Seeds of Wisdom RV and Economic Updates Sunday Afternoon 10-20-24
Good Afternoon Dinar Recaps,
BRICS SUMMIT TO FAR SURPASS US PRESIDENTIAL ELECTION IN GLOBAL IMPORTANCE, RUSSIAN OFFICIAL CLAIMS
The BRICS summit, not the U.S. presidential election, will be the defining event of global history, a Russian official claims. With BRICS expanding and 65% of its transactions now in national currencies, they argue the world is shifting away from U.S. dominance toward sovereign partnerships.
“I believe that in 2024 the vector of human development will be established in Kazan, and not in the wavering United States,” the official noted.
BRICS Over US Election? Russian Official Sees a Decisive Global Shift Ahead
Russian Federation Council Speaker Valentina Matviyenko has emphasized that the upcoming BRICS summit, rather than the U.S. presidential election, will be the crucial event that will shape the future of global history.
In a post on her Telegram channel, Matviyenko argued that “the world has changed significantly” and made it clear that the U.S. election would not hold the same influence over the world community as Washington might hope. She was quoted by Tass as stating:
The upcoming U.S. presidential elections will not be the most important event of the year for the world community and will not determine the further course of history. No matter how much Washington would like it to be. The BRICS summit will be that event.
Matviyenko went on to highlight that the changes taking place are “objective and irreversible processes.” Additionally, she underscored the significance of the summit’s high-level representation and the increasing number of membership applications as indicators that “truly responsible leaders of sovereign states” are aware of BRICS’ growing importance. She further asserted, “I am sure that news from Russia will be followed on all continents.”
BRICS, originally formed in 2006 by Brazil, Russia, India, and China, and later joined by South Africa in 2011, is now expanding further. In January, Egypt, Iran, the United Arab Emirates (UAE), Saudi Arabia, and Ethiopia became full members of the group.
This expansion comes during Russia’s presidency of BRICS. The main event of Russia’s presidency will be the BRICS summit in Kazan, scheduled for Oct. 22-24. In the meantime, the U.S. presidential election is slated for Nov. 5.
Matviyenko also noted:
I believe that in 2024 the vector of human development will be established in Kazan, and not in the wavering United States.
“The three days of the BRICS summit and the negotiations of the leaders of the world majority in the capital of Tatarstan will have a decisive influence on our future,” she opined.
Russia’s State Duma Speaker Vyacheslav Volodin said BRICS is challenging the dominance of Washington and Brussels as more nations seek equal partnerships prioritizing their interests. Volodin noted a global shift away from alliances with the U.S. and its allies, favoring cooperation that respects sovereignty and mutual benefit.
BRICS countries are increasingly using national currencies, with 65% of transactions now conducted in local currencies, while the U.S. dollar and euro account for less than 30%, indicating efforts to reduce reliance on Western financial systems, a trend driven by sanctions and geopolitical tensions.
@ Newshounds News™
Source: Bitcoin News
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SIAM COMMERCIAL BANK LAUNCHES STABLECOIN CROSS BORDER PAYMENTS
Siam Commercial Bank (SCB), one of Thailand’s big five banks, has launched a stablecoin solution for cross border payments, including remittances. The project graduated from the Bank of Thailand regulatory sandbox in October 2024.
The bank partnered with SCB 10X, its venture and innovation arm, and Singapore fintech Lightnet for the launch with custody technology provided by Fireblocks. We’ve requested details about the public blockchain and stablecoins being used, but didn’t receive a response in time for publication.
Cross border payments usually require banks to have pre-funded Nostro accounts at the destination. Using stablecoins this may not be needed. Plus stablecoin transfers are very inexpensive and can happen 24/7.
“By leveraging blockchain technology and stablecoins, we are making cross-border remittances more efficient, reliable, and accessible for everyone,” said Thanawatn Kittisuwan, First EVP & Head of Digital Juristic & Payment at SCB.
Initially the solution targets consumers, but now SCB plans to work on offering it to corporate customers. The big three Japanese banks are looking to do something similar for cross border payments, but they hide the use of stablecoins. Hence, clients initiate bank payments in the usual way.
SCB Tech X also participated in a Hedera DLT stablecoin trial that involved other banks, including Korea’s Shinhan Bank, a Taiwanese Bank, and South Africa’s Standard Bank as an observer.
@ Newshounds News™
Source: Ledger Insights
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🌱 BRIC' PAYMENT CARD? WHAT IS BRIC WHAT DOES IT HAVE TO DO WITH ANYTHING? | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
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