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The global foreign exchange market conducts transactions worth $7.5 trillion a year, according to the Bank for International Settlements latest triennial survey. The US dollar takes the majority of the share, with 88% of all foreign exchange transactions being settled in it. Therefore, the usage of the USD in foreign exchange transactions is $6.6 trillion, which BRICS is aiming to overtake. On the other hand, BRICS member China’s local currency, the yuan, is used in only 7% of all global foreign exchange. The euro takes the second spot at 30.5% of all FX transactions yearly. The sum of volume can exceed 100%, indicating how often each currency is used on either side of a trade. Also Read: India Confirms BRICS De-Dollarization Efforts Despite Trump’s Pressure BRICS Falters in the Foreign Exchange Market, No Match for the USD Source: Getty Images The development indicates that the BRICS alliance must position their local currencies to be used more than $6.6 trillion in the foreign e...

The US cannot afford to lose the dollar’s reserve currency status as the reaction would be devastating for the economy. The White House, the Federal Reserve, the US Treasury, and all other institutions will face scrutiny. The major impact will be felt by American businesses and the general public, as inflation is expected to soar across the homeland. The development would lead to job cuts and a stock market crash that would make 1928 feel like a child. BRICS is trying hard to topple the US dollar and replace it with local currencies. Also Read: BRICS vs G7: Who Is Richer in 2025? BRICS: Here’s What Will Happen If the US Dollar Loses Its Reserve Currency Status Source: News18.com Demand For the US Dollar Will Drop Not just BRICS, but all developing countries will stop buying the US dollar and avoid keeping it in their reserves. Emerging economies will use their national currencies for trade settlements and strengthen their GDP. Local currencies will start surging in the forex...

The US dollar is aptly referred to as the King Dollar. With the kingly status in line, the US dollar continues to attract a healthy balance of criticism and praise, only to emerge stronger than before. Despite Yuan’s continuous efforts to derail the US dollar, the American currency has remained unbothered and continues to draw global momentum like never before. Here’s how. Also Read: Shiba Inu (SHIB) DAO To Launch Soon: Will It Help SHIB Claim $0.00003? US Dollar: The King of Currencies Source: Watcher Guru The Chinese Yuan, which is currently being dubbed a central currency challenging the US dollar’s prestige, is nowhere close to derailing the US dollar. Per a recent report by the Economist, the king dollar remains a leading currency player in the global finance domain. USD effortlessly prevents other currencies from taking away its global reserve currency status. The report outlines how the “King Dollar” has remained steadfast in establishing global financial dominance d...

Inspired by the BRICS de-dollarization agenda, Zimbabwe launched a new gold-backed currency, the ZIG, early this year to take on the US dollar. The gold-backed currency was launched in April 2024 to reduce the circulation of the US dollar in the country. Surprisingly, ZIG is gaining steam across Zimbabwe and 40% of payments are being initiated in the new currency by citizens. Also Read: More Than 50 Countries Could Accept BRICS Payment System While 40% of payments are being settled by citizens, the government settles 80% of transactions in the gold-backed ZIG. This comes from the playbook of BRICS where the alliance aims to make the US dollar a secondary currency. The bloc convinces developing nations to use local currencies to strengthen their economies. Also Read: 47 Countries Ready To Join the BRICS Alliance BRICS: Gold-Backed ZIG Currency Grows in Zimbabwe, Only 60% Transactions Settled in US Dollar Source: news.bitcoin.com ZIG has eaten up 40% of all transactions leaving the US do...

