Bitcoin News and Finance
BRICS Not Focusing on Creating Common Currency, Indian Official Says Skip to main content

BRICS Not Focusing on Creating Common Currency, Indian Official Says

BRICS Not Focusing on Creating Common Currency, Says Indian Official

A top Indian official has downplayed the creation of a shared BRICS currency. Emphasizing that “common currency discussions have several prerequisites before you can even talk about a common currency framework,” the official stressed that the BRICS nations have focused on boosting settlements in national currencies.

Indian Foreign Secretary on BRICS Currency

India’s Foreign Secretary Vinay Mohan Kwatra explained in a media briefing on Monday that the BRICS economic bloc is not focusing on the proposed common currency for member states, Indian news outlet Mint reported. The BRICS nations are Brazil, Russia, India, China, and South Africa.

“The substantive part of trade and economic exchanges and discussions that have been a part of BRICS discussions have so far, in a major way, focused on how to increase trade in respective national currencies which … is considerably different from a common currency concept,” the official detailed, elaborating:

You would know that common currency discussions have several prerequisites before you can even talk about a common currency framework. The discussion framework in BRICS and the substance of that discussion framework in BRICS have focused principally on trade within national currencies.

Recently, India’s Minister of External Affairs S. Jaishankar similarly stated that there is no discussion of a common currency for the BRICS nations.

The economic bloc’s summit is scheduled to take place on Aug. 22-24 in Johannesburg. South Africa is the host of this year’s BRICS summit. While many people expect the BRICS leaders to discuss the creation of a shared currency, the top South African diplomat in charge of BRICS relations has affirmed that the topic of a common currency is not on the agenda to be discussed at the summit.

Some people firmly believe that the proposed common BRICS currency will dethrone the U.S. dollar and become the world’s dominant currency, including Rich Dad Poor Dad author Robert Kiyosaki. However, some are cautious, including British economist Lord Jim O’Neill, who was credited with coining the acronym BRIC. He called the proposed common currency idea “ridiculous” and “embarrassing.”

What do you think about the statements by Indian Foreign Secretary Vinay Mohan Kwatra regarding the proposed common currency for the BRICS nations? Let us know 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