BRICS Prepares for Global Currency Reset

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News Date: May 5, 2024

Russian IMF representative, Alexey Mozhin, in an interview with RIA Novosti published on Friday, suggests BRICS nations should prepare for a potential collapse of the dollar and international monetary system by offering an alternative currency.
Mozhin's remarks highlight the increasing recognition of the flaws in the current financial system and the potential role of BRICS in providing an alternative solution.
"Such a proposal is being discussed. In the event of the collapse of the dollar and the international monetary system, it will be necessary to turn the said BRICS accounting unit into a real currency, backed by exchange goods,", he stated.

Gold rises despite global stocks tumble

Gold head higher on Monday, as global markets face significant declines.
Gold Experts have already pointed out that the gold price will rise in the long term.
Inflation, government debt, and negative real interest rates are the main reasons for the rising of gold prices.
The world will finally realize why Gold and Silver were always the answer to prosperity.
Everything paper will take massive haircuts in the near future while Gold and Silver rise to new heights.

SWIFT plans new service, Digital EURO on the horizon

SWIFT announced plans for a new service to help banks improve the experience for small and medium-sized enterprises (SMEs) and consumers who send low-value payments across borders. The service will enable these bank customers to make faster, easier, predictable and competitively priced payments all around the world.
The European Central Bank (ECB) announced that it will start conducting experiments to decide whether to launch a digital euro. In a report setting out the pros and cons of launching a digital euro, the ECB said that it could support the Eurosystems objectives by providing citizens with a safe form of money in the fast-changing digital world.
Sources:www.swift.com, www.euronews.com

Russia, Iran to develop alternative to SWIFT

Russia and Iran have been cooperating to connect their interbank messaging systems in order to bypass the SWIFT financial transactions network, Kazem Jalali, Ambassador of Iran to Russia, said on Thursday.
SWIFT is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes.
Both countries are facing severe Western sanctions, making settlements in trade through SWIFT difficult or impossible.
Source: www.siasat.com

A Financial System by Nonbank Financials, Fintech, and Innovation

Fintech stands for financial technology.
On February 3, 2017, Donald Trump issued a Presidential Executive Order on Core Principles for Regulating the United States Financial System.
Full order:whitehouse.gov
The report of U.S. Department of the Treasury was prepared on July 2018, set A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation.
Nonbanks are well integrated into the U.S. payments system and play key roles such as facilitating back-end check processing; enabling card issuance, processing, and network activities; and providing customer-facing digital payments software.
This report includes a limited treatment of blockchain and distributed ledger technologies.
Treasury report: treasury.gov

Turkey Applies to Join BRICS

September 2 update:
Turkey has officially applied to join BRICS, frustrated by the lack of progress in its bid to join the European Union, and aims to become the first NATO member and EU candidate to join the group.
June 9 update:
Turkiye's foreign minister will travel to Russia on June 10 to attend a meeting of foreign ministers of the BRICS+.
Older news:
Turkey, a NATO member, is expressing interest in joining BRICS as an alternative to the European Union to enhance its economic prospects.
Turkish Foreign Minister Hakan Fidan announced this during his visit to China, as reported by the South China Morning Post.
The matter is expected to be discussed at the upcoming BRICS ministers' meeting in Nizhny Novgorod. Russia, through Kremlin Spokesman Dmitry Peskov, has welcomed Turkey's interest, affirming that this initiative will be on the agenda at the next BRICS summit, which Russia is preparing to chair.