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Russian President Vladimir Putin gave a recent update about the country’s increasing trade deals with China. Putin reinforced how Russia and China are using local currencies for cross-border transactions while making the US dollar redundant. Ever since the Russia-Ukraine conflict broke out in 2022, the Chinese yuan and Russian ruble have played a bigger role. The move is making other developing countries seek similar deals where their local currencies are used and not the USD. Also Read: Has China Succeeded in Dumping the US Dollar? “I would stress that while trade figures are denominated in US dollar equivalents, transactions between Russia and China are carried out in rubles and yuan, with the dollar or euro share reduced to a statistical discrepancy,” said Vladimir Putin to Xinhua News. The statement comes after the high-level meeting with President Xi Jinping in China. Even India’s Prime Minister Narendra Modi was part of the talks in a joint effort to thwar...

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...

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...