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As C.H. Spurgeon famously said, “a lie will go round the world while truth is pulling its boots on.” Early Sunday morning, Beijing time, that very thing happened. Wild rumors, apparently starting on Telegram and filtered through Elon Musk’s X, began to surface that China had implemented yet another ban on crypto and Bitcoin. Eventually, these rumors made it to major accounts with millions of followers, including FirstSquawk, PolyMarket, Kalshi, and Unusual Whales, who all reported it without any sourcing. The problem? It’s fake news. This “breaking news” isn’t new to anyone who’s been involved in crypto since 2016 — 2021 because almost every single year someone suggests that China has, yet again, banned it. There have actually been specific bans implemented on cryptocurrencies in China: in 2021 the National Development and Reform Commission pushed for crypto mining activities to cease, though older mining farms were allowed to continue to conduct business for a pe...

Russia and China agreed to a major BRICS deal on Wednesday to start mass production of spectrometers on femtosecond lasers. The partnership was announced by Aleksander Kuleshov, President of the Skolkovo Institute of Science and Technology in Moscow. The deal went through at the St. Petersburg International Economic Forum ( SPIEF) and both Russia and China would start mass manufacturing by the end of the year. Kuleshov explained that the laser deal will give BRICS wider access to the markets through Russia and China’s joint initiatives. “This will be truly mass and, most importantly, inexpensive spectrometry,” Kuleshov said. The alliance is signing new deals and since Russia is under sanctions, the majority of the payments will be settled in local currencies. Also Read: China Grants 53 Countries Tariff-Free BRICS Market Access However, Kuleshov did not specify how much the Russia and China’s BRICS laser tech deal is worth. He revealed that Russia will be respons...

Since the start of the year, the BRICS economic alliance and the US have seen tensions explode, and Saudi Arabia has unwillingly sat at the center. Indeed, their issues have reached a fever pitch amid a brewing trade war between the United States and China. Now, all eyes are on Riyadh and where its loyalties could lie in a geopolitical sense. The country was among the first to be included in the bloc’s landmark expansion plan. However, since accepting an invitation to join, Saudi Arabia has yet to fully become a part of the collective. Now, that may never come, as it stands in a complicated position with both allies. Also Read: BRICS: China & Russia Announce New Major Partnership Saudi Arabia Stands at the Center of US & BRICS Conflict: Which Side Are They On? Since his return to the White House, US President Donald Trump has not minced words regarding the BRICS bloc. Indeed, he warned that the bloc would face a 150% tariff for its attempts at creating a currency to rival the U...

US President Donald Trump says crypto is important and wants the US to build dominance over China in the digital asset space. “I want crypto. I think crypto’s important because if we don’t do it, China’s going to,” Trump said in an interview with Kristen Welker on NBC News’ Meet the Press that was released on May 4. “And it’s new, it’s very popular, it’s very hot,” he added. Trump Criticizes Biden For “Violently” Attacking The Industry CBS News’ Jennifer Jacobs reported on X that Trump wants to keep crypto “away from China.” According to her, the President warned that if the US does not build and maintain dominance in the digital asset space, “China will take it over,” similar to what they did with artificial intelligence (AI) and “so many other industries.”  Trump said he's a big fan of cryptocurrency — "I want to keep it away from China." He said h...

There have been a lot of questions about the US dollar’s (USD) domination over the last decade. Despite the greenback making up for a majority of global trade, there is a growing sentiment among many nations to move away from the USD. The de-dollarization trend has taken a substantially strong in recent years. Also Read: Donald Trump Reacts to US Stock Market Crash, The President Says This Warren Buffett Speaks On The Future Of The USD Source: Money.com / Eddie Lee / Getty Images Warren Buffett is among the elite class of traders. In a 2015 interview with Business Insider, the veteran trader said the US dollar will reign supreme for at least another 50 years. Going by Buffett’s estimates, the USD could remain the dominant global currency till at least 2065. His arguments could help fight the de-dollarization momentum. Buffett stated, “ I think the dollar will be the world’s reserve currency 50 years from now. I think the probabilities of that are very high .” Whe...

China and Iran have been pushing the de-dollarization agenda and US President Donald Trump is tackling the issue through sanctions. Trump’s first sanctions against Iran targeted three vessels carrying Iranian crude oil to China. The sanctions include one very-large crude carrier (VLCC) and two Aframaxes, reported the US Treasury Department. In addition, Trump sanctioned several entities and individuals involved in the crude oil trade between the two countries. Also Read: Currency: US Dollar Makes the Indian Rupee Collapse Therefore, the sanctions will make it harder for China to accept Iranian crude oil when it reaches the shores. Trump also warned that if China accepts the crude oil from Iran, they will not be allowed to conduct business in the US. Both China and Iran have been the frontrunners of the de-dollarization agenda and Trump is taking the bull by the horns. “I told China and other countries, if you buy from Iran, we will not let you do any business in this country and w...

BRICS member China is looking to convince 40 new countries to use the Chinese yuan for cross-border transactions and not the US dollar. The Communist country is aiming to capitalize on the growing de-dollarization trend and is pushing the Chinese yuan for trade. For the uninitiated, the usage of the Chinese yuan for trade settlements has surged 4.6% in 2024, compared to 2% in 2019. The currency usage has more than doubled in six years and is threatening the prospects of the US dollar. Also Read: Saudi Arabia Considering To Join BRICS Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. If the US fails to import the dollar overseas, it would return to the homeland leading to inflation. Therefore, the USD needs to maintain its top position in the currency markets to sustain the American economy and keep prices lower. Also Read: Donald Trump Threatens 100% Tariff if BRICS Ditches the US Dollar BRICS: China Signing Agreements With 40 Countrie...

