Ethereum News Daily Official TheBitTimes.com

Speculations and media reports are rife that a few BRICS members are considering leaving the alliance. Russian Foreign Ministry Spokeswoman Maria Zakharova addressed the media reports that members may leave the association due to threats from US President Donald Trump to impose further tariffs. Also Read: BRICS Hold 76 Million Metric Tons of Rare Earth Minerals, US Owns 1.9M BRICS Alliance: Are Member Nations Ready To Leave the Bloc? Source: Reuters Zakharova confirmed that Russia has not received any official information about BRICS members planning to leave the alliance. She stressed that even after the US imposed tariffs on all member nations, they still stand with the bloc and are not bowing down to the intimidation tactics of the White House. “The Russian side has not received any information about leaving BRICS or about the intention to leave its ranks from any member of the alliance, although US tariffs are already in effect for many of them,” said Zakharova. Also Re...

BRICS member China’s new payment system, named Cross-Border Interbank Payments System (CIPS), is taking the financial world by storm. The CIPS payment system now supports international transactions in the Chinese yuan across 185 countries. China has enabled yuan-denominated trades for liquefied natural gas at the Shanghai Oil and Gas Exchange. In addition, the Communist country has allowed the Shenzhen Qianhai Joint Trading Center to handle overseas soybean transactions in the local currency. China has already signed agreements with 40 countries, including BRICS nations, to settle payments in the new CIPS system. As of 2023, settlements reached a high of 52 trillion yuan, representing 58% of the total cross-border flow. That’s a historic milestone that even surpassed the US dollar in various measures. For context, 95% of the trade between China and Russia has been settled in local currencies for the last three years. Also Read: BRICS Expands De-Dollarization: Chinese Yuan Le...

Latin American countries, commonly known as South America, would be ready to accept the BRICS cross-border payment initiative, says Russian Deputy Foreign Minister Sergey Ryabkov. Ryabkov revealed that the work on the cross-border payment initiative is being advanced. The formation of the payment system was discussed during the BRICS summit in July, and South America could adopt the services, he said at the “Interest in BRICS is expanding in the (South America) region,” Ryabkov added. He stressed that the cross-border payment initiative could be ready by 2030. The move could ruffle a lot of feathers in the financial market and challenge the West. “Work is underway in all BRICS dimensions under Brazil’s chairmanship. The agreement on the BRICS economic partnership strategy through 2030 is being finalized. The cross-border payment initiative is being advanced,” he said, signalling that countries in South America would come under the services. Ryabkov spoke about ...

Kenya, Panama, Sri Lanka, and other developing countries have snubbed the US dollar to receive loans from BRICS member China in the Chinese yuan, reported the Times of India. The emerging economies are seeking the Chinese yuan over the US dollar as the financing is cheaper in local currencies. To keep things in context, Panama saves over $200 million by switching to the yuan as FX rates are cheaper. This makes China’s local currency more attractive in terms of finances than the greenback. Kenya completed talks with BRICS member China last month to receive $5 billion in loans in the Chinese yuan. China’s Exim Bank will disburse the loan, which will be used for a major railway project in the African nation. On the other hand, Sri Lanka has requested loans in the yuan for a stalled infrastructural project. The Communist country will most likely accept the request and process the yuan. Also Read: BRICS To Hold Virtual Meet on Monday To Discuss Trump’s Tariffs BRICS Loans in the Chines...

The US imposed sanctions on Russia in February 2022, limiting its imports and exports to cripple its economy. Despite the US sanctions, BRICS members have been relentlessly buying crude oil from Russia worth billions of dollars. India has saved nearly $7 billion in foreign exchange rates alone while procuring Russian oil at discounted prices. The move from the White House has mostly backfired, and Trump took notice of the development. Also Read: BRICS 2025: What the Summit Really Achieved Behind Closed Doors Trump slapped 25% tariffs on India and added a penalty for buying Russian oil despite sanctions. The US President also threatened BRICS members India and Brazil to stop procuring Russian oil or face further tariffs. Even after the threats, India and Brazil continue to buy oil from Russia to help boost their respective economies. It is also a challenge to Trump’s unruly threats, where they don’t want to be seen as bowing under pressure. Buying Oil From Russia is Legal, Sa...

A new BRICS currency showcasing a 200-denominated bank note is doing the rounds on social media at the 2025 summit. The bill showcases the flags and national birds of the member countries signifying unity despite their differences. The bank note has sparked discussions about its significance and prospects in the forex markets. Also Read: India Made a Smart Move by Rejecting BRICS Currency: Analyst 2025 Summit: Did BRICS Unveil the 200-Denominated Bank Note? Source: X / SL Kanthan The 200-denominated bank note from BRICS is not real and is only symbolic. Russian President Vladimir Putin displayed the mock-up bill at the St. Petersburg International Economic Forum 2025 (SPIEF). Putin had also displayed a symbolic BRICS currency during the 2024 summit in Kazan. Each time there’s a summit in Russia, Putin has been displaying mock-up BRICS bank notes for two consecutive years. The bill cannot be taken seriously as it’s not an official currency of the alliance. The bloc is still f...

