The BRICS group is analyzing the creation of cryptocurrency payment systems to maximize the use of these assets in transnational transactions.

This was stated on Friday, March 14, by Ambassador Mauricio Lyrio, Brazil’s representative at a local forum.

Lyrio stated that “the use of blockchain—cryptocurrency technology—is one of the aspects being addressed in BRICS discussions, which aim to create new platforms to reduce costs in international payments.”

Blockchain would be used strategically to achieve the goal of reducing costs. According to Lyrio, “this proposal does not mean that the dollar will no longer be used as a reference currency.” The Brazilian official reiterated that “the emerging countries forum is not discussing the creation of an alternative currency.”

M.Pino

Source: finanzasdigital

(Reference image source: Ewan Kennedy on Unsplash)

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La entrada BRICS prioritize the development of cryptocurrency payment systems apareció primero en Bitfinance.

Mexico, Colombia and Uruguay have been invited by the President of Brazil, Luiz Inácio Lula da Silva, to participate in the next BRICS summit, which will take place in Rio de Janeiro next July.

The Brazilian leader considers the presence of these nations crucial to address issues that constitute global challenges. The invitation was made by Lula da Silva in Montevideo, during the inauguration of Uruguayan President Yamandú Orsi, last Saturday.

“Lula stressed that the BRICS have a significant weight in the world, representing almost half of the population and the international Gross Domestic Product. He also highlighted the influence of China and India within the group, underlining their decisive role in the world economy.”

Despite not being members of the group, the president of Brazil considers that the presence of envoys from Mexico, Uruguay and Colombia is crucial for the next summit in Rio de Janeiro and added: “It is important that at this BRICS summit we truly strengthen two fundamental things. We strengthen multilateralism and we strengthen free trade. Because if there is no free trade, there is no multilateralism, there is no democracy.”

M.Pino

Source: resumenlatinoamericano

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La entrada Brazilian president invites Mexico, Colombia and Uruguay to next BRICS meeting apareció primero en Bitfinance.

Reports linked to the BRICS group suggest that Russia would be working on two crypto exchanges and stablecoins linked to the Chinese yuan as new payment systems on the path towards the de-dollarization of its economies.

Reports have indicated that “Russia is working on cryptocurrency exchanges in Moscow and St. Petersburg whose focus would be to create and promote the use of stablecoins pegged to the Chinese yuan and other BRICS currencies.”

In parallel, Russia and China are working to strengthen their cooperative ties and “facilitate foreign economic activities” in their efforts to “distance themselves from the US dollar in international agreements.” In meetings between Chinese Prime Minister Li Qiang and Russian Prime Minister Mikhail Mishustin, both nations “committed to the use of local currency, payment infrastructure and mutual investments, while advancing collaboration in artificial intelligence, sustainable development and global governance,” according to a document from the Chinese Ministry of Foreign Affairs collected by the media.

According to news outlet Kommersant, Russia is working on launching two new exchanges, one in Moscow and the other in St. Petersburg; The latter could take advantage of the infrastructure of the St. Petersburg Currency Exchange (SPCE), taking advantage of the benefits of blockchain technology “which usually maintains parity with a fiat currency.”

It is important to mention the recent statements by the Russian Finance Minister, Anton Siluanov, who emphasized a few days ago that more than 90 % of the agreements with China do not involve payments with US dollars, since they are made in rubles, yuan and other currencies.

M.Pino

Source: diariobitcoin

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La entrada Russia works on two crypto exchanges and stablecoins linked to the Chinese yuan apareció primero en Bitfinance.

The BRICS group is ready to launch its own payment system, which will be called Brics Pay and which, according to recent data, would be adopted by 160 countries.

The group, made up of Brazil, Russia, India, China and South Africa, has a waiting list for countries that want to join the bloc, as an alternative to the global payment system that currently governs and that gives preponderance to the US dollar in transactions.

According to the media specialized in technology and business Wealth, “the implementation of this new remuneration method would reduce dependence on the US dollar and other traditional financial alternatives such as the Swift system (Society for Worldwide Interbank Financial Telecommunications).”

The adoption of alternatives to the dollar would revolutionize the global economic system, indicate financial experts, who add that “through fluid cross-border cancellation, trade and financial integration between countries of said block and other nations would be promoted.”

So far, it is known that at least 160 countries would adopt the Brics Pay payment system, thereby paving the way to detach themselves from the North American currency.

M.Pino

Source: venezuela.news

(Reference image source: Unsplash+, in collaboration with Getty Images)

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La entrada BRICS payment system will be adopted by 160 countries apareció primero en Bitfinance.

This Saturday, the Minister of Foreign Affairs of China, Wang Yi, expressed his intentions to strengthen ties of union and cooperation with Brazil, in order to promote a comprehensive strategic partnership and continue advancing in the consolidation of achievements for the benefit of both nations.

After Yi established a telephone conversation with his counterpart Carlos Alberto Franco França, the diplomat assured that both developing nations currently represent important economies for Latin America and the world, in addition to being emerging partners of the BRICS group.

In this sense, Wang reported that both countries are committed to global multipolarization that share common interests, in addition to having obvious economic advantages and great growth potential, which responds to a cooperation for profit-making for the benefit of the interests of the peoples.

For his part, the Brazilian Foreign Minister valued the telephone conversation positively, assuring that Brazil wishes to continue developing friendly and cooperative relations with China and hopes that this will continue for a long time.

França hopes that the two countries make full use of and improve existing communication channels and bilateral cooperation mechanisms, strengthen their strategic dialogue and continue to strengthen their relations.

K. Villarroel

Source: radiomundial

La entrada China plans to work with Brazil in comprehensive strategic partnership apareció primero en Bitfinance.