Experts cited by the Inter-American Dialogue Migration and Remittances Program Data Program predict a boom in digital wallets in Venezuela thanks to the increase in remittances from the United States.

The reduction in the exchange rate disparity between the US dollar and the bolivar, Venezuela’s official currency, has led to remittances from the US increasing from 5 % to 20 %, according to Manuel Orozco, director of the Inter-American Dialogue Migration and Remittances Program.

Regarding this, Juan Mendoza, CEO of the Panama-based company Zinli, points out that “digital wallets are going to be the big winners here in Venezuela.”

Data indicates that Venezuela received approximately $6 billion in remittances in 2025. According to Mendoza, the “gap between the official exchange rate and the parallel rate (between the dollar and the bolivar) has narrowed from almost 120% to 30% currently.”

Considering that amidst the internal changes in the South American country, cash in dollars may become scarce, electronic means will be the leading option for sending remittances from the U.S.

M.Pino

Source: elorientaldemonagas

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La entrada Increased remittances to Venezuela will strengthen the use of digital wallets apareció primero en Bitfinance.

More than a dozen countries worldwide have decided to restrict or completely prohibit transactions in US dollars as a protest against its hegemony in the commercial sector.

The US currency faces various initiatives, such as the BRICS group, to achieve the dedollarization of global transactions. In this regard, countries such as Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan, and Ukraine, as well as China, Iran, North Korea, and Cuba, have taken restrictive measures against the dollar.

The reasons these governments cite for moving away from the dollar include adopting local currencies in trade transactions, which strengthens their own currencies, as well as reducing exposure to international sanctions.

It is clear that nations that have limited or prohibited the use of the US dollar seek to free themselves from dependence on its use in trade, in addition to promoting the diversification of reserves into other assets, such as gold.

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Source: cronista

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La entrada US dollar faces restrictions on the international stage apareció primero en Bitfinance.

Brazilian President Luiz Inácio Lula da Silva stated on Monday, July 7, in Rio de Janeiro, during the BRICS summit, that the US dollar’s hegemony will disappear.

Lula asserted that “the US dollar will cease to be the reference currency in international trade, and advocated for a gradual replacement by local currencies.”

According to the Brazilian president, this hegemony will gradually end until it is consolidated. He added that each country’s Central Bank must organize this process.

He stated: “The world needs to find a way to ensure that our trade relationship does not have to be based on the dollar.” According to the president, no one has established the US dollar as the standard currency for international trade.

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Source: actualidad.rt

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La entrada Brazilian president predicts end of US dollar hegemony apareció primero en Bitfinance.

At the end of last week, Ecuadorian President Daniel Noboa announced Executive Decree 565, which officially establishes the US dollar as the official currency.

Noboa ratified the measure through the presidential digital portal during an official ceremony in the city of Cuenca, in the south of the country.

In the decree, the president urges “the ruling bloc of the National Democratic Action (ADN) movement in the National Assembly (Parliament) to propose the legislative process of reforming Article 303 of the Constitution.”

It is known that this reform primarily establishes that “the Central Bank of Ecuador may not issue any type of currency or parallel currency other than the dollar.”

It also states that the actions will be aimed at “promoting and maintaining a stable monetary system and contributing to financial stability, in order to preserve the integrity of dollarization.”

This presidential announcement means that all “transactions, monetary and financial operations, and their accounting records, carried out in the Republic of Ecuador” will be denominated in the US dollar.

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La entrada The US dollar is the official currency in Ecuador apareció primero en Bitfinance.

The president of El Salvador, Nayib Bukele, announced at the end of last December the end of the use of Bitcoin as official currency. The measure was imposed by the International Monetary Fund after reaching an agreement to grant the Central American country a loan for $1.4 billion.

As is known, approximately four years ago, El Salvador adopted the main cryptocurrency on the market as its official currency. However, with the agreement for the loan that the IMF will grant, the country will resume the use of the US dollar as its official currency.

