1. BITBILIHome
  2. Article

Egypt joins BRICS in shifting away from US Dollar in trade settlements

• 52 views

TL;DR Breakdown

  • Egypt has joined the BRICS economic bloc in shifting away from the US dollar for trade settlements, opting to use local currencies such as the rupee, ruble, and yuan.
  • The move reflects ongoing de-dollarization efforts within the BRICS countries, which aim to challenge the dominance of the US dollar in international trade.
  • The upcoming BRICS Summit in August is expected to explore the implementation of a new currency for trade settlements, further challenging the position of the US dollar in global finance.

Egypt has made a significant move in its trade practices by abandoning the US dollar in transactions with the BRICS economic bloc. The country aims to utilize local currencies, such as the Indian rupee, Russian ruble, and Chinese yuan, to pay imports from these key BRICS members. Egypt’s Supply Minister, Ali Moselhy, emphasized ongoing discussions about trading in local currencies, highlighting the potential shift away from the dominant role of the US dollar.

BRICS’ de-dollarization efforts gain momentum

The rise of the BRICS economic bloc continues to shape the global power dynamics, with member countries taking steps to challenge the dominance of the US dollar in international trade settlements. Egypt’s decision to trade with BRICS nations using local currencies aligns with the bloc’s ongoing de-dollarization efforts. With the collective’s significant share of the global economy and population, the BRICS countries have surpassed the G7 in economic growth, strengthening their position as drivers of multipolarity in global finance.

The upcoming BRICS Summit, scheduled for August, is expected to further explore the implementation of an alternative currency for international trade settlements within the bloc. This move aims to challenge the current prominence of the US dollar and foster increased economic cooperation and independence among BRICS members. Egypt’s decision to embrace local currencies for trade with BRICS reinforces the bloc’s commitment to reducing reliance on the US dollar and propelling the momentum of de-dollarization efforts across the global economic landscape.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Egypt joins BRICS in shifting away from US Dollar in trade settlements

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月17日 02:35
Next 2023年6月17日 03:48

Related articles

  • Circle CEO warns Congress about threats to the dollar

    TL;DR Breakdown Circle CEO Jeremy Allaire has warned congress about threats to the status of the dollar as a reserve currency. Industry leaders advocate for well-regulated stablecoins. Description Circle CEO Jeremy Allaire, has sounded the alarm about the United States dollar’s position as a global reserve currency. In a two-minute video released by Circle on July 13, Allaire directed his message to lawmakers, emphasizing the urgent need for Congress to regulate stablecoins. Circle CEO wants urgent regulation of stablecoins The call for action … Read more Circle CEO Jeremy Allaire, has sounded the alarm about the United States dollar’s position as a global reserve currency. In a two-minute video released by Circle on July 13, Allaire directed his message to lawmakers, emphasizing the urgent need for Congress to regulate stablecoins. Circle CEO wants urgent regulation of stablecoins The call for action comes as bipartisan legislation specifically addressing digital assets was reintroduced to Congress on July 12, after originally being proposed over a year ago in June 2022. The Circle CEO expressed concern about the increasing competition faced by the US…

    Article 2023年7月15日

  • NFT platform Recur stops operations despite $50 million funding

    TL;DR Breakdown Recur, an NFT-focused startup, is closing down despite having raised $50 million and partnered with major brands like Nickelodeon and Hello Kitty. The platform will phase out key features, including NFT retrievals, trades, and stablecoin cash-outs, due to unforeseen market challenges. Having once been valued at $333 million, Recur’s digital collectibles will migrate to the InterPlanetary File System (IPFS) to ensure their longevity. Description The popular NFT-centric startup, Recur, revealed its impending closure plans this Friday in an internal blog post. Despite securing a hefty $50 million in funding and partnerships with massive brands such as Nickelodeon and Hello Kitty, Recur seems to have been caught off-guard in the tumultuous whirlwind of the crypto domain. NFT Services Winding Down … Read more The popular NFT-centric startup, Recur, revealed its impending closure plans this Friday in an internal blog post. Despite securing a hefty $50 million in funding and partnerships with massive brands such as Nickelodeon and Hello Kitty, Recur seems to have been caught off-guard in the tumultuous whirlwind of the crypto domain. NFT Services Winding Down Recur’s…

