By NewsBlogger Russia, a member of the BRICS alliance, is developing a new blockchain-based payment system for trade settlements among BRICS member nations, aiming to increase the alliance’s influence in the international monetary framework.
At a glance
- Russia is developing a new blockchain-based payment system for trade settlements within the BRICS alliance.
- The BRICS alliance aims to increase influence in the international monetary framework through blockchain technology.
- Kremlin aide Yury Ushakov announced the initiative to create an independent BRICS payment system using digital technologies.
- Bitcoin reaches a new all-time high of almost $72,000, becoming the 8th largest financial asset globally.
- Mudrex plans to introduce U.S. spot Bitcoin exchange-traded funds in India as the country tightens regulation on offshore crypto exchanges.
The details
Russia, a member of the BRICS alliance, has announced the development of a new blockchain-based payment system for trade settlements.
This system is intended to be an independent mechanism for transactions among BRICS member nations, consisting of Brazil, Russia, India, China, and South Africa.
The BRICS alliance plans to collaborate on developing a payment system using blockchain technology as part of a broader strategy to increase BRICS’ influence in the international monetary framework.
Kremlin aide Yury Ushakov announced the initiative in an interview with TASS, a Russian news agency, highlighting the importance of creating an independent BRICS payment system based on digital technologies and blockchain.
The objectives outlined in the 2023 Johannesburg Declaration include increasing settlements in national currencies and diversifying banking networks.
However, Ushakov did not provide a timeline for the launch of the new BRICS blockchain payment system.
The BRICS group is working towards de-dollarization and seeking alternatives to the U.S. dollar in international settlements.
The Contingent Reserve Arrangement is being developed using currencies other than the U.S. dollar, aligning with global financial trends.
Klaas Knot, Chair of the Financial Stability Board, has emphasized crypto assets, tokenization, and artificial intelligence as priorities for global financial stability.
Furthermore, the Russian Finance Ministry, along with the Bank of Russia and other BRICS partners, is working on developing the “BRICS Bridge” multisided payment platform to enhance the worldwide monetary system.
In a separate development, Bitcoin has broken above $71,000 and reached a new all-time high of almost $72,000. Bitcoin’s price has increased by more than 60% since the beginning of the year, with its total market cap surpassing $1.4 trillion for the first time.
Bitcoin is now the 8th largest financial asset globally, ranking higher than Meta (Facebook) and silver.
In March 2023, Bitcoin fell to $20,000 after failing at $30,000, but BlackRock filed to launch a spot Bitcoin ETF in June 2023. The approval of Bitcoin ETFs by the SEC in January 2024 led to increased demand and price gains for Bitcoin, as it broke its 2021 all-time high last week.
Bitcoin has gained more than 60% since the start of 2024 and 40% in the past two weeks, surpassing Warren Buffett’s Berkshire Hathaway when its price was around $60,000.
Additionally, Mudrex, an Indian cryptocurrency investment platform, plans to introduce U.S. spot Bitcoin exchange-traded funds (ETFs) for institutional and retail investors in India.
This move comes as India tightens regulation on offshore crypto exchanges.
Mudrex CEO Edul Patel highlighted the value of spot Bitcoin ETFs for institutional investors and plans to list four spot Bitcoin ETFs during the initial phase: BlackRock, Fidelity, Franklin Templeton, and Vanguard.
These spot Bitcoin ETFs can be acquired under the Liberalized Remittance Scheme (LRS) in India, with a minimum investment requirement of $5,000 and a maximum cap of $250,000. Approximately 20 out of 350 institutions associated with Mudrex have started the onboarding process for spot Bitcoin ETFs.
Y-Combinator backs Mudrex and has a subsidiary registered with India’s Intelligence Unit.
On the regulatory front, the Reserve Bank of India (RBI) has a strict stance against crypto, while the Finance Ministry’s Intelligence Unit has registered over two dozen Indian crypto service providers.
India recently blocked Binance’s URLs in the country, leading to Mudrex facilitating the free transfer of over 200 tokens from Binance to help users protect their assets.
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| cryptopotato.com |
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| – Russia, a member of the BRICS alliance, announced the development of a new blockchain-based payment system for trade settlements – The system is intended to be an independent mechanism for transactions among BRICS member nations – The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, plans to collaborate on developing a payment system using blockchain technology – The initiative is part of a broader strategy to increase BRICS’ influence in the international monetary framework – Kremlin aide Yury Ushakov announced the initiative in an interview with TASS, a Russian news agency – Ushakov highlighted the importance of creating an independent BRICS payment system based on digital technologies and blockchain – The objectives outlined in the 2023 Johannesburg Declaration include increasing settlements in national currencies and diversifying banking networks – Ushakov did not provide a timeline for the launch of the new BRICS blockchain payment system – The BRICS group is working towards de-dollarization and seeking alternatives to the U.S. dollar in international settlements – The Contingent Reserve Arrangement is being developed using currencies other than the U.S. dollar – The move towards a blockchain-based payment system aligns with global financial trends – Klaas Knot, Chair of the Financial Stability Board, highlighted crypto assets, tokenization, and artificial intelligence as priorities for global financial stability – The Russian Finance Ministry, along with the Bank of Russia and other BRICS partners, is working on developing the “BRICS Bridge” multisided payment platform to enhance the worldwide monetary system. |
| cryptopotato.com |
|---|
| – Bitcoin broke above $71,000 and reached a new all-time high of almost $72,000 – Bitcoin’s price has increased by more than 60% since the beginning of the year – Bitcoin’s total market cap has surpassed $1.4 trillion for the first time – Bitcoin is now the 8th largest financial asset globally – In March 2023, Bitcoin fell to $20,000 after failing at $30,000 – BlackRock filed to launch a spot Bitcoin ETF in June 2023 – The approval of Bitcoin ETFs by the SEC in January 2024 led to increased demand and price gains for Bitcoin – Bitcoin broke its 2021 all-time high last week – Bitcoin’s market capitalization has reached over $1.4 trillion – Bitcoin is now ranked higher than Meta (Facebook) and silver as a financial asset – Bitcoin surpassed Warren Buffett’s Berkshire Hathaway when its price was around $60,000 – Bitcoin surpassed Meta and silver in less than two weeks – Bitcoin would need to reach above $85,000 to surpass Alphabet and $94,000 to surpass Amazon – Bitcoin has gained more than 60% since the start of 2024 and 40% in the past two weeks |
| cryptopotato.com |
|---|
| – Mudrex, an Indian cryptocurrency investment platform, plans to introduce U.S. spot Bitcoin exchange-traded funds (ETFs) for institutional and retail investors in India – The move comes as India tightens regulation on offshore crypto exchanges – Mudrex CEO Edul Patel highlighted the value of spot Bitcoin ETFs for institutional investors – Mudrex will list four spot Bitcoin ETFs during the initial phase: BlackRock, Fidelity, Franklin Templeton, and Vanguard – Spot Bitcoin ETFs can be acquired under the Liberalized Remittance Scheme (LRS) in India – Mudrex plans to facilitate investments in spot Bitcoin ETFs with a minimum investment requirement of $5,000 and a maximum cap of $250,000 – Approximately 20 out of 350 institutions associated with Mudrex have started the onboarding process for spot Bitcoin ETFs – Mudrex is backed by Y-Combinator and has a subsidiary registered with India’s Intelligence Unit – The Reserve Bank of India (RBI) has a strict stance against crypto, while the Finance Ministry’s Intelligence Unit has registered over two dozen Indian crypto service providers – India recently blocked Binance’s URLs in the country, leading to Mudrex facilitating the free transfer of over 200 tokens from Binance to help users protect their assets |
