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India first grouped with its BRICS members and sought to find an alternative to the US dollar for cross-border transactions. The Modi-led government then took a U-turn after Trump won the White House and threatened to impose trade tariffs. As the tariff threats grew stronger and Canada, Mexico, and China faced the heat, India slowly backtracked from the de-dollarization agenda. The first move was to protect its economy from tariffs as it could impact the country’s imports and exports sector. Also Read: Illinois Analyst Predicts If BRICS Currency Can Replace the US Dollar BRICS: India & the US Dollar Source: Reuters / ShutterStock Foreign Minister S. Jaishankar made multiple statements this year citing that India has no plans of advancing the de-dollarization agenda. The U-turn comes after Trump’s threats of tariffs forced them to backtrack on the ideology. Read here to know how India not only rejected de-dollarization but also embraced the US dollar. India contradicted the B...

Ripple, the prominent blockchain company and largest holder of XRP, is expanding its collaboration with the Republic of Georgia to digitize the local economy . In partnership with the National Bank of Georgia (NBG), this initiative marks a significant step toward establishing a fully digital financial system in the country. On June 8, a high-level meeting took place between Natia Turnava, Acting Governor of the NBG, Varlam Ebanoidze, Head of the Bank’s Financial and Supervisory Technology Development Department, and James Wallis, Vice President of Central Bank Engagements at Ripple. Picks for you Dormant Bitcoin whale awakes, turns $30M into $535M in 5 years 3 mins ago Brace for volatility: Bitcoin open interest at all-time high ahead of ...

Rising interest rates, delayed Bitcoin ETFs, global financial turmoil and other regulatory pressures are contributing to the crypto market's underperformance. The crypto currency market has experienced a notable downturn recently, with the total market capitalization falling by 10% between August 14 and August 23, reaching its lowest point in over two months at $1.04 trillion. This movement has triggered significant liquidations on futures contracts, the largest since the FTX collapse in November 2022.  Total cryptocurrency market capitalization, USD. Source: TradingView Several economic factors have contributed to this decline. As interest rates have surpassed the 5% mark and inflation remains above the targeted 2%, finance costs for both families and businesses have risen, placing pressure on consumer spending and economic expansion. That causes less money available for savings and could force people to let go of their investments just to cover monthly bills. Since inflation e...