Features Crypto News by Thebittimes.Com

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...

The demand for gold is steadily rising, as global banks continue to stockpile gold in a massive new spree. Donald Trump’s tariff regimens have weakened the US dollar to a point where the USD is unable to regain its former glory. This rush has also been strengthening other asset classes such as cryptocurrencies, with Bitcoin, which is currently eyeing a new price spot of $123K. However, as of now, gold is emerging as the top asset for global central banks to hold around the world. Also Read: Gold Surges Near $3,360 After Weak Jobs Data Fuels Fed Cut Bets Gold Is Favorite Asset to Hold, Per World’s Central Banks Source: mmtcpamp.com As per the new stats shared by the Kobeissi letter, the World Central Banks’ gold stockpiling spree is yet to catch a break. The new statistics shared by the KL platform noted how the world’s central banks have aggressively bought gold in Q2, amounting to 166.5 tonnes. Moreover, the amount represents a hike of 41% above the average quarterly basis between 201...

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...

In a multipolar currency world, the US dollar has now become a source of constant speculations and challenges. The US dollar has attracted credible foes and enemies, the ones that want to derail its status as a reserve currency. US President Donald Trump is also tightening his stance against global nations, introducing intense tariff policies that are further pushing the nations away from the US dollar. With the trade war narratives catching pace, the US dollar keeps plunging, derailed by a new currency challenger in space. Also Read: Wall Street Crash: Who Got Wrecked in the $320B Crash—While Buffett Cashed In? US Dollar’s Newest Enemy The US dollar is now a part of larger currency dynamics, with the American currency battling new challenges. Per the Kobeissi letter, the US dollar index has fallen 3.5% last week, marking the second largest drop since the pandemic in 2020. The index is still showing signs of red, plummeting relentlessly amid new trade war narratives gaining moment...

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...

(Kindly schedule for Sunday 7:30 pm IST) BRICS is not the only group of countries that are looking to end reliance on the U.S. dollar in 2023. A new bloc of ASEAN countries has come forward and agreed to ditch the dollar for global trade. The ASEAN alliance is looking to promote their native currencies for cross-border transactions by sidelining the USD. The leaders of 10 Southeast nations recently signed a declaration to stop using the U.S. dollar for international trade and aim to promote their local currencies instead Also Read: Ahead of Joining BRICS , Iraq Issues Ban on U.S. Dollar Transactions ASEAN is a bloc of 10 countries that compromise Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. Therefore, after BRICS, it is the ASEAN bloc of countries that is looking to follow suit. The 10 nations have jointly accepted to reduce U.S. dollar payments and increase global settlement in native currencies. Moreover, internat...