It has been a rather convoluted year for the United States so far, with macroeconomic pressures and geopolitical tensions abounding. That may take another step forward as its global reserve asset is poised to take a hit. Indeed, amid the BRICS, the euro, and Bitcoin, the US dollar opposition has never been greater than it is right now. The BRICS economic alliance has not been shy about its hopes to challenge the dominance of the greenback. Yet, it has certainly not been alone in 2025. Bitcoin has emerged in a big way, operating as a key hedge against the currency. Moreover, European officials have their eyes on the same thing, as the US dollar could be set to take a major step back this year. Source: CNN Also Read: BRICS vs. US Dollar: Why 2025 is The Year It Happens or It Doesn’t Euro, Bitcoin, & BRICS: Can the US Dollar Withstand All Three US Vice President JD Vanec recently said that the country believes that Bitcoin doesn’t compete with the US dollar. That reality was challeng...

The BRICS alliance and all Asian countries combined have an investment worth $7.5 trillion in US assets, including bonds. For decades, the global financial gameplay was simple and very easy to understand. Asia had an effortless strategy where they sold goods to the US, and in return, invested the proceeds into American financial assets. Things are now changing under the Trump administration after the US President mended the smooth flow of global trade. Also Read: BRICS: Tanzania Issues Major Update on US Dollar Ban The tariffs and trade wars have rubbed emerging economies the wrong way and things could turn worse if BRICS and other Asian countries put their nations first and not depend on the US assets for financial benefits. The unwinding of the $7.5 trillion has already started on a smaller scale, said some of the world’s biggest money managers to Bloomberg. The money managers revealed that if the US fails to stop the outflow, the future would be bleak. BRICS: $7.5 Trillion Asian Ass...

The latest data from Reuters shows that the US dollar fell against eight out of nine leading currencies in 2025. While leading currencies weakened after Trump won the election in November, things took a U-turn after he was sworn in this January. Trump repeatedly threatened BRICS and other countries with trade consequences through tariffs if they ditch the US dollar. Also Read: BRICS: Analyst Reveals If the US Dollar Can Maintain Its Dominance The US dollar dipped against all major currencies this year but only outperformed the Canadian dollar by a small margin of 0.1%. While the BRICS alliance could not topple the US dollar, the greenback is now damaging itself from within through tariffs. Below is the list of leading currencies that the US dollar has dipped in 2025: Swedish crown -8.6% Norwegian crown -6.5% Japanese yen -6.2% Euro -5.7% British pound -3.6% Swiss franc -2.6% New Zealand dollar -2.44% Australian dollar -2.03% Also Read: BRICS: New Country Plans to Reduce 25% of Trade Wi...

India’s Foreign Minister S. Jaishankar revealed that the number of countries ready to join the BRICS alliance is growing. Speaking at a session titled ‘India’s Rise and Role in the World’ in London, Jaishankar confirmed that the bloc is encouraging developing countries to break the norm and enter a new financial territory without having to depend on the US dollar for survival. Also Read: The U.S. Dollar is Losing Luster: Reuters Poll Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The BRICS alliance is spearheading the de-dollarization agenda in a goal of making local currencies the world’s reserve status. The move could realign the global financial sector tilting the power from the West to the East. Also Read: US Dollar & Stock Market Weakens as Trump Tariffs Go Live Number of Countries Wanting to Join BRICS Alliance Increasing Jaishankar emphasized that the BRICS alliance is “a very diverse group...

The last two years have seen the global south orchestrate its very own de-dollarization initiative. Seeking to promote local currencies, was a way to combat the growing influence the West had on global finance. Although the greenback has maintained much of its strength amid BRICS action, one analyst has called the US dollar “grossly overvalued.” The sentiment is tied to the overwhelming influence that the US dollar maintains. Currently, the state of Mississippi, the poorest state in the country, is richer per capita than either the United Kingdom or Japan. Although the reason for this reality can be debated, one economist notes it is likely due to the overwhelming overvaluation of the currency. Source: Watcher Guru Also Read: BRICS: US Dollar Hits 2-Year High as De-Dollarization is Failing US Dollar Called ‘Overvalued’ by Economist: Can That Push BRICS De-Dollarization? 2025 was always set to be a vital year for the BRICS alliance. With US President-elect Donald ...

The BRICS alliance is determined to trade in local currencies and not the US dollar for cross-border transactions. The US dollar is seen as an adversary that hinders their growth in the global financial sector. Local currencies are seen as an alternative option that can bring the hegemony of the USD down. Also Read: Secret Metal That Helped Win World World 2 Is Now Controlled by BRICS Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. BRICS members Russia and China are advancing the de-dollarization agenda convincing emerging economies to use local currencies for global transactions. The move is hampering the prospects of the US dollar as it is being used less for trade and commerce. Also Read: BRICS Moving Away From the De-Dollarization Agenda BRICS: Local Currencies First & Not the US Dollar Source: cryptopolitan.com Similar to the phrase ‘America First‘, the BRICS bloc is now emerging to make ‘local currencies first...

As the BRICS bloc continues its de-dollarization efforts, Saudi Arabia is reportedly considering the adoption of the petroyuan for oil settlements, thereby ditching the petrodollar. The Minister of Industry for Saudi Arabia has said that the nation is open to trying “new things,” in regards to its cooperation with China. Riyadh has had a relatively confusing relationship with the BRICS bloc. Although it had initially accepted an invitation to be included in its 2023 expansion, the nation has yet to join. Yet, the country has received an invitation to the Alliance 2024 summit and is seeking an increased relationship with China. JUST IN: Saudi Arabia says it's open to using the petroyuan for oil settlements. Will Saudi Arabia officially ditch the petrodollar? pic.twitter.com/MJXS9kJUbI — BRICS News (@BRICSinfo) September 11, 2024 Also Read: How Much Oil Reserves Does Saudi Arabia’s Aramco Hold? Saudi Arabia ‘Open’ to Oil Settlements in the Chinese Yuan, Off...