DeFi News Today TheBitTimes.com

The new BRICS member Iran reached out to the Shanghai Cooperation Organization (SCO) urging them to ditch the US dollar for global transactions. Iran called the SCO to begin intensifying cross-border settlements in local currency and not the US dollar. BRICS member Iran says a fair and balanced new world order will be formed if all countries end reliance on the US dollar. Iran called on developing nations to use local currency for global trade to weaken the US dollar’s prospects. Also Read: Iraq Shows Interest To Join BRICS Alliance Iran ’s statements come at a time when the US re-freeze $6 billion in oil money after the Hamas attack on Israel. Their economy is now suffering with no inflows of funds into its reserves. Therefore, the leaders are resorting to various tactics to lift its economy which is on the brink of a collapse. BRICS: Iran Calls To Use Local Currency, End US Dollar Payments For Global Trade Source: Forbes / iStock The Vice President of Iran Mo...

Iraq ’s Prime Minister Mohammed Shia Al Sudani has informally expressed his interest in joining the BRICS alliance. The development comes a week after Iraq announced a ban on all cash withdrawals in the US dollar. The rule will come into effect on Jan. 1, 2024, as Iraq ’s Central Bank aims to halt the misuse of foreign remittances. Moreover, Iraq is also aggressively pushing the de-dollarization initiatives at par with the BRICS alliance. Also Read: BRICS: China Saves $10 Billion By Purchasing Laundered Oil Days after announcing the US dollar ban, Iraq’s PM Al Sudani confirmed that the country is ready to join BRICS if invited to join the bloc. Al Sudani said on Wednesday that Iraq is willing to join BRICS if the founding countries send an invite. “ Iraq is ready to join the BRICS group if it receives an invitation from the founding countries,” said PM Al Sudani to local channel RT. He added, “ Iraq understands the role played by the...

The U.S. dollar is rallying against the India n Rupee after reaching a high of INR 83.24 last week. India n authorities are worried that the USD ’s growth against the INR could hamper the import and export sectors in the subcontinent. In a surprising move, the Rupee rallied from 83.12 to 83.00 on Sept. 8 within a minute. This raised doubts that India might have a matching system in place. The foreign exchange markets rarely move this much in minutes, raising doubts about BRICS member India trying to limit the U.S. dollar’s growth. Also Read: BRICS: Saudi Arabia Will Become the Next Europe, Says MBS A trader told Reuters on the condition of anonymity that a large Indian state-run bank aggressively sold U.S. dollars in the international markets. The insider quipped that the sell-off might have been initiated on behalf of the Reserve Bank of India (Central Bank). The insider said that India does not want the U.S. dollar to close at a record high and, therefore, a...

The BRICS alliance made it clear at the ongoing summit in Johannesburg that local currencies will be used to settle cross-border transactions among member countries. The Chinese Yuan is a strong contender among the other currencies that could be used for remittances. JUST IN: 🇷🇺 Russia's President calls on BRICS to abandon the US Dollar and settle trade in local currency. pic.twitter.com/M7OPRX5CI4 — Watcher.Guru (@WatcherGuru) August 23, 2023 If more countries begin to ditch the U.S. dollar and trade in the Chinese Yuan, will the greenback decline? In this article, we will highlight the level of threat the Chinese Yuan can pose against the U.S. dollar. Also Read: 5 New Countries Expected To Join BRICS BRICS: Chinese Yuan a Threat To the U.S. Dollar’s Prospects? Source: thecradle.co Benn Steil, the Director of International Economics at the Council on Foreign Relations, said that the Chinese Yuan will not be a threat to the U.S. dollar. T...