China News Daily TheBitTimes.com

To bolster the de-dollarization agenda, India and Russia signed a pact to settle oil and gas payments in local currencies. The aim was to bypass the US dollar and the agreement was forged in 2022 to use the rupee-ruble pair. India even opened Vostro accounts for Russian refiners to accept the rupee for crude oil shipments. Three years later, neither the rupee nor the ruble is used for trade but a new third-party currency, the UAE’s dirham benefited from the deal. Also Read: Russia Says Joe Biden is Responsible For the US Dollar’s Decline India & Russia’s De-Dollarization Plan Fails as UAE’s Dirham Gains Source: seekingalpha.com / Arseniy45 Since the US tightened sanctions on Russia, Indian refiners are forced to source Russian oil from traders in the UAE. While the initial de-dollarization plan was to use the rupee-ruble for oil, India now has to pay dirhams for procurement. Suppliers in the UAE have made it clear that they accept the US dollar and for local currencies...

The US dollar is currently undergoing a downward spiral. The American currency is down 11% in the last year, rattled badly by Trump’s imposing stance on tariffs, battering the global economy. With raging trade war fears gaining momentum again, a new statement by Russian Minister of Foreign Affairs Sergey Lavrov has added new fuel to the de-dollarization drive. Russia, in the latest BRICS summit, has declared the US dollar “untrustworthy,” claiming that rising US debt is driving the dollar off the charts. Also Read: BlackRock Says Surging US Debt Could Fuel De-Dollarization Russia Indirectly Calls US Dollar Unfit and Unwell: What’s Happening Source: Watcher Guru In the latest BRICS summit hosted in Brazil, Russia’s Sergey Lavrov had dropped another statement, leading fears of de-dollarization to catch fire once again. In his latest opinion, Lavrov has deemed the US dollar untrustworthy. Lavrov stated that escalating US debt tensions are now affecting the American currency. He...

The US dollar is battling rising external forces, enemies, and foes that intend to derail and destabilize its positioning. The US dollar is now a part of the growing multipolar system, where countries have now started to initiate de-dollarization drives to suppress USD usage all while promoting the use of local currencies. In this effort, three countries have lately been pioneering this effort. Now that Trump’s stance towards tariffs has become more gruesome, will the concept of de-dollarization become a regular phenomenon? Let’s find out. Also Read: Trump’s 25% EU Tariffs Cause Bitcoin to Tumble—How Will Crypto React? Three Countries Reducing Their Reliance On US Dollar Sparking De-Dollarization 1. Russia Source: pics.alphacoders.com Russia was sanctioned heavily by the United States and was ultimately banned from the SWIFT transactions system. Since the aforementioned fallout, Russia has been spearheading the local currency usage while pivoting towards exploring the Chinese Yuan...

Russia is reaching out to Myanmar to advance and strengthen the de-dollarization agenda in 2025. BRICS member Russia is in discussions with Myanmar to conduct trade in local currencies and ditch the US dollar. The Putin administration is looking to launch a direct payment system with their respective local currencies, the kyat and ruble. The goal is to significantly reduce the usage of the US dollar and bolster local currencies for cross-border transactions. Also Read: Analysts Predict the Future of BRICS Currency BRICS: Russia & Myanmar Look to End US Dollar Reliance, Promote Local Currency Source: irrawaddy.com Myanmar’s Foreign Economic Relations Minister, Kan Zaw revealed that they are negotiating a local currency payment system with Russia. “We have been negotiating the kyat-ruble payment system to facilitate the bilateral trade. However, the central banks of the two countries have been keeping the current series of discussions at a very low profile,” he said. Th...

Russia’s Bitcoin reserve plan is changing how countries handle their money. State Duma deputy Anton Tkachev has proposed this new strategy to protect against Western sanctions. This move brings together cryptocurrency adoption and financial planning as Russia pushes for de-dollarization in world trade. “I ask you, dear Anton Germanovich, to assess the feasibility of creating a strategic reserve of bitcoin in Russia by analogy with state reserves in traditional currencies. If this initiative is approved, I ask you to submit it to the Government of the Russian Federation for further implementation.” https://twitter.com/WatcherGuru/status/1866268699079975196 Also Read: Bitcoin: What Could a $1,000 Investment Today Be Worth in 2030? How Russia’s Bitcoin Strategy Could Transform Global Trade Amid Sanctions Source: Watcher Guru Strategic Foundation of Russia’s Bitcoin Reserve Global Crypto Adoption Index – Source: Chainalysis The Russian Bitcoin reserve ai...

The BRICS alliance will invite Palestine to attend the 2024 summit in October. The 16th summit is scheduled to be held in the Kazan region of Russia on October 22 to 24. For the first time, the expanded nine-member alliance will meet at the table to discuss various issues about the economy, trade, and currencies, among others. Also Read: BRICS: No De-Dollarization, Countries Use China When It Suits Them Palestine should be expecting to receive the invitation this month to attend the BRICS 2024. Russia is working towards the process to get the Middle Eastern nation to be a part of the summit. “We have certainly also discussed bilateral relations because we enjoy a very long-standing strategic relationship with Russia,” said Palestine’s leader Mahmoud Abbas. “We have also discussed BRICS and have reached a verbal agreement that Palestine would be invited (2024 summit) in the outreach format,” Abbas stated. Also Read: BRICS No Longer Attaching Importance to...

Russian traffic increased up to 20% on several tier-1 crypto exchanges in November, as Binance recorded significantly slower trading volume growth than its major competitors.  According to the latest CEX data from WuBlockchain, most of November’s traffic inflow on top crypto exchanges such as Huobi, Deribit, Bitget, and Bybit came from Russian users. These exchange benefits significantly from Binance’s exit from the Russian market. Nearly 20% of Bybit’s traffic last month came from Russian users – most from a single geographical location. This was also reflected in the exchange ’s spot trading volume, as Bybit saw a 62.5% increase in November.  Bitget also saw 10% of its traffic generated from Russia, which became its leading traffic source in Europe, and the platform also recorded a nearly 60% increase in its trading volume. Binance’s exit seemingly didn’t impact Russia’s crypto activities, as cryptocurrency transactions increased by 53.9% in the country this year....