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BRICS COUNTRIES ARE REJECTING DE-DOLLARIZATION

The BRICS alliance was hellbent on kick-starting the de-dollarization agenda until the 16th summit in Russia’s Kazan region. Things have now taken a U-turn as the bloc members are slowly backtracking on the initiative.

The US dollar was seen as the main villain of the global economy where local currencies were kept at its mercy.

The agenda to break free from the clutches of the US dollar ignited the de-dollarization process started by the BRICS bloc. 

After Trump reclaimed the White House, talks about using the US dollar for trade are growing among member nations. Trump vowed to introduce a 100% tariff on all goods coming into the US for countries that denounce the USD.

If the tariff comes into effect, the financial discrepancies could hit the BRICS alliance harder than thought. Their import and export sector will take the first hit leading to losses by paying up extra in taxes. This could make BRICS rethink their strategies as de-dollarization could only harm their native economies.

BRICS Slowly Backtracking on De-Dollarization

BRICS member India was the first to publicly reject the de-dollarization agenda kick-started by the bloc. The Foreign Minister of India, S. Jaishankar confirmed that the country is not interested in the de-dollarization process.

He revealed that India will use local currencies only when the option to not settle trade in the US dollar arises. “We have never actively targeted the US dollar. That’s not part of our economic, political, or strategic policy,” he said.

In addition, BRICS member Russia is also slowly backtracking on the de-dollarization process after Trump’s victory. Putin called the USD a “pillar of US power.” 

He added, “Our proposals are not aimed against [the] dollar. This is simply us rising to the challenge of modern times, in response towards the development of the economy we are thinking.”

@ Newshounds News™

Source:  Watcher Guru

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BLACKROCK RECEIVES LICENSE TO OPERATE IN ABU DHABI

BlackRock has secured a license in Abu Dhabi, focusing on AI and private markets while expanding its presence in the UAE’s crypto-friendly ecosystem.

BlackRock, the multinational investment firm and spot Bitcoin exchange-traded fund (ETF) issuer, received a commercial license to operate in Abu Dhabi, the capital of the United Arab Emirates.

According to Bloomberg, the approval granted on Nov. 18 reflects BlackRock’s interest in expanding in the crypto-friendly region.

The company is also seeking a license to operate in the Abu Dhabi Global Market (ADGM), an international financial hub in Abu Dhabi, home to crypto companies like Blockdaemon, M2 and Laser Digital.

BlackRock to focus on AI infrastructure in Abu Dhabi

Despite the UAE being a popular crypto hub, the report did not mention digital assets. BlackRock’s Middle East head, Charles Hatami, said in a statement to Bloomberg that the company will focus on private markets and artificial intelligence infrastructure.  

The move aligns with broader AI investments in Abu Dhabi. On April 16, Microsoft announced that it had invested $1.6 billion in an Abu Dhabi-based AI tech holding company called G42. The technology conglomerate said that the investment aims to push AI development in the region and globally.

On Sept. 17, Microsoft also announced that it would be establishing two AI centers in Abu Dhabi as part of its global AI expansion. One center would support AI projects to solve “key societal goals,” while the other would develop industry standards for responsible AI use.

BlackRock has yet to provide further details on its plans for the UAE beyond obtaining a license to operate in the region.

Crypto-friendly investment fund lays roots in a digital asset hub
Hatami said Abu Dhabi has become a “global financial center.” He also praised the region’s government for being proactive and committed. The executive stated:

“Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets.”

BlackRock issues the iShares Bitcoin Trust ETF, which gives United States-based investors exposure to Bitcoin. On Nov. 8, the spot Bitcoin ETF surpassed $33 billion in net assets, exceeding its iShares Gold Trust ETF, which gives investors exposure to gold.

The UAE continues to establish itself as a leader in digital finance. On Aug. 30, the country ranked third in a crypto adoption index released by Henley & Partners, an investment migration consultancy firm.

@ Newshounds News™

Source:  CoinTelegraph

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@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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