China News by Thebittimes.Com

The BRICS summit is scheduled to be held from October 22 to 24, 2024 in the Kazan region of Russia. The 16th summit will see nine countries at the table to discuss issues about trade and opportunities to use local currencies. Four new nations joined the bloc this year which includes the UAE, Egypt, Ethiopia, and Iran. Argentina rejected the membership while Saudi Arabia has kept the decision to join pending. Also Read: BRICS: 40 Countries Want To Ditch the US Dollar On the heels of the BRICS 2024 summit, more than 40 countries have expressed their interest to join the bloc. While around 25 countries have formally submitted their applications, nearly 15 nations have informally expressed their desire to be a part of the alliance. Most of these nations hail from Asia, Africa, and South America. Almost all the countries that are interest to join the bloc wants to end reliance on the US dollar and promote local currencies for trade. Read here to know how many sectors in the US will be affec...

In a significant development for cross-border payments, Ripple has partnered with Onafriq, a UK-based financial technology company, to expand remittance corridors throughout Africa. This collaboration is poised to streamline transactions between 27 African nations, the United Kingdom, Australia, and the Gulf States. The partnership leverages Ripple’s private network , formerly known as RippleNet. Offering a faster and more cost-effective alternative to the traditional remittance process. Notably, the private network , now called Ripple Payments, aims to solve the usual high fees and slow transaction reality of traditional remittances . By adopting Ripple’s solution, Onafriq will ensure quick and secure transfers, particularly benefitting the African diaspora who regularly send money back home. It is important to say that, despite some already observed speculation in the cryptocurrency market, there are no mentions of the XRP token in this endeavor. Ripple, the company, ...