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In a landmark move to challenge the USD’s dominance, India has issued an official circular allowing BRICS nations to settle 100% of their trade in the rupee. Analysts say the move could accelerate the decline of the dollar’s supremacy in the international markets. The Reserve Bank of India published a report on Tuesday directing banks to open more Vostro accounts without prior approval. The banks can now allow export and import businesses from other countries to settle trade in the rupee through the special Vostro accounts. The circular comes after Trump imposed 50% tariffs on India last week, and the Modi government wants to strengthen the rupee. The development is seen as a retaliation against the policies of the White House. Apart from BRICS, India has also sent the circular to other countries, granting them direct payments in the rupee and not the USD. Cross-border transfers will benefit India and make the USD face a deficit in the international markets. Also Read: Death of th...

India reaffirmed on Thursday that they do not align with the BRICS de-dollarization agenda and will not ditch the US dollar for trade and cross-border transactions. The statement comes just a few days after the 17th summit in Brazil, where member nations discussed the future prospects. External Affairs Minister of India, Randhir Jaiswal, confirmed that BRICS member nations discussed settling trade payments in local currencies. However, he stated that there were no talks about the formation of a new BRICS common currency. “De-dollarization is not something which is on the agenda,” he said, assuring that India does not align with BRICS ideology. “Cross-border payments, yes. BRICS have talked about local currencies, but de-dollarization is not something that is there on the agenda,” he said. The remarks come after many developing countries are discussing advancing the de-dollarization initiative. Also Read: The Mighty BRICS Folds Under Pressure India Sides With the US o...

When BRICS was formed in June 2009, former US President Barack Obama had predicted the future of the US dollar. Three months after BRICS was formed in 2009, Obama spoke in length about the USD highlighting its importance across the world. The former President revealed that investor’s confidence in the USD is high and will remain the same for many more years. Also Read: BRICS Gives Huge Update: Non-Members Can Settle Trade In New Payment System However, fast-forward 16 years to 2025, the geopolitical landscape has experienced a paradigm shift. Developing countries are advancing financially and competing with the US in tech, trade, and science. BRICS is also looking to topple the US dollar giving Barack Obama’s 2009 prediction a reality check. The global financial markets are rapidly evolving with emerging economies looking to dominate the geopolitical spectrum. Also Read: De-Dollarization: China Dumps $23 Billion Worth of US Dollars BRICS: Barack Obama Had Predicted the US Do...

Speculations of a new BRICS currency that could challenge the US dollar’s hegemony have been doing the rounds for two years. The bloc has been discussing the prospects of a new currency after the US pressed sanctions on Russia in 2022. China, Russia, and now Iran are aggressively pushing the de-dollarization agenda and making local currencies reign supreme. The move is giving hope to developing countries that their native currencies can have their time in the forex markets. Also Read: BRICS: Calls To Move Away From the US Dollar Is Growing However, leading global investment bank Standard Chartered believes that BRICS currency is nothing but a “fantasy” . The US dollar will remain the world’s reserve currency for a long period as no competitor comes close. Around 58% of the global reserves are in the US dollar and have steadily maintained their momentum in the last five years. Also Read: De-Dollarization: 2 Countries Settle $37 Billion in Local Currencies BRICS Cu...

Leading investment bank UBS remains bullish on the US dollar currency if Donald Trump wins the presidency in November. The bank wrote in its recent report that the market is contemplating a Trump victory against his viral Kamala Harris. However, opinion polls show a different perspective as Harris is beating Trump in the ballot box. While these are mere speculations, the exact result of the election will be announced on November 5, 2024. Also Read: There Is No American Dream Anymore, It’s Only Survival Currency: Higher Odds of the US Dollar Strengthening Under Trump Presidency Source: CNN The recent data from UBS shows that the US dollar has a higher chance of strengthening in the currency markets under the Trump presidency. The former President is more focused on steering the USD on the right track than his rival Harris. “Higher odds of a Trump presidency are likely to be associated with a stronger USD near term,” said analysts at UBS. Also Read: BRICS Pay: Exclusive Video of New Pay...

The crypto currency market witnessed significant liquidation over the past day, with the market sentiment falling to a low of 38. Bitcoin topped the liquidation standings, with BNB and Ethereum also witnessing liquidated positions. This increased selling pressure is linked to Mt. Gox’s ongoing customer compensation.  With the market currently experiencing a lull, some investors are turning to many new crypto currency releases, listings, & presales for easy market entry. InsideBitcoins aids this search by spotlighting the top picks in these categories and providing insights into their Features , utilities, and roadmap. New Cryptocurrency Releases, Listings, and Presales Today Tonoreum, a groundbreaking Telegram Open Network (TON) project, stands out with its unique features. It introduces TOR Power, a distinctive element that enables users to mine TOR currency. Meanwhile, TRALA Lab is developing the TRALA platform, an all-in-one Web 3.0 gaming ecosystem.  In add...

The altcoin market looks bullish as some coins try to bounce back. Investors need to stay alert during this consolidation phase, as it could be a chance to ride a rising trend. Institutional investors are now paying more attention to interoperability and tokenizing real-world assets. Prices of these assets are climbing, even before the market takes off entirely. The objective is to identify the next cryptocurrencies to explode and inform investors and traders about each token. Next Cryptocurrency To Explode Attention in the crypto market in the coming month will go toward the altcoin and meme coin sectors and making the most of the altcoin market. Hence, investors can capitalize on the moment and take a position in upcoming tokens like PlayDoge. PlayDoge is a new Doge meme coin that uses play-to-earn technology to create a gaming economy with real monetizable value. This post covers the details of its presale. 1. GameStop (GME) The Solana-based GME coin (GME), a meme coin inspire...

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Brazil’s top financial institutions are preparing for the nationwide rollout of the central bank’s digital currency, Drex.  As Brazil’s central bank gears up for the introduction of its digital currency , Drex, leading financial institutions like Itau Unibanco, BTG Pactual and Santander Brasil are escalating their efforts. These major banks are increasing staff and investing in the technology infrastructure required for the nationwide implementation of Drex. Central Bank President Roberto Campos Neto has long been an advocate for digital assets, even as some of his global counterparts have taken a more conservative stance. Since his appointment in 2019, Campos Neto has maintained that blockchain technology is not just a passing trend but an innovation that can enhance the stability and efficiency of financial systems. Brazil central bank names its digital currency 'DREX,' scheduled for 2024 launch Brazil's central bank forthcoming digital cur...