The BRICS group recently launched UNIT, a payment unit backed by gold and a basket of member countries’ currencies. This is a further step towards ending the hegemony of the US dollar in the global financial system.

The group stated that UNIT is “a mixed-backed exchange unit, 40 % gold and 60 % a basket of member countries’ currencies.”

The new scheme will pave the way for more than 30 countries to trade commodities such as precious metals, energy, and raw materials without going through traditional platforms and settlement mechanisms dominated by the West.

UNIT offers a more secure and resilient alternative to US sanctions.

M.Pino

Source: noticias24hrs

(Reference image source: Ian Taylor on Unsplash)

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The governments of Japan and the United Kingdom decided on Friday, March 7, to begin the process of creating an economic partnership that allows free and open international trade.

This decision arises from concern about Donald Trump’s threats to apply tariffs to other nations as he is doing to China, Mexico and Canada.

For this agreement between Japan and the United Kingdom, a first 2+2 Economic dialogue took place, with the participation of the Foreign and Trade Ministers of both countries, who expressed their commitment to “address the energy and security challenges posed by the new policies of the United States Administration.”

This was stated by the Japanese Foreign Minister, Takeshi Iwaya, in a press conference: “Sharing fundamental values, Japan and the United Kingdom will continue to cooperate to defend and strengthen a free, fair and rules-based international economic order.”

Iwaya met in Tokyo with his British counterpart, David Lammy; there were also meetings between the Japanese Minister of Economy, Trade and Industry, Yoji Muto, and the British Minister of Business and Trade, Jonathan Reynolds.

The objective of this international trade association is “to promote bilateral exchanges and investment, with the aim of strengthening a bilateral relationship of 27 billion pounds (about 32 billion euros) annually,” according to data from the British Foreign Office.

M.Pino

Source: swissinfo

(Reference image source: John Simmons on Unsplash)

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La entrada Japan and the United Kingdom will create a partnership for free and open international trade apareció primero en Bitfinance.

The Nigerian government announced that it will soon launch the Alke wallet, a platform that seeks to provide security to local artists in their international trade transactions. The same commitment to shield intellectual property.

This new initiative is possible thanks to the joint work of Koibanx and Algorand Blockchain. They will be joined later by MetaMap and Zenith Bank. This was announced by the government in a statement.

Koibanx works in the area of ​​tokenization; Zenith Bank will issue the prepaid cards for transactions at Alke; while MetaMap will be responsible for facilitating “the registration, validating the identity and guaranteeing the authentication of the users who use the platform”, according to Cointelegraph in Spanish.

According to Ogo Onwuzurike, MetaMap’s Africa Sales Manager, they are pleased to “work with the Nigerian government to launch Alke. This is an important effort to empower a new generation of young Nigerian creators to make a living from their art.”

Trust is one of the fundamental aspects that they seek to provide to the users of the next platform, and in this way ensure the best profits. Alke will feature identity verification technology so “talented artists can feel safe participating in this groundbreaking effort, as they seek to offer their art through new technologies, in the metaverse and beyond.”

M.Pino

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Source: cointelegraph

La entrada Nigeria to launch National Alke wallet for intellectual property registration apareció primero en Bitfinance.

According to information from various local media, Russia is preparing to adopt the use of cryptocurrencies as a payment method for international trade agreements by 2023.

Several Russian government officials are reportedly discussing the possibility of making a series of cross-border transfers with bitcoin, and other cryptocurrencies, in the coming year.

According to the report, Russian bodies, including the Ministry of Economy and the Central Bank, are looking into the use of cryptocurrencies for foreign trade payments and their compatibility with the country’s current laws.

“We have a number of legislative initiatives that we are working on in operation, but have not yet been formally submitted to the government”, said Ivan Chebeskov, director of the financial stability department at the Russian Ministry of Finance.

K. Tovar

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Source: Diariobitcoin

La entrada Russia would start using cryptocurrencies in 2023 apareció primero en Bitfinance.

Russia will stop using the dollar and the euro in its international trade transactions, Russian Deputy Foreign Minister Alexander Pankin announced on Friday.

According to the statement by the Russian official, “the only way to guarantee the stability of trade, economic and investment relations between Russia and its partners is to stop using the currencies that have become ‘toxic’, mainly the US dollar and the euro.”

Pankin assures that the most convenient thing for Russia is to adopt alternatives to these currencies, particularly “national currencies”, as a way of rejecting what they consider a hegemony created by Washington in the world financial system.

The Russian deputy minister added that the current system benefits a group of countries and is inappropriate for the “multipolar world order.” In this sense, he pointed out that some nations are studying de-dollarizing their economies as a protection measure against United States sanctions.

Given this scenario, it is important to point out that the Russian Central Bank is currently studying the possible combination of currencies, such as the yuan, the rupee and the lira, which would be incorporated into the Wealth Fund under a budgetary mechanism based on the surplus of energy sales.

M.Pino

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Source: bles.com

La entrada Russia will stop using the dollar and the euro in commercial transactions apareció primero en Bitfinance.

Venezuela has great possibilities to increase its exports for this 2022, due to the “conditions in the international markets”. This was stated by the president of the Venezuelan Association of Exporters (AVEX), Ramón Goyo, who considers that there is “room to grow”, but it is necessary to improve “public policies that help produce more.”