Afghanistan’s government, the Taliban has allowed China to begin working on its copper mine located in the Mes Aynak region. The region was disputed as it was once home to the remarkable ancient Buddha statues and temples. There was a 16-year delay due to conflict that led China to pause working on the copper mine. Both China and Afghanistan could make billions in copper reserves and increase their share of GDP. Also Read: How Much Oil Reserves Does Saudi Arabia’s Aramco Hold? However, the conflict has been resolved and the Taliban has allowed China to work on the vast Copper deposits. The deposits are estimated to be worth billions of dollars and will be a potential source of revenue for Af ghani stan. “The time wasted in the implementation of the project should be recuperated with speedy work,” said Abdul Ghani Baradar, Taliban ’s Deputy Prime Minister for Economic Affairs. Also Read: Oil Prices Rise After Hamas Leader Killed in Iran China Begins Work on Afg...

With the sudden pivot of global banks towards gold, the price of the yellow metal has skyrocketed to breach its previously held records. Gold is currently sitting at $2,320, with trajectories projecting a strong price pull brewing in the center. The sudden bolstering of gold has primarily been driven by the global bank’s XAU buying spree. The development has played an elemental role in fueling the price of gold. But there’s more than meets the eye.  It seems that China is pioneering this narrative, and not just the plain old policy vertical perspective. Gold has become a popular metal in China, with regular households banking on it to stabilize their long-term profits and returns.  Also Read: Ditch the US Stock Market and Invest in Gold in 2024: Explains Analyst Chinese Investors’ Obsession With Gold: What’s Happening? Image Source: Watcher Guru Chinese have lately been banking on the “exquisite yellow metal”, which seems evid...

BRICS member China is looking to promote local currency swaps with 29 developing countries worth 4 trillion Yuan, which is equivalent to $553.49 billion. The bilateral currency swaps could facilitate trade and investment options by adding a safety net for all local currencies. For the uninitiated, currency swaps between Central Banks are finance agreements in which one country can exchange its own currency for another. This helps Central Banks save costs in exchange rate risks and keep the option of using their local currencies always open. Also Read: 3 U.S. Sectors To Be Affected If BRICS Ditches the Dollar The US dollar will play no role in the swaps as local currencies will remain the centerpiece of all transactions. In other words, Central Banks can trade billions worth in exchanges making their local currencies remain ‘always trading’ in the market. Among the 29 countries, China is also considering to include all BRICS nations in the Currency Swap agreement. ...

U.S. Representatives Zach Nunn and Abigail Spanberger have introduced the CLARITY Act of 2023, a bill aimed at prohibiting federal officials from transacting with Chinese blockchain companies to safeguard national security interests. In a bipartisan initiative, Representatives Zach Nunn and Abigail Spanberger introduced the Creating Legal Accountability for Rogue Innovators and Technology Act of 2023, commonly known as the CLARITY Act. This proposed legislation targets a very contemporary issue: The engagement between U.S. federal officials and Chinese blockchain entities. If enacted, the act will unequivocally prohibit federal government employees from using Chinese blockchain networks and from transacting with certain Chinese companies, including iFinex—the parent company of Tether, a well-known cryptocurrency stablecoin issuer. So this new “Clarity Act” would mean the US government employees won’t be able to hold #Ethereum right??? It’s a Chinese blockchain company right ...

Goldman Sachs has used a fund set up with Chinese state money to buy a series of US and UK companies. The Wall Street bank has made seven deals using cash from a $2.5 billion private equity “partnership fund” it set up in 2017 with the sovereign wealth fund China Investment Corporation. This is according to people close to the fund and its operations. The bank did reveal its investments in these companies in the past. However, Goldman Sachs did not say the deals were financed at least partly from the Chinese fund. Source – TechStory The deals include companies with the following businesses, according to the Financial Times: A start-up that tracks global supply chains A consultancy that advises on cloud computing A drug testing company A manufacturer of systems used for artificial intelligence, drones, and electric vehicle batteries Also Read: Goldman Sachs : Bitcoin’s Profit-Taking Remained Strong in May These deals by ...

China is warning telecom companies that are based overseas not to wield “new technologies” — digital assets, blockchain , artificial intelligence (AI) and the metaverse — for nefarious purposes. According to Global Times, citing a statement from the Chinese Central Political and Legal Committee, “entities operating from outside China have been using deceptive tactics such as posing as lucrative job opportunities to recruit unsuspecting victims.” “From the perspective of fraud methods, fraud groups use blockchain , metaverse, virtual currency, AI intelligence and other new technologies and new formats to continuously update criminal tools, which are more concealed and confusing,” the committee stated. “This requires the public security, finance, telecom munications, Internet and other departments to work together, apply advanced technical means, and fulfill the responsibility of the main body of supervision.” You might also like:...

China issued a nationwide crackdown on crypto in 2021. All activities, right from mining to Trading and investing, were prohibited. However, China allegedly remains to be Binance’s largest market. A recent report by The Wall Street Journal pointed out that users traded $90 billion of crypto-related assets in China in a single month in May, according to an internal platform at Binance named “Mission Control.” Futures contracts comprised the major chunk of volume. Citing internal figures viewed by reporters, current and former employees, the report noted, “The transactions made China Binance’s biggest market by far accounting for 20% of volume worldwide, excluding trades made by a subset of very large traders.” Source: Wall Street Journal Wall Street Journal’s sources revealed that China’s importance for Binance is “openly discussed internally.” In fact, despite the ban, the exchange’s investigation team works in tandem with Chinese law enforcemen...