More BRICS and Bretton Woods 3
Gesara.news » News » More BRICS and Bretton Woods 3News Date: August 9, 2022
Expanding BRICS to create an alternative power bloc is enticing for many countries.
Talk of the BRICS nations creating a new reserve currency introduced the idea of 'Bretton Woods 3.0'.
The Bretton Woods Agreement was negotiated in July 1944 by delegates from 44 countries at the United Nations Monetary and Financial Conference held in Bretton Woods, New Hampshire.
Thus, the name 'Bretton Woods Agreement'.
Under the Bretton Woods System, gold was the basis for the U.S. dollar and other currencies were pegged to the U.S. dollar's value.
The Bretton Woods System effectively came to an end in the early 1970s when President Richard M. Nixon announced that the U.S. would no longer exchange gold for U.S. currency.
VISA & Currencycloud with Ripple on cross-border paymentsCurrencycloud to focus on new territories currently under-represented for SMEs, to make global movement of money more efficient.
Currencycloud, the global leader in providing embedded B2B cross-border payments for platforms of the future, announced a partnership with Ripple, the enterprise blockchain solution for global payments. RippleNet, Ripple's global financial payments network, makes it easy for its diverse network of financial institutions worldwide to enable faster, lower-cost payments around the world.
Visa partner Currencycloud is now working with Ripple to expand their business-to-business cross-border payments platform.
Unrestricted cross-border payment system introduced by RussiaAccording to Russian Finance Minister Anton Siluanov, Russia is introducing a new payment system that is "bound by no restrictions" and will allow the use of digital currencies for international transfers.
In the past, the Bank of Russia predicted that in five to seven years, the entire system of cross-border payments will undergo a transition and be based on national digital currencies.
The World toward a multi-currency systemNations like Russia and China are now leading the charge from a one-currency world to a multi-currency world of import payments.
Russia, for example, can take its energy profits and Rubles to purchase the currencies of friendly countries like China, India, and Turkey to rebuild its reserves outside of the USD.
The old world is slowly but surely turning irreversibly away from a USD-dominated currency system toward a multi-currency and multi-FX pricing model.
The Central Bank of China Extends Gold BuyingChina Extends Gold Buying With Fresh Flows to Central Bank.
The People's Bank of China raised its holdings by 30 tons in December, according to data on its website on Saturday.
This follows November's addition of 32 tons, and brings the nation's holdings to a total of 2,010 tons.
Countries Repatriating their GoldIn recent years we have seen the likes of Germany, Austria, Belgium, Venezuela, and the Netherlands each repatriate their gold from various locations.
Hungarian National Bank is set to repatriate 100,000 ounces of gold from England.
The pace does appear to have been picking up since Venezuela decided to repatriate its 180 tonnes of gold in 2011.
Also Inspired by Polish example, Slovakia considers repatriating gold from the UK.
Serbia, later on, joined Slovakia in this Sudden Eastern European Gold Repatriation trend.
Countries across the globe are trying to shake off their dependence on the dollar by buying up yellow metal.
Countries around the world are looking for precious metal to cure their dollar dependence.
The main switches are China and Russia. But Eastern Europe is now joining in for its own reasons like many.