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Russia plans a digital golden ruble

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News Date: January 23, 2022

Russia may allow gold-backed stablecoins under government control according to lawmakers.
The statement comes after Bank of Russia proposed a wide-ranging ban on the use of cryptocurrencies, and their trading and mining.
According to a report by the Central Bank of Russia, the nation's central bank gold holdings surpassed its dollar reserves for the first time in its history, with gold making up 23% of total reserves as of the end of June and dollar assets dropping to 22%.
Source: bitcoin.com

BRICS Common Currency report

The planned BRICS cross-border currency is an important step in challenging the dominance of the U.S. dollar, according to Zhou Yu, director of international finance Research at the Shanghai Academy of Social Sciences, revealed a recent report from China's Global Times.
Zhou states that the recent moves to support local currency settlement have given the BRICS countries a competitive advantage in reducing the dominance of the dollar in international trade.
Iran, Argentina, Saudi Arabia, Turkey, and Egypt are among the potential countries to join and adopt the BRICS currency in 2023.

Russia supports Saudi Arabia membership in BRICS

Russian President Vladimir Putin said on Thursday that he supports Saudi Arabia's possible accession to the BRICS group.
Putin: Yes, we support. This requires a consensus of all countries.
Also, on 20 Oct, China voiced support for the expansion of BRICS membership after reports about Saudi Arabia showing its intention to join the group that presently comprises Brazil, Russia, India, China and South Africa.
Sources: see.news

Saudi Arabia wants to join BRICS

South African president says Saudi Arabia wants to join BRICS.
Cyril Ramaphosa revealed this during his two-day state visit to the kingdom on Sunday.
The BRICS nations are going to be meeting in a summit next year under the chairship of South Africa.
And the matter is going to be under consideration.
Sources: insiderpaper.com

Zimbabwe launched the gold-backed currency

Zimbabwe has decided to replace its struggling local currency with a new one backed by gold and foreign currencies in an effort to stabilize its economy and combat inflation.
The country reintroduced its own currency in 2019 after a period of dollarization, but it failed to gain public trust, with over 80% of transactions now conducted in foreign currency.
The new currency, named Zimbabwe Gold (ZiG), will circulate alongside other foreign currencies.
The exchange rate for ZiG will be determined by the closing interbank exchange rate on April 5 and the London PM Fix price of gold on April 4.
The Reserve Bank of Zimbabwe described the new currency as "structured," backed by a combination of foreign currency and precious metals, primarily gold, held as reserves by the central bank.
"If we implement these measures, we expect them to have an impact on inflation," central bank governor John Mushayavanhu told reporters.

G-20 Plans Extraordinary Meeting to Discuss Debt Relief

Finance ministers and central bankers from the worlds largest economies plan to hold an extraordinary meeting on November 13 to discuss bolder action to help poor nations struggling to repay their debts.
The meeting could mark the next phase in the global debt-relief drive-by bolstering coordination between government creditors over how to restructure the debts of poor economies hit hard by the coronavirus pandemic.
Sources: finance.yahoo.com

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