    Article 2023年8月21日

  • $3.1M NFT scandal unearthed by a Blockchain investigator

    TL;DR Breakdown Blockchain investigator ZachXBT’s research has played a crucial role in a class-action lawsuit filed in Canada against Boneheads, an NFT project accused of orchestrating a rug pull worth $3.1 million. The Boneheads team is facing charges of breaching contracts with investors by failing to deliver on their outlined roadmap, misappropriating funds, engaging in fraudulent and negligent misrepresentation, and various other accusations. The court filing specifically mentions ZachXBT’s investigation into the Boneheads project, which was shared on Twitter in July 2022 along with subsequent posts in the following month. Description Blockchain investigator ZachXBT’s research has played a crucial role in a class-action lawsuit filed in Canada against Boneheads, an NFT project accused of orchestrating a rug pull worth $3.1 million. ZachXBT took to Twitter on July 7 to shed light on the lawsuit, reaffirming allegations that the Boneheads team swiftly vanished after spending the minted … Read more Blockchain investigator ZachXBT’s research has played a crucial role in a class-action lawsuit filed in Canada against Boneheads, an NFT project accused of orchestrating a rug pull worth $3.1 million. ZachXBT…

    Article 2023年7月9日

  • FC Barcelona announces second NFT in collaboration with World of Women

    TL;DR Breakdown FC Barcelona and World of Women collaborate to release the NFT ‘Empowerment’ in tribute to women’s team captain Alexia Putellas. The NFT aims to enhance the representation of women in football and offers exclusive benefits to its owner​. This move follows Barcelona’s first successful NFT auction, reflecting their innovative fan engagement strategy and advocacy for female athletes​. Description FC Barcelona, the European football heavyweight, has revealed its partnership with the NFT collection, World of Women, for the release of the second NFT in its ten-piece ‘Masterpiece’ collection. Titled ‘Empowerment’, the token will be available for auction on the OpenSea marketplace from June 26 to June 28​. According to a press release The collaboration … Read more FC Barcelona, the European football heavyweight, has revealed its partnership with the NFT collection, World of Women, for the release of the second NFT in its ten-piece ‘Masterpiece’ collection. Titled ‘Empowerment’, the token will be available for auction on the OpenSea marketplace from June 26 to June 28​. According to a press release The collaboration aims to highlight women’s continued contributions and…

    Article 2023年6月27日

  • Coinbase unveils its global zero-trading subscription service ‘Coinbase One’

    TL;DR Breakdown Coinbase has expanded its zero-fee subscription service, Coinbase One, beyond the U.S. to include the U.K., Germany, and Ireland, with plans for further international expansion. The service, priced at $29.99 per month, offers customers zero trading fees, higher staking rewards, access to analytics, and 24/7 dedicated support, among other benefits. Despite its international growth and introduction of a global platform for crypto derivative trading, Coinbase reaffirms its commitment to the U.S. market. Cryptocurrency exchange titan, Coinbase, has taken its pioneering zero-fee subscription service, Coinbase One, from beta testing to global expansion. First launched as a US exclusive in 2021, Coinbase One has now spread its wings, reaching across the Atlantic to customers in the United Kingdom, Germany, and Ireland. 2/ The best of Coinbase just got ✨better✨ Unlock zero trading fees, a dedicated support team, boosted staking rewards, and exclusive benefits from partners with Coinbase One — all for $29.99/month. Claim your 30-day free trial → https://t.co/agCecP7lsp — Coinbase 🛡️ (@coinbase) May 18, 2023 For a relatively modest fee of $29.99 per month, customers can now enjoy the…

    Article 2023年5月19日
TOP