According to Goyo, the country has a large installed capacity that is not fully operational at the moment, but it is an important competitive advantage. “The fact of having an installed capacity in the domestic sector means that we can increase exports with products with added value, with greater knowledge that implies better prices in international markets.”

According to Fedeagro and Conindustria reports, approximately 23 % of the installed capacity is not being used. “At this stage, this increase is positive, but it has little effect on consumption, so the alternative left to companies is to export to increase production and installed capacity,” he added.

Venezuela will reorient its exports

The president of AVEX considers that the pandemic generated a disruption of international value chains in Venezuela, resulting in two aspects of great importance. The first is related to the “security of supplies from international markets, which are experiencing a “trend to localize production”.

The second aspect is linked to an “internal increase in the trade regions“, warning in Latin America “an interregional increase in trade and these variables can be very favorable in Venezuela if they are used correctly.”

It is for these reasons that Goyo considers that the country could redirect its exports to the Latin American market, that is, to countries such as Peru, Mexico, Brazil, Chile and Colombia, in which there is a greater demand for products.

Global export rebound

The AVEX representative highlighted that currently all developing countries are experiencing a very interesting international situation, due to the global repercussion due to the “policies of fiscal and monetary spaces” that stimulated domestic consumption and world trade causing its increase in world exports. “There has been extremely large growth in world trade,” he stated.

By 2021, world trade growth was recorded at 10 %, positively impacting the increase in global gross domestic product (GDP) in the order of 5 %.

For its part, Venezuela, in particular, registered a 30 % rebound in its non-oil exports by 2021, which is equivalent to “1.8 billion dollars against 1.45 billion dollars in a pandemic,” he highlighted.

M. Rodríguez

Source: financedigital.com

La entrada Venezuelan exports could grow by 2022 apareció primero en Bitfinance.

The Free Trade Area Commission of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) made up of Japan, Canada, Australia, New Zealand, Singapore, Chile, Malaysia, Vietnam, Mexico, Peru and Brunei, confirmed the start of talks with the United Kingdom to join the Association.

In a virtual meeting led by the Japanese minister Yasutoshi Nishimura, the members welcomed the island nation of northwest Europe, after the request made last February and even a year after its departure from the European Union.

In a joint statement, the member countries published their decision, recognizing the extraordinary “potential for the expansion of international trade and investment rules in the 21st century beyond the Asia-Pacific region.”

The United Kingdom is an important commercial partner of Japan, so its incorporation into the group, in Nishimura’s opinion, would be of great importance for a “free and fair economic order.” For her part, Liz Truss, head of British International Trade, expressed his satisfaction with the “excellent news.”

Economic recovery

The Japanese minister has indicated that the world economy is paralyzed as a result of the Covid-19 pandemic, for which the CPTPP could play a fundamental role in the recovery and strengthening of the global economy, since it represents 13.4 % of the World GDP.

The United Kingdom has registered a trade surplus with the countries that make up the association in the first quarter of the year. Other nations such as South Korea, Taiwan, Thailand and China have also expressed their interest in being part of this free trade area.

Fuente: dpa

La entrada The United Kingdom to enter the Trans-Pacific trade agreement apareció primero en Bitfinance.

This Tuesday, the president of the World Bank, David Malpass, reported that the crisis and financial climate that has occurred this last year has led the organization to fulfill the responsibility of raising the world’s economies, especially in Latin America.

In this sense, aid has been allocated to the most vulnerable populations, helping to strengthen international trade and the possibility of restructuring government debt with private investors, as reported by the organization’s representative.

Understanding the situation that has been experienced this last year on a global scale, Latin American countries have resorted to debt to be able to pay for spending on social programs and economic stimulus, generating significant weight in the organization, which has led the Bank to reconsider the possibility that the poorest countries pay off their debt as soon as possible while the recovery takes place.

Malpass reported that during the year “we have been working on the moratorium on payments and the G20 has also presented a common framework for debt reduction, which recognizes that the burden and payment of the existing debt is using a very important fiscal space. in the countries.”

Also ensuring that this space “is needed for social safety nets, for education, health, for the basic needs of people”, which means that “If countries are paying their creditors, that exhausts resources available.”

K.Villarroel

Source: elpais

La entrada World Bank calls to avoid extension of debt crisis in Latin America apareció primero en Bitfinance.

The Swiss institution Citigroup recently assured that bitcoin would be close to becoming “the currency of choice for international trade.”

Despite this, the group noted that there are a number of difficulties that “stand in the way of bitcoin’s progress. Therefore, the future of bitcoin is still uncertain, but short-term developments are likely to prove decisive as for the currency to equilibrate at the tipping point of widespread acceptance or a speculative implosion.”

Today, the biggest rival to cryptocurrencies are banking institutions, who argue that these types of assets do not have “intrinsic value.” Despite these, different banks have taken the step forward to offer bitcoin custody services, such as BNY Mellon.

One of the cons that banks highlight is that bitcoin is highly volatile. After hitting its all-time high of $ 58,000, the price plummeted $ 10,000 in less than a week. Similarly, in the year it already rose more than 60 % and 460 % in the last twelve months.

K. Tovar

Source: Bitfinanzas

La entrada Citigroup sees bitcoin at a “tipping point” apareció primero en Bitfinance.