Published March 3, 2024
Russia is reportedly readying itself to pivot to using digital currencies to settle international transactions with its allies amid economic sanctions.
Sputnik International reported that the Bank of Russia is ready to begin initial testing with China and the countries making up the Eurasian Economic Union (EAEU). The EAEU comprises Belarus, Kazakhstan, Armenia, Kyrgyzstan, and Russia.
Russian Finance Minister Anton Siluanov disclosed that Russia is eyeing new digital currency-backed settlement alternatives with the oil-rich Gulf nations. While Siluanov’s comments did not mention any nations in particular, analysts expect the United Arab Emirates (UAE) to form part of the initial testing, given its previous work with digital currencies.
Siluanov disclosed Russia’s ambitions at a gathering of finance ministers and central bank governors of BRICS nations in Sao Paulo, Brazil. Russia is currently the chair of the BRICS bloc, and its top priority is a departure from the U.S. dollar as the de facto trade currency.
Russia is exploring several options in concert with other BRICS nations, including the prospects of central bank digital currencies (CBDCs), local fiat currencies, stablecoins, and other forms of digital currencies.
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SOURCE: www.coingeek.com
RELATED: BRICS: Major Bank Predicts ‘Hard Landing Recession’ for US
Published March 2, 2024
As the BRICS bloc has continued to embrace de-dollarization, one major bank has predicted a “hard landing recession” for the US. Specifically, Morgan Stanley has forecasted a tragic end for the United States following the Federal Reserve’s long-standing fight against inflation.
The bank’s chief economist, Ellen Zentner, predicted that such a recession is “guaranteed” for the US when speaking to CNBC. Moreover, Zentner said that the full effects of the Fed’s tightening campaign won’t be felt until 18 months after the final interest rate hike.
Morgan Stanely Expects Recession in 18 Months for US
Throughout the last year, the BRICS alliance has enjoyed tremendous growth. Not just in its expansion efforts, but in its widened de-dollarization campaign that has gained significant global traction. Now, those efforts could have a massive impact on America amid a greater macroeconomic concern.
Alongside BRICS actions against the greenback, one major US bank has predicted a hard-landing recession for the US in the next 18 months. Specifically, Morgan Stanley’s chief economist notes that the ongoing inflation fight is the key catalyst. Yet, a weakened US Dollar certainly doesn’t help matters. Subsequently, these have combined in what will set the stage for a tragic year to come for the country.
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SOURCE: www.watcher.guru
