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China is pushing the Chinese yuan to become a BRICS reserve currency, challenging the US dollar in global trade. While Russia and Brazil heavily use the yuan for oil and commodity payments, India and South Africa remain cautious. They prefer a multicurrency system instead of using only the Chinese yuan. The internal divide among member nations is not letting the alliance grow to its full potential. While China has not officially urged BRICS members to make the yuan the reserve currency, the steps the Communist country has taken to embolden the currency raise serious doubts about its agenda. However, during the 2023 and 2024 summits, the Xi Jinping administration suggested using the yuan in trade, cross-border payments, and central bank reserves. Also Read: Minister Drops Major New Hint on BRICS Currency China advocated that member nations reduce reliance on the US dollar and begin trading in local currencies, especially the yuan. It made BRICS members, Russia, Brazil, and other countri...

According to a Financial Times report, China plans to allow the launch of its first stablecoin. Hong Kong policymakers recently passed legislation that allows licensed businesses to issue tokens backed by any fiat currency. According to Chen Lin, director of the Centre for Financial Innovation and Development at the University of Hong Kong, China has become increasingly interested in crypto and stablecoins. The coming of the US dollar-backed stablecoin era was seen as a way to revive the USD’s lustre. A yuan-pegged stablecoin could challenge the USD stablecoin sector and further strengthen China’s de-dollarization plans. Is a Yuan-Pegged Crypto a Part of China’s De-Dollarization Plans? Source: Watcher.Guru Stablecoins have seen a significant rise in popularity over the last few years. Dollar-pegged cryptocurrencies are also seen as a way to revive the US dollar. According to David Sacks, the White House cryptocurrency czar, dollar-pegged crypto assets will increase the...

China oil trade talks have sparked a bit of a boost in energy markets right now, with prices actually bouncing back from four-year lows. Just yesterday, oil futures turned higher after Chinese officials signaled that they might be willing to engage with the U.S., which could ease some of the tensions that have been weighing on commodity prices for a while. Also Read: XRP Price Prediction: 25% Drop in XRP as Euro Stablecoin Hits XRP Ledger How China’s Oil Trade Talks With the U.S. Are Shaping Global Oil Prices Source: Watcher Guru Markets React Positively The oil market reaction to China trade talks was pretty much immediate. Brent futures added about 1.4% while West Texas Intermediate also climbed up, erasing those earlier losses from the morning. Ole Hansen, head of commodities strategy at Saxo Bank, stated: “A bit of risk-on followed after news broke of China’s openness to talks. Overall the market seems to be settling into a bit of a wait-and-see mode.” This p...

At the Bitcoin MENA conference in Abu Dhabi, SkyBridge Capital founder and former White House Communications Director Anthony Scaramucci made a bold prediction: China will re-enter Bitcoin by the end of 2025.  Speaking with conviction at the ADNEC Centre on December 10, Scaramucci laid out his forecast: “Now that the United States is open to this idea, I think it would be impossible to suggest that other countries wouldn’t do the same thing. I’m sitting here today in December 2024. I’ll make a prediction here: By this time next year, the Chinese will be back in the Bitcoin game.”  Picks for you Crypto trader makes $77 million on a $3k investment 1 hour ago Quantum computing fears liquidate $1.6 billion of crypto trades in a day...

China is facing a significant increase in corruption and criminal activities linked to cryptocurrencies and digital financial instruments.  The trend was a key topic at the 2023 Annual Conference of the Chinese Association for the Study of Integrity and Law, as reported by local media sources. The association, a prominent entity approved by the Chinese Law Society, highlighted how advancements in digital currencies and electronic gift cards are being exploited for corrupt transactions.  Legal experts at the conference, including Professor Mo Hongxian from Wuhan University and Associate Professor Zhao Xuejun from Hebei University, emphasized the growing challenge of monitoring these sophisticated forms of corruption . This shift is largely attributed to the intensified anti- corruption measures implemented since the 18th National Congress of the Communist Party of China. Corrupt officials and individuals are increasingly turning to the digital space to evade heightened surveillan...

