Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 8-27-24 Part 2
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RIPPLE NEWS: Russia to Begin Trials of Crypto Payments and Exchanges on September 1—Will They Use XRP?
▪️Russia is set to start a trial for cross-border payments in digital tokens in September to ease the pain of crippling sanctions, sources tell Bloomberg.
▪️Only a scalable blockchain network with low fees and real-time transactions can serve the country, which has over 144 million residents, making XRP one of the best candidates for the role.
Since the conflict with Ukraine started, Russia has become the world’s most sanctioned nation. For months, the government has relied on short-term fixes, which have helped prop up the ruble and keep the financial system afloat.
However, the weight of global isolation is catching up with Russia, and sources now say that the government is exploring crypto.
According to sources who spoke to Bloomberg, Russia intends to start the trial on Sunday. It will rely on its National Payment Card System to facilitate the swap between the country’s ruble and crypto tokens.
The system was created in 2014 to provide faster and cheaper payments for Russians. Today, it underpins the country’s interbank payment systems and the Mir, the national card payment network.
According to the two sources, the government picked the system as it already contains instant payments and features like interbank clearing, making it easier to integrate with all existing financial rails. The system is also operated and regulated by the central bank, giving the government added confidence.
The move, which hasn’t been made official or public at press time, is no surprise. President Vladimir Putin’s administration has been softening its stance on crypto in recent months.
Last month, legislators legalized crypto mining in the country, as we reported. The lawmakers also laid the groundwork for the testing of digital tokens for payments.
Two weeks ago, Finance Minister Anton Siluanov revealed that the government was working on legalizing crypto exchanges. However, he clarified that suitable regulations had yet to be formulated to make this possible.
“We haven’t found a solution yet on how to do this,” he said.
Crypto to Evade Crippling Sanctions—Does XRP Offer the Best Alternative?
Crypto might be Russia’s best to evade sanctions. While these sanctions encompass every fabric of the country’s economy, Western nations have mainly targeted Russia’s money, seeking to limit the country’s ability to send or receive money.
According to the BBC, the sanctions have frozen around $350 billion of Russia’s foreign currency (which accounts for half the country’s total reserves). 70% of the country’s banks have been frozen from the global economy, including being restricted from SWIFT.
Crypto offers a decentralized option whose access can’t be restricted by centralized entities, and sanctioned countries, including China, Russia, Iran, and Venezuela, are increasingly exploring it as an option.
Of the 10,000+ cryptos that Russia can turn to, XRP offers the best alternative. For one, XRP is already a massive player in the global movement of money, with its products and networks being integrated by some of the world’s largest financial institutions.
In some countries like Japan, over 80% of the banks are working on integrating crypto. Its low fees, instant transactions, and robust ecosystem make it superior to its peers.
XRP trades at $0.5913, losing 0.6% in the past day.
@ Newshounds News™
Source: CRYPTO NEWS FLASH
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China considers sanctions against its companies due to ties with Russia illegal
According to the statement, such actions by Western countries "meet their egoistic interests, though [they] are not based on facts, with the international community not to accept them at any time"
BEIJING, August 27. /TASS/. Beijing considers unilateral sanctions imposed by the US and its allies against Chinese enterprises for suggested ties with Russia illegal, special envoy of the Chinese government Li Hui told a briefing following the fourth round of shuttle diplomacy on discussion of the conflict in Ukraine with Brazil, Indonesia and South Africa.
"Some countries take advantage of the crisis, winning their allies over to their side and continuing shifting responsibility [for the crisis]. Moreover, they are trying to throw around words on China’s responsibility," he said. "Using illegal unilateral sanctions, they threaten normal trade with Russia," Li Hui added.
Such actions by Western countries "meet their egoistic interests, though [they] are not based on facts, with the international community not to accept them at any time," he stressed.
After the beginning of the special military operation in Ukraine the US and the European Union imposed a number of sanctions against Chinese enterprises for allegedly supporting Russia’s defense industry. Beijing rejects those accusations, noting that they are unfounded.
Li Hui visited Brazil, Indonesia and South Africa from July 27 to August 8 for discussing the Ukrainian crisis.
@ Newshounds News™
Source: TASS
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BRICS NEWS: Payments in Chinese Yuan Overtake US Dollar by 2.5%, Crypto Payments Next?
▪️ The Chinese yuan’s profile in global payments and trade is rising, overtaking the US dollar as the most used currency in cross-border payments in China.
▪️ It’s also making a mark in other countries and was the most traded currency on Russia’s Moscow Exchange last year.
The US dollar has dominated global commerce for decades, and today, it accounts for around 60% of all global currency reserves. However, the tide could be slowly turning as more countries recognize the power that a currency wields and seek to prop up their own.
One of the leading contenders is China’s yuan, officially known as the renminbi. While China is the world’s second-largest economy and the nexus of global manufacturing, its currency has failed to keep up with the country’s ascent since the turn of the millennium.
The yuan has failed to rival the USD and has even fallen behind the euro, sterling pound, and the Japanese yen.
However, global political realignments are changing the currency landscape. China is now closer than ever to Russia and has even courted other major economies as members of BRICS, including Brazil, India, the UAE, Egypt, and South Africa.
These nations are collectively against the USD’s domination and have been working on a blockchain-based alternative, as we have reported.
This solution could take a bit longer, as some of the BRICS leaders have admitted, and in the meantime, China’s yuan looks like the de facto currency of choice.
The Yuan Gains Ground—Is Crypto Next?
Last year, the yuan overtook the USD in cross-border commerce for the first time ever in China, accounting for 48%, while the dollar hit 46.7%. This was seen as a significant event that ushered in a new era of de-dollarisation for Asia’s largest economy.
It doesn’t end there. By the end of 2023, the yuan emerged as the most traded currency on the Moscow Exchange. It accounted for 42% of the trades, edging the dollar’s 39.5%, as reported by Reuters and other local Russian outlets. Yuan volume tripled to 34.15 trillion rubles ($385 billion), while that of the USD dipped.
This trend is bound to only get stronger. For one, Russia, China, Iran and several Middle-Eastern nations that are warming to BRICS are subject to sanctions from the US and its allies in Europe and Asia. Russia, in particular, is now the most sanctioned nation in history. This has denied its banks and payment systems access to the global payments grid.
Russia has been experimenting with crypto as a go-around, as we reported. However, in cross-border trading with allies like China, the yuan and ruble are more suited.
The USD isn’t going to be threatened overnight. America is still the world’s largest economy, and the country enjoys the support of Europe and some of Asia’s largest economies, including Japan and South Korea.
However, de-dollarisation is certainly on course. And once the greenback is out of the picture, the yuan could become one of the key players. Gradually, crypto could also play a much more significant role, especially if China changes its stance against crypto, as has been reported.
@ Newshounds News™
Source: Crypto News Flash
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