Influe͏ntial figures such as Jac͏k͏ D͏or͏sey are endorsing c͏utting-͏edge start-ups͏ t͏ha͏t ar͏e ͏at ͏the fore͏front of i͏ntegrating sustainable energy solut͏ions int͏o ͏͏Bitcoin͏ ͏mining pro͏cesses. T͏his pivotal transition i͏s indi͏cative of a͏͏ trend to͏wards eco͏-cons͏ci͏ous practices wi͏͏th͏in a sector fr͏equen͏t͏ly ͏lambasted f͏or its ͏eco͏l͏o͏g͏ic͏al͏ to͏ll.͏ A͏ notable ex͏ample is Block’͏s ͏͏inn͏͏ovation of ͏a 3͏n͏m min͏ing chip,͏ steere͏d by Dorsey, which represents a significa͏nt stri͏d͏e towards establ͏ishin͏g an eco-͏efficien͏t and͏ planet-friend͏ly Bitcoin͏ mining in͏fra͏͏str͏uctur͏e. Such endo...

Once primed for its supremacy and dominance, the US dollar is now standing on a pedestal where its hegemony is being questioned. With the rise of GOLD and crypto currency , sectoral dominance is weakening the US dollar’s stance. Several factors are at play that are hampering the US dollar’s collective authority.  With the rise of BRICS and the multipolar currency concept, the dollar is now encountering conflictive elements gnawing from all sides.  Also Read: Gold Attracts ‘Strong Buy’ Call: Forecast Suggests Price To Hit $2,700 Rise of Gold and Crypto: What Does This Mean for the Dollar? Source: Finbold Gold prices are breaking a new price threshold. The weak US data, followed by the anticipation of potential interest rate cuts, are bolstering the price of GOLD .  Gold is breaking out again. $2160. #Gold is giving a warning but still way ahead — EGRAG CRYPTO (@egragcrypto) March 7, 2024 Per Middle East Economy, “spot GOLD saw an increase o...

New crypto tokens can explode by the highest percentage margin – in this article, we highlight a range of new coin listings on exchanges. As the crypto market volatility resurges, a new digital currency called eTukTuk has gained popularity as presale nears its end. New Cryptocurrency Releases, Listings, and Presales Today eTukTuk is gaining popularity now that its presale nears its end. Let’s examine three new cryptocurrencies. It is very important to note that predicting the continual upward trends is sometimes accompanied by unexpected developments. 1. EXGOLAND (EXGOLAND) EXGOLAND is a pioneering project aimed at creating an advanced metaverse powered by AI and the NFT market. This metaverse offers diverse activities like gaming, socializing, and trading non-fungible tokens in VR. However, cutting-edge AI will help create interactive virtual landscapes for users to explore with AI-integrating characters. Also, the metaverse will be a network of information, and its ...

To boost users’ activity, SK Telecom has launch ed a digital currency for virtual purchases in its metaverse dubbed Ifland. One of the largest telecommunication companies in South Korea is taking another step towards the adoption of metaverse technologies. SK Telecom, a Korean telecom provider with over 30 million customers, announced in a press release on Monday, Oct. 16, 2023, the launch of an economic system to its metaverse platform Ifland, with a new virtual currency named “Stone.” Virtual meetup in ifland | Source: SK Telecom You might also like: Korean IT firm, NHN, to develop games on Sui network According to the Seoul-headquartered company, the digital currency can be used to purchase virtual items with “high collectible values” and to sponsor hosts of events or meetups. With the launch of Stones, SK Telecom wants to bring in more users as influencers can now generate profit by receiving donations from subscribers. “Goi...

Join Our Telegram channel to stay up to date on breaking news coverage It’s the weekend, and the crypto market continues on its winning streak. It has been on this path for most of the week. The period saw all categories of assets in the crypto and virtual reality space doing outstandingly well. Even very unpopular coins and assets caught the wind and enjoyed some attention.  The decentralized finance market is currently worth $1.82 billion over the last 24 hours. It also currently takes up 6.51% of the entire crypto market. Bitcoin dominance increased by 0.01% in the same period to hold 46.22% of the market. Investors also latched on to opportunities as the market fought out of the bear trend. Numerous assets got green due to an almost lavish outpour of resources. The idea is that investors are pushing the market ahead of an imminent bullish run. However, new and existing low-finance investors deviated their attention to newer coins. We mentioned some of these asset...