Hong Kong’s HashKey Exchange says crypto deposits greater than $1,024 will only be allowed from Binance. In a blog announcement on Dec. 21, HashKey Exchange said it wants to meet regulatory requirements introduced by the Hong Kong Securities and Futures Commission (SFC), which is why the exchange will not accept crypto deposits from third-party exchanges except Binance. Those users who send more than 8,000HKD (around $1,024) would have to adhere to regulatory Travel Rule guidelines. “Currently, HashKey Exchange only accepts a single digital asset deposit of equal amounts greater than 8,000HKD from binance.com. Deposit from other third party exchanges are not able to accepted.” HashKey Exchange You might also like: Hong Kong’s HashKey unveils plans to launch ERC-20 utility token However, deposit s below 8,000HKD will be permitted from 24 designated crypto exchanges. Starting Jan. 1, 2024, deposit s of less than 8,000HKD will be accepted from the follow...

BRICS member China is now the biggest debt collector in the world as developing countries owe the Communist nation $1.1 trillion. China provided loans to several distressed countries to build ports, roads, railways, and other infrastructure easing the movement of trade. According to the latest reports, China issued loans to over 150 countries and 80% are nations suffering from financial distress. Also Read: BRICS : Dangers Emerge for Import-Export Sector as US Dollar Rises President Xi Jinping unveiled the vast global infrastructure push a decade ago stretching from Angola to Uruguay and Sri Lanka. Chinese loans have reached the majority of countries in Africa, South America, and Asia. The BRICS member China played the role of a crisis manager by lending large sums of money to countries unable to sustain themselves financially. BRICS: China Taking Advantage of Countries Unable To Repay Loans Source: Business Telegraph Reports highlight that China is now controlling the po...

China Daily, affiliated with the Publicity Department of the Chinese Communist Party, has announced plans to develop its own metaverse and NFT platform . China Daily, a prominent English-language newspaper under the ownership of the Publicity Department of the Chinese Communist Party, has expressed its intention to venture into the world of non-fungible tokens (NFTs) and metaverse. Revealed in a recent disclosure, the publication is earmarking 2.813 million Yuan (equivalent to $390,000) for a competent third-party contractor that can bring its envisioned NFT platform to life, keeping in tune with their budgetary constraints. While many might assume a preference for domestic expertise, China Daily welcomes both domestic and international blockchain specialists. The stipulation for the chosen blockchain firm’s mainnet is that it must possess the prowess to manage 10,000 transactions each second. Prospective contractors will race against time, with an October 17 deadline to submit t...

Tech giant Apple has lost $200 billion in market value over the past two days, in part due to China banning its government from using iPhones. Shares of Apple   fell by 3.4% on Thursday following the reports from China. It was the largest daily fall in over a month for the company, and Apple became one of the worst performers in the Dow Jones Industrial Average. JUST IN: 🇨🇳 Apple lost $200 billion in market value over the past two days after China banned its government from using iPhones. — Watcher.Guru (@WatcherGuru) September 7, 2023 China is the largest foreign market for Apple products. Chinese sales represented about a fifth of the company’s total revenue last year, putting this loss into perspective. The ban comes as China seeks to limit flows of sensitive information outside of China’s borders. Beijing’s move is likely motivated by both national security and economic concerns. This is according to Paul Haenle, a forme...

China-based suppliers of chemicals used solely to produce fentanyl are receiving tens of millions of dollars in cryptocurrency payments, fueling the ongoing fentanyl epidemic in the United States, according to a report by Elliptic. Research conducted by the analytics firm identified over 90 China-based chemical companies willing to supply fentanyl precursors who altogether had received $27 million in crypto payments — some were ready to sell fentanyl itself, despite China’s regulations banning the export of the deadly drug. In recent years, Mexican drug cartels have filled the void by manufacturing their own fentanyl using precursor chemicals imported from China. To disrupt the financial activities of fentanyl traffickers and their supply networks, the US government has increased its efforts to hold these criminals accountable. In April, the US Department of the Treasury sanctioned several individuals and businesses in China for supplying precursor chemicals to Mexican drug ...