Bitcoin News and Finance: What You Need to Know

The government of Brazil has formally presented a proposal to Argentina to settle bilateral trade transactions in the Chinese yuan. The proposal, which would leverage resources in the Chinese credit swap line, aims to maintain trade between the countries and secure the payment of Brazilian exporters even with Argentina’s low foreign reserves. Brazil Proposes De-Dollarization of Trade With Argentina The government of Brazil has made an official proposal to abandon the use of the U.S. dollar in bilateral trade settlements with Argentina, one of its main commercial partners. Fernando Haddad, Economy Minister of Brazil, presented the proposal to the Argentine government on the sidelines of the BRICS leaders summit recently held in Johannesburg. Quoted by the Argentine state-owned news outlet Telam, Haddad stated : We sent the Argentine government a guarantee proposal in yuan for Brazilian exports, for Brazilian exporters it is a good thing, it will be good news if Argentina accepts. ...

South Africa’s minister of finance has explained why he believes that no country is ready for a common currency, including a unified BRICS currency. “Setting up a common currency presupposes setting up a central bank, and that presupposes losing independence on monetary policies, and I don’t think any country is ready for that,” he emphasized. ‘I Don’t Think Any Country Is Ready for That’ South Africa’s Minister of Finance Enoch Godongwana talked about the prospect of creating a common currency in an interview on the sidelines of the BRICS economic bloc’s annual summit in Johannesburg on Thursday. South Africa was the host of this year’s BRICS summit. Despite widespread expectations of the BRICS countries announcing the creation of a common currency, potentially backed by gold , he stressed that “No one has tabled the issue of a BRICS currency, not even in informal meetings.” The official continued: Setting up a common currency presupposes setting up a central bank, and that pre...

Mastercard and crypto exchange Binance are ending their partnership for crypto cards. According to the payment giant, the decision will affect all four of Mastercard’s co-branded crypto card programs with Binance in Argentina, Brazil, Colombia, and Bahrain. Partnership Between Mastercard and Binance Ending Mastercard and cryptocurrency exchange Binance are ending their partnership for crypto cards, Bloomberg reported Thursday, citing an emailed statement by a Mastercard spokesperson. The decision will affect all four of Mastercard’s co-branded crypto card programs with Binance in Argentina, Brazil, Colombia, and Bahrain, starting Sept. 22, the news outlet conveyed, adding that the spokesperson declined to provide a reason for the partnership termination. Binance’s customer support team similarly explained on social media platform X: The Binance Card will no longer be available to users in Latin America and the Middle East. “The product, like most debit cards, has been utilize...

A study of CME Group’s bitcoin futures and open interest indicates the crypto bear market may be approaching its end, according to JPMorgan analysts led by Nikolaos Panigirtzoglou. The bank’s market experts suggest that there’s “limited downside for crypto markets over the near term.” Reversal on the Horizon? JPMorgan Sees Limited Downside for Crypto Going Forward Over the past fortnight, bitcoin (BTC) and the broader crypto economy have experienced a decline, with the entire market valued just above one trillion at roughly $1.05 trillion as of Friday, August 25, 2023. Regardless of the recent crypto slump and the recorded $1 billion in liquidations on August 17, JPMorgan analysts, directed by senior analyst Nikolaos Panigirtzoglou, posit that this decline might have reached its end. The JPMorgan experts assert that extensive positions in CME’s bitcoin derivatives markets convey a narrative indicating that the recent unwinding has ceased. “As a result, we see limited downside fo...

The Ministry of Economic Development of Russia does not expect the rapid development of a common currency for the BRICS bloc. Deputy Economic Development Minister Vladimir Ilyichev stated that “quick breakthroughs” on this issue are unlikely to happen during the ongoing BRICS summit, citing the process the European Union underwent to create the euro. Ministry of Economic Development of Russia Expects No ‘Quick Breakthroughs’ on a Common BRICS Currency The Ministry of Economic Development of Russia does not expect rapid decisions or announcements on issuing a common currency of the BRICS bloc, integrated by Brazil, Russia, India, China, and South Africa. In an interview with CGTN, a Chinese news outlet, Deputy Economic Development Minister Vladimir Ilyichev indicated he was pessimistic about developing such a currency in the short term, even with the size and importance of the BRICS organization. He stated : The BRICS group’s economy accounts for about 25% of global GDP. In our vi...