BRICS Summit

It's an outcome that alternative economists have long predicted as inevitable - The dumping of the US dollar as the world reserve currency and the petro currency by the BRICS nations in favor of a new multi-currency system or "basket system." For decades the dollar has reigned supreme as the most favored currency for international trade, replacing the British Pound Sterling (officially) after the Bretton Woods Agreement in 1944. This status (along with the end of the gold standard) gave the Federal Reserve Bank the power to print ...

The BRICS Summit 2024 took place this week in Russia and the event–in the context also of some previous developments–offered useful indicators about global attitudes at government levels towards Bitcoin, crypto more widely, and the feasibility of establishing blockchain-based international payment systems. Just prior to the start of the summit, at the BRICS Business Forum in Moscow, there was discussion of a project called BRICS Pay. This is a proposed blockchain-based payment system that has been pitched as being for both retail and ...

Russian President Vladimir Putin said he was "open" to better relations with the US — if Washington was willing too — as he wrapped up the three-day BRICS summit in Kazan on Friday. "How Russian-American relations will develop after the election will depend on the United States. If they are open, then we will also be open. And if they don't want it, then fine," Putin told reporters at a news conference. Relations between Russia and the US have dipped to a low point following Russia's invasion of Ukraine in 2022. Last month, the US ...

As the BRICS 2024 summit convenes in Kazan, discussions on cryptocurrency have gained prominence among member nations, aligning with broader strategies to reduce reliance on the US dollar. Russia is developing a settlement and payment infrastructure to bypass Western payment systems, a key element of the de-dollarization efforts expected from the summit. Although there has been some progress in de-dollarization, BRICS countries still show a higher level of dollarization than the global average of about 47% for cross-border lending ...

The BRICS Summit 2024 took place this week in Russia and the event–in the context also of some previous developments–offered useful indicators about global attitudes at government levels towards Bitcoin, crypto more widely, and the feasibility of establishing blockchain-based international payment systems. Just prior to the start of the summit, at the BRICS Business Forum in Moscow, there was discussion of a project called BRICS Pay. This is a proposed blockchain-based payment system that has been pitched as being for both retail and ...

China and Russia are committed to boosting their cooperation for a “fair world order” amid chaotic times, according to their leaders speaking in a face-to-face meeting on October 22, 2024. The talks between Chinese President Xi Jinping and his Russian counterpart Vladimir Putin took place on the sidelines of the 16th Brics summit in Kazan, Russia. Moscow and Beijing reportedly hope to build momentum among the emerging economies in the bloc to provide an alternative to the Western-led world order. Brics is named for five major ...

There are several messages being beamed out of the Kazan chapter of the BRICS summit where Russian President Vladimir Putin has pulled out all stops to host world leaders from a growing list of more than 20 nations. The first among these is that a new non-West age of global diplomacy is finally taking credible shape. This is clear from the fact that more countries are preparing to invest and even risk tremendous amounts of diplomatic capital by joining a grouping that defines itself as an alternative to a United States dominated ...

The BRICS Summit 2024 took place this week in Russia and the event–in the context also of some previous developments–offered useful indicators about global attitudes at government levels towards Bitcoin, crypto more widely, and the feasibility of establishing blockchain-based international payment systems. Just prior to the start of the summit, at the BRICS Business Forum in Moscow, there was discussion of a project called BRICS Pay. This is a proposed blockchain-based payment system that has been pitched as being for both retail and ...

President Xi Jinping stressed his firm belief in the deep-rooted friendship between China and Russia, while emphasizing the strong commitment of both nations to serving the people and assuming global responsibilities as major countries, during a meeting with Russian President Vladimir Putin on Tuesday. In talks with Putin at the centuries-old Kazan Kremlin, Xi underlined that China-Russia relations have weathered storms and forged ahead, achieving a series of groundbreaking results and exploring a path for neighboring major powers to ...

Russia is rolling out the red carpet to its geopolitical allies as it hosts the latest BRICS summit on Tuesday, pushing its agenda to create a “new world order” that challenges the West. The group was initially comprised of Brazil, Russia, India and China before South Africa joined in 2010, giving the organization of rapidly economically-developing nations its current name. It has since morphed into a geopolitical forum for the world’s most powerful nations outside of the West. The BRICS now have additional clout after Egypt, ...