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At the BRICS Forum Trade in Brazil this week, Nigeria’s House Committee on Foreign Affairs, Wole Oke, called on all global alliances to stand united and join the force to topple the US dollar as the world’s reserve currency. The Foreign Minister also said that BRICS must start trading in local currencies and other alliances will follow suit. He called for the African Union, the ASEAN bloc, MERCOSUR, and all other global alliances to join hands with BRICS and settle trade in local currencies and not the US dollar. The call to uproot the US dollar is growing lately with emerging economies looking to cut ties with the greenback. Also Read: BRICS: 71 Countries Settled Trade Without the US Dollar “BRICS is not a closed club. Let’s work with the African Union, ASEAN, and MERCOSUR to shape a new global trade order that is fair and inclusive,” he said to Punch Newspaper. Oke said that the traditional way of the financial sector must end ushering the world into a new era of finances. The ...

Ripple (XRP) is a dynamic cryptocurrency force to reckon with. The token has been to hell and back, fought multiple legal barriers, and has emerged stronger than ever. XRP has now started to attract huge institutional interest, the one that has helped XRP establish its incredible reputation in the cross-border payment domain. The token is now emerging as an alternative to SWIFT, possibly giving the system stiff competition in its wake. With the US dollar showcasing a bearish value stance as of late, investors cannot help but wonder whether these are the times that can promote new variables at play as financial markets of the world continue to evolve. That being said, can XRP help promote trade and ultimately end up being a capable USD replacement? Let’s find out. Also Read: Ripple: $1000 of XRP in 2014 Is Worth This Much Today Here’s How XRP Can End Dollar Dependence in Trade 1. Facilitating Fast Cross-Border Payments Source: Watcher Guru XRP is touted as one of the fastest ...