit in New Delhi in September. After BRICS, G20 Summit in the Spotlig...

However, the India n government completely denied these allegations, calling it an “outright lie.” According to the India n government, Jack Dorsey and his Twitter team repeatedly violated India n laws and failed to comply from 2020 to 2022. Misinformation and fake news on social media platforms like Twitter ignited violence during the protests. advertisement Former IT Minister Ravi Shankar Prasad said: “At the time, Twitter didn’t comply with Indian laws. It is clear that all social media platforms are respected in India but they have to abide by the law of the land.” Union Minister Rajeev Chandrasekhar slams Jack Dorsey , revealing no one was raided or sent to jail. Twitter operated normally and was never shut down. The social media platform only complied in June 2022 after similar events happened in the U.S. Recommended Articles Crypt...

The central bank aims to incorporate more use cases and features to its national digital currency this year. advertisement RBI includes more banks and locations for CBDC pilot The Reserve bank said in its annual report that it introduced its CBDC in phases during the year, with the launch of pilots for Digital Rupee in the wholesale and retail segments on November 1, 2022 and December 1, 2022, respectively,” said RBI. “The pilots were preceded by issuance of a ‘Concept Note’ on CBDC to create awareness about CBDC s in general and the planned Features of the digital currency in particular,” the central bank added. Now, the pilot in CBDC -Retail is proposed to be expanded to more locations and to include more participating banks. The CBDC pilot project started with four banks including State Bank of India , ICICI Bank, Yes Bank, and IDFC First Bank. Later, four other banks were also included, namely Bank of Baroda, Union Bank of In...