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Seeds of Wisdom
BRICS NEWS:
BRICS EXPANDS: 23 COUNTRIES APPLY, 159 NATIONS ADOPT BLOCKCHAIN-BASED PAYMENTS
▪️23 countries have applied to join the BRICS alliance, with 24 more expressing informal interest, totaling 47 nations.
▪️BRICS is promoting de-dollarization, aiming to use local currencies for trade instead of the US dollar, which could impact various US sectors.
According to recent reports, 23 countries have formally submitted their applications to join the BRICS alliance before the 2024 summit, global economic shifts are taking center stage.
The BRICS countries, Brazil, Russia, India, China, and South Africa, have become popular among the new members of emerging markets, mainly from Asia, Africa, and South America, to expand their trade operations using
The growing interest in BRICS reflects a broader movement toward de-dollarization, where nations seek to reduce dependency on the US dollar for international trade.
The alliance has promoted local currency usage as a means of boosting economic independence, with developing countries viewing this initiative as beneficial to their own financial systems.
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In addition to the 23 nations that have officially applied, another 24 countries have expressed informal interest in joining BRICS, bringing the total number of potential members to 47.
This could be a major blow to some of the biggest industries in the United States since the country’s economic dominance has been rooted in the use of the US dollar internationally.
The de-dollarization process, strengthened by BRICS countries, maybe the first step in shifting the current world’s financial system paradigms.
Internal Divisions Emerge Over BRICS Enlargement Process
The next BRICS summit is planned for October 22-24 in the Russian region of Tatarstan, Kazan and will consider the admission of new members as well as other important issues.
However, the existence of the alliance has been marked by internal conflicts on the issue of expansion. While China and Russia have supported the idea of the expansion of the bloc, India has urged the need for a moratorium on the enlargement process for at least five years.
Key discussions at the summit are likely to revolve around trade agreements and the extended use of local currencies for cross-border transactions, a core objective of BRICS’ de-dollarization efforts.
The expansion debate will be closely watched as the alliance continues to shape its role in the global economic landscape.
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BRICS Explores Blockchain-Based International Payment System
Over the past few months, BRICS has increased its activities to develop new financial structures that are designed to weaken the dollar.
As Crypto News Flash stated earlier, the bloc is now considering the possibility of creating an international payment system that will be based on the blockchain and will involve more than 159 foreign partners. It would prefer transactions in other currencies than the dollar, for example, the ruble or the yuan.
However, there has been a lot of misconception concerning the initiative, and it has been rumored that 159 countries had signed up for the system prior to its launch. However, such claims have been discredited, and there is no evidence to support such a high level of engagement.
BRICS’ pursuit of de-dollarization and alternative financial systems signifies a transformative period in international trade, where local currencies and advanced technologies could redefine economic interactions across borders.
@ Newshounds News™
Source: Crypto News Flash
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DTCC TOKENIZATION PILOT FINDS ‘SIGNIFICANT’ IMPROVEMENTS TO LIQUIDITY AND COLLATERAL OPTIMIZATION
The Depository Trust & Clearing Corporation’s latest blockchain pilot found “robust functionality and potential” for tokenizing Treasuries.
The Depository Trust & Clearing Corporation has announced the results of its U.S. Treasury Collateral Network tokenization pilot, finding “robust functionality and potential” for distributed networks.
Four investors, four banks, two central counterparties and three custodians participated in the experiment, which tested 10 different use cases. The financial privacy-focused Canton Network was tapped for the effort.
“The successful completion of this pilot proves that tokenized assets could be leveraged to optimize collateral,” Kelly Mathieson, chief business development officer at Digital Asset, a firm involved in the pilot, said in a statement.
The pilot was conducted between June and July to test the feasibility of “complex real-world transactions” like cloning and settling a “digital twin” for U.S. Treasuries. It also looked into real-time margin calls, asset recalls and other portfolio management services.
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“In hypothetical default scenarios, secured parties seized pledged assets, transferring ownership in atomic transactions, ensuring legal certainty and control,” DTCC wrote in a press release.
Nadine Chakar, longtime blockchain advocate and global head of DTCC Digital Assets, noted in particular that the system “significantly” improved liquidity and collateral optimization.
DTCC has been experimenting with blockchain since at least 2020, when it launched a pilot program called Project Ion looking to test out alternative settlement methods. The firm is responsible for clearing several hundreds of trillions of dollars worth of transactions annually.
@ Newshounds News™
Source: The Block
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RIPPLE’S PARTNERS DLOCAL AND SHOPEEPAY EXPAND TO SOUTHEAST ASIA
▪️dLocal expands partnership with ShopeePay, reaching 200 million new e-commerce customers across four Southeast Asian countries.
▪️Ripple’s network strengthens in Asia as dLocal, Tranglo, and Instarem enhance cross-border payment solutions.
The most recent developments from Ripple’s ecosystem show considerable growth for its users and partners in the Southeast Asian e-commerce business. dLocal, a RippleNet-based payment platform since 2017, has announced an expanded relationship with ShopeePay, allowing its merchants to accept payments in four new markets: Thailand, Malaysia, Indonesia, and the Philippines.
This move significantly expands access to an estimated 200 million additional e-commerce buyers in Asia. The fact that ShopeePay is powered by Tranglo, another Ripple partner, adds to Ripple’s regional prominence.
dLocal Expands with ShopeePay Thailand, Adding Payout Solutions
Furthermore, dLocal does not limit itself to pay-ins. In conjunction with ShopeePay Thailand, the company is expanding its offerings to include merchant payout options.
This dual functionality considerably improves the seamlessness of payment processing, allowing businesses to receive payments more swiftly while also handling disbursements with greater simplicity.
This cooperation underscores dLocal’s efforts to reestablish its footprint following a period of setbacks, demonstrating renewed growth and a commitment to growing its services in emerging regions.
Previously, CNF reported that Tranglo expanded its services to Brunei, with the goal of providing migrant workers with faster and more secure remittance choices using Ripple’s blockchain technology.
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This expansion highlights the growing importance of blockchain in improving cross-border payment solutions, and Tranglo’s efforts to integrate Ripple’s technology demonstrate the potential efficiencies it may bring to financial transactions.
As we previously highlighted, Instarem, another Ripple affiliate, has also made considerable gains in cross-border payment procedures by integrating Apple Pay with their Amaze card.
This integration improves the convenience of contactless payments across borders via mobile devices, demonstrating how Ripple’s network of partners is always growing to provide cutting-edge solutions for a wide range of payment requirements in the digital era.
@ Newshounds News™
Source: Crypto News Flash
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GOLD RUSH! LETS DIG IN | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
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Source: Dinar Recaps
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