In this sense, the government will have to relax its policy in favor of BTC, which will not be required as a form of payment to the private sector, for example, and the participation of the private sector in activities related to Bitcoin will be limited.

However, Bukele’s advisors on cryptocurrencies indicate that expansion plans with Bitcoin will be maintained, since it is a key strategy for the development of El Salvador

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Source: crypto-insiders

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La entrada El Salvador abandons Bitcoin and returns to an economy based on the US dollar apareció primero en Bitfinance.

Recent data from Ecoanalítica show that more than 75 % of transactions in Venezuela are made in bolivars.

The partner director of the survey, Asdrúbal Oliveros, revealed these data in a graph that summarizes the payment ecosystem in the country.

The Colombian peso, which is used mostly in border states such as Táchira, is followed by transactions in euros, “which represented 3.1 % of the total, and, finally, cryptocurrencies and others, which made up 1.8 % of payments.”

Regarding payments in dollars, Oliveros indicated that since they have been carrying out this comparison (2021), it is the first time “that the level of transactions in foreign currency is the lowest.”

The 2024 study was carried out in “Caracas, Barquisimeto, Maracaibo, Valencia, Margarita, Puerto Ordaz, Lechería, Mérida, San Cristóbal and Maracay, where almost 70 % of the activities are concentrated.” Oliveros highlighted that there has been a drop of more than 40 percentage points in payments in dollars, partly due to the fact that citizens give preference to exchanging the currency in the market at the most convenient price.

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La entrada Transactions in bolivars exceed 75 % in Venezuela apareció primero en Bitfinance.

Recent data from the local Ministry of Finance highlights Algeria’s accession to the New Development Bank (NBD) of the BRICS, an entity that seeks to distribute resources to finance plans in emerging markets and developing countries.

Algeria is now part of the entity that unites the “group of large emerging countries, including China and Brazil.”

According to the NDB Board of Governors, chaired by Dilma Rousseff, Algeria’s accession was tested during its ninth annual meeting in Cape Town, South Africa.

With its accession to “this important development institution, the financial branch of the BRICS group, Algeria takes an important step in its integration process into the global financial system,” according to the Algerian ministry.

By joining this group, it is expected that the country, Africa’s leading exporter of natural gas, will benefit from new perspectives for “its economic development in the medium and long term.”

It is important to note that the BRICS group had already accepted Bangladesh, the United Arab Emirates, Egypt and Uruguay as new members. Algeria had asked to join, but in 2023 was rejected. Later, Egypt, Ethiopia, Saudi Arabia, Iran and the United Arab Emirates were admitted, as well as Argentina, although the South American nation withdrew with the arrival of Javier Milei to the presidency.

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La entrada Algeria was admitted to the New BRICS Development Bank 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.

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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

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

El Salvador has proposed using Bitcoin in commercial transactions with Russia because the official currency of the Central American nation is the US dollar, which makes settlements between both nations difficult.

The proposal was confirmed by the first secretary of the Russian Embassy in Nicaragua and head of the El Salvador office, Alexander Ilyukhin.

Given the proposal, it is important to remember Russia’s rigid stance towards cryptocurrencies. On the other hand, the recent decision of Putin’s government to allow Bitcoin mining under strict controls should be mentioned.

According to the Duma, the law establishes that “the Bank of Russia will be able to conduct three experiments starting September 1 of this year: on the use of Cryptocurrencies for settlements in foreign trade, on carrying out Cryptocurrency exchange operations and on the creation of an electronic bank platform for operations with Cryptocurrencies based on the NPS.”

Russia and El Salvador have been strengthening their trade ties since 2017. After the cooling caused by the quarantine due to Covid-19, El Salvador is interested in promoting trade relations not only with Russia but with the BRICS countries. “They understand that they need to diversify their economic ties and not focus only on the United States and the World Bank.”

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Source: cointelegraph

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La entrada El Salvador proposed using Bitcoin for trade with Russia apareció primero en Bitfinance.