official Russia And China Officially Announce A "New Global Reserve Currency"

[MrD]

It shouldn’t be any surprise to those paying attention that Russia and China are strengthening their economic ties amidst continued Western sanctions on Russia as a result of the country’s war in Ukraine.

What may surprise some people, however, is that Russia and the BRICS countries, including Brazil, Russia, India, China, and South Africa, are officially working on their own “new global reserve currency,” RT reported in late June. Nobody even seemed to notice.

“The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” Vladimir Putin said at the BRICS business forum last month.

And of course, as Russia has been cut off from the SWIFT system, it is also pairing with China and the BRIC nations to develop “reliable alternative mechanisms for international payments” in order to “cut reliance on the Western financial system.”

In the meantime, Russia is also taking other steps to strengthen the alliance between BRIC nations, including re-routing trade to China and India

Full article: https://quoththeraven.substack.com/p/russia-and-china-officially-announce

[DoubleCycleBiz]

Russia is preparing to launch the crypto ruble.🙂

[MrD]

8 hours ago, DoubleCycleBiz said:

Russia is preparing to launch the crypto ruble.🙂

https://www.investing.com/news/cryptocurrency-news/russian-federation-codifies-digital-ruble-as-the-official-currency-2971789

[MrD]

Russia’s central bank is reportedly set to begin developing a cross-border settlement system using a central bank digital currency (CBDC) amid ongoing sanctions in response to its invasion of Ukraine.

The plans to move forward with Russia’s digital ruble are expected to come in the first quarter of 2023 and will see Russia’s central bank study two possible cross-border settlement models, according to a Jan. 9 report by local media outlet Kommersant.

The first proposed model sees various countries entering into separate bilateral agreements with Russia to integrate their CBDC systems.

Each agreement would be made to ensure the conversion and transfer of assets between the countries are in accordance with the rules of the agreements.

Reports in September claimed that Russia was planning to use its digital ruble for settlements with China by sometime in 2023.

https://cointelegraph.com/news/russia-to-begin-work-on-cbdc-settlement-system-in-q1-as-sanctions-endure-report

[Rahul verma]

Russia is ready to develop a new global reserve currency alongside China and other BRICS nations, in a potential challenge to the dominance of the US dollar.

President Vladimir Putin signaled the new reserve currency would be based on a basket of currencies from the group's members: Brazil, Russia, India, China, and South Africa.