Bitcoin News and Finance
BRICS Nations to Encourage Use of Local Currencies in Trade Skip to main content

BRICS Nations to Encourage Use of Local Currencies in Trade

BRICS Nations to Encourage Use of Local Currencies in Trade

Countries in the BRICS bloc intend to encourage the use of local currencies in cross-border trade, their foreign ministers revealed. The top diplomats, who met in South Africa, also emphasized the importance of financial inclusion, welcoming new technologies that support it.

BRICS to Stimulate Trade Transactions in Local Currencies

The BRICS group of the largest emerging economies (Brazil, Russia, India, China, and South Africa), will encourage the use of local currencies in international trade. The plan was announced during the meeting of their foreign ministers in Cape Town, Russian news agencies Tass and RIA Novosti reported.

The first diplomats of the nations in the union met in South Africa’s oldest city on June 1 – 2. The hosting country took over the BRICS chairmanship from China earlier this year. In a joint statement published by its foreign ministry, the Department of International Relations and Cooperation, they stated:

Ministers underscored the importance of encouraging the use of local currencies in international trade and financial transactions between BRICS as well as their trading partners.

The representatives also put an emphasis on financial inclusion that will allow citizens to “reap the benefits of economic growth and prosperity.” They welcomed the “many new technological instruments for financial inclusion, developed in BRICS countries,” insisting these can help ensure people’s participation in the formal economy.

A number of other countries have so far expressed intentions to join the association, including Argentina, Iran, Indonesia, Turkey, and Egypt. According to a recent report, Saudi Arabia is holding membership talks as well.

The heads of state of BRICS nations plan to meet in Johannesburg, on Aug. 22 – 24. According to Russian Deputy Prime Minister Alexey Overchuk, the creation of an international reserve currency based on the currencies of the BRICS states, is likely to be on the summit’s agenda.

In interview earlier this year, South Africa’s ambassador to the group, Anil Sooklal, highlighted efforts to deepen economic and financial ties between the BRICS members, with the aim of creating a common currency. However, he noted that the bloc is currently focused on expanding the use of their national currencies.

Do you think the BRICS currencies and other local currencies will see greater use in international settlements in the coming years? Share your expectations in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory