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Brazil Pushes BRICS to Shift From US Dollar, Advocating National Currencies in Global Trade

Brazil pushes for a shift away from the U.S. dollar within the BRICS alliance, advocating for more use of national currencies in trade among member countries.

As the group expands, discussions on alternative payment platforms are gaining momentum ahead of the BRICS summit in Kazan. Brazil aims to advance this initiative during its 2025 chairmanship, reflecting growing momentum among member states.

Brazil Advocates for National Currencies in BRICS Trade
Brazil’s Foreign Affairs Secretary for Asia and the Pacific, Eduardo Paes Saboia, stated on Tuesday that Brazil is advocating for a greater use of national currencies among BRICS member countries in global trade, aiming to reduce reliance on the U.S. dollar. 

Originally established in 2006 by Brazil, Russia, India, and China, the BRICS group was later joined by South Africa in 2011. In 2024, BRICS expanded further with the inclusion of Egypt, Iran, the United Arab Emirates (UAE), Saudi Arabia, and Ethiopia as full members.

Speaking to reporters, Saboia noted that discussions about this shift are already underway, stating that the issue of reducing the reliance on the U.S. dollar “has already been considered at meetings of finance ministers and heads of central banks” of the BRICS nations. Expressing optimism about the upcoming BRICS summit in Kazan, he was quoted by Tass publication as stating:

I hope that those discussions will be reflected in a certain way in the declaration in Kazan.

Saboia also confirmed that Brazil would continue pushing for an increased share of national currencies in trade among BRICS members during its chairmanship in 2025.

This initiative aligns with comments made by Russian Foreign Minister Sergey Lavrov in September, who mentioned that a report on alternative payment platforms for BRICS nations would be prepared for the Kazan summit. Lavrov said the report would explore “options for creating alternative payment platforms for settlements between BRICS member countries.”

Additionally, Dilma Rousseff, the president of the BRICS New Development Bank, revealed in October that the financial institution intends to “use national currencies for investing in the private sector of the economies of member states.” The Kazan summit will be a key event during Russia’s chairmanship of the organization, which has planned over 200 events this year.

@ Newshounds News™

Source:  Bitcoin News 

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STELLAR ECOSYSTEM IMPLEMENTS BLOCKAID SECURITY FEATURES

Stellar’s Lobstr and Freighter Wallets are the first to receive the new Blockaid security features

Blockchain security firm Blockaid announced the integration of its advanced Onchain Detection and Response (ODR) technology on the Stellar blockchain, starting with the Lobstr and Freighter wallet applications.

According to an Oct. 17 announcement viewed by Cointelegraph, the strategic partnership will bring real-time threat monitoring and rapid response capabilities to the wallets, with further integrations planned.

Blockaid’s Web3 services
Blockaid describes its services as being somewhat like an antivirus software for Web3 decentralized applications.

Ido Ben Natan, CEO of Blockaid, told Cointelegraph that the first wave of enhancements “alerts users whenever they interact with a dangerous transaction, DApp, or token.” He added that “by flagging malicious interactions, we’re protecting millions of users from scams and hacks.”

According to the company’s announcement:

“Blockaid’s Web3 security technology, trusted by Coinbase, Stellar, and Metamask, has scanned over 4.5 billion transactions, prevented more than 100 million attacks, and defended against potential losses exceeding $4 billion.”

In just the first half of 2024 alone, Blockaid inked deals with a number of blockchain firms in the industry including a Coinbase Wallet integration in March, and partnerships with 1inch and Avalanche Core Wallet in June.

Stellar
Stellar bills itself as a decentralized open-source blockchain platform for decentralized finance (DeFi), assets, and payments. Its primary token, XLM, has a market capitalization of $2.8 billion as of Oct. 16.

It’s purported to be faster and more efficient than more popular blockchain platforms such as Bitcoin thanks to its Federated Byzantine Agreement (FBA) algorithm, which handles consensus through a streamlined protocol.

As Cointelegraph reported in August, France-based fintech company Next Generation and Ireland-based electronic money institution (EMI) Decta announced a plan to reintroduce a euro-pegged stablecoin, EURT, on the Stellar blockchain.

The launch of EURT signifies a period of perceived relief from regulatory uncertainty for cryptocurrency and blockchain firms operating in the European Union. By all accounts, the stablecoin market appears to be surging under the Markets in Crypto-Assets (MiCA) regulation and increasing legal clarity.

@ Newshounds News™

Source:  CoinTelegraph 

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AUDIO REPLAY BOB LOCK: OCT 16, 2024 | Youtube

Bob Lock discusses his new book, "Managing sudden wealth through smart team building" as well as what the future might bring with a new financial system and ways to protect yourself with a possible stock market crash and/or bank failure.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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🌍 Navigating Financial Uncertainty: Protect Your 401(k) and Assets!  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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