Friday, November 22, 2024
3 C
London

BRICS: 3 Countries to Launch CBDC Currency, End US Dollar Reliance

BRICS member Brazil, along with two other countries has forged a new path for cross-border payments with CBDC innovations. The Central Banks of the three countries have officially partnered to create a digital currency for trade among each other. The move will pave the way for a new financial infrastructure without the need for the US dollar for cross-border transactions.

Also Read: BRICS: Shipping Firm Pays $8 Billion in Chinese Yuan, Ditch US Dollar

Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Apart from using local currencies for global trade settlements, BRICS is also working towards the formation of CBDC to dent the US dollar. The next decade will be challenging times for the greenback as de-dollarization will be a global phenomenon.

BRICS: 3 Countries Forge CBDC Alliance, US Dollar Remains Target

Source: CNBC

The Hong Kong Monetary Authority (HKMA) announced that it has forged a CBDC alliance with two other Central Banks to usher in cross-border tokenization of payments with Bank of Thailand (BOT) and Brazil’s Banco Central do Brazil (BCB). The development is in line with the BRICS agenda of de-dollarization where the CBDC currency will challenge the US dollar.

Also Read: BRICS: JP Morgan Predicts the Future of the US Dollar

The digital currency partnership will see the three Central Banks work closely on developing a CBDC to facilitate trade payments. “This partnership will significantly advance tokenization efforts in our financial sectors, both domestically and cross-border, by offering broader insights into tokenization, as different technical designs, business requirements, and regulatory frameworks of each jurisdiction will be taken into account,” said BOT executive Alisara Mahasandana.

Also Read: De-Dollarization: These 5 ASEAN Nations May Soon Dump The US Dollar

Apart from these three Central Banks, even BRICS member Russia is working towards a new CBDC for trade settlements. The BRICS bloc could soon begin trading in tokenized digital currencies after its launch ending dependency on the US dollar. The future of the greenback looks grim unless drastic measures are taken by the White House.

Hot this week

Top 3 Cryptocurrencies That You Should Watch This Weekend

The cryptocurrency market is moving full steam ahead. Bitcoin...

Trump Media Files Trademark for Crypto Platform “TruthFi”

Donald Trump’s social media company, Trump Media and Technology...

Are Bitcoin Miners Fueling Consolidation Before Breakout Above $100K?

Despite this, signs indicate a potential short-term pause as...

PEPE: Why Surging Meme Coin Can Still Gain 25% Before 2025

The last few months have been massive for the...

Big Win for Crypto: Judge Tosed Out SEC broker-dealer rule

A U.S. federal judge has invalidated the Securities and...

Topics

Top 3 Cryptocurrencies That You Should Watch This Weekend

The cryptocurrency market is moving full steam ahead. Bitcoin...

Trump Media Files Trademark for Crypto Platform “TruthFi”

Donald Trump’s social media company, Trump Media and Technology...

Are Bitcoin Miners Fueling Consolidation Before Breakout Above $100K?

Despite this, signs indicate a potential short-term pause as...

PEPE: Why Surging Meme Coin Can Still Gain 25% Before 2025

The last few months have been massive for the...

Big Win for Crypto: Judge Tosed Out SEC broker-dealer rule

A U.S. federal judge has invalidated the Securities and...

Trump’s Crypto Council Expected to Set Up Bitcoin Reserve Plan

With the President-elect set to introduce the White House’s...

FTX to Begin Paying Creditors and Customers by Early 2025

FTX has announced when it will start paying back...

Gary Gensler to Step Down as SEC Chairman

In a move that came following mounting pressure, Gary...
spot_img

Related Articles

Popular Categories

spot_imgspot_img