Independent Financial System planned by Russia and the Islamic world
Gesara.news » News » Independent Financial System planned by Russia and the Islamic worldNews Date: May 22, 2023
Russia and the Islamic countries talk about the creation of an independent financial system and de-dollarization.
According to Alexey Overchuk, deputy prime minister of Russia, Russia is in conversation with countries in the Islamic world about current global changes, particularly the de-dollarization processes.
Alexey Overchuk mentioned the de-globalization processes, the shift of industrial output, the fall of Western investment in the Global South, and the concerns with energy and food security among other things on the agenda.
"Of course, our relations with Islamic countries are influenced by global shifts that are taking place and global trends.
We are talking about processes of de-dollarization and the creation of an independent financial system.", Overchuk stated, through a TASS report.
Sergey Cheremin, Minister of the Moscow City Government, addressed the exhibition's opening and engaged in various sessions in the business program.
He emphasized the longstanding cooperation between India and Russia and highlighted potential areas for bilateral partnership.
"We are united by the common goal of building the most modern infrastructure, creating a safe and comfortable urban environment. One of the most promising areas of our cooperation is undoubtedly information technology and the digital economy. India and Russia are striving to become leaders in this field, and joining forces can create a synergistic effect," Cheremin stated.
In December of the previous year, China and Russia announced a groundbreaking test for a hack-proof quantum communication link using the Mozi satellite.
The BRICS alliance, having dominated the geopolitical sector in 2023, announced a six-country expansion plan during the Annual Summit.
Now, as attention turns to 2024, both Russia and India, amidst the BRICS initiative, are collaborating on a digital economy and expressing commitment to developing a native BRICS currency, rumored to be blockchain-based.
Also, the BRICS Pay system was launched last year to rival the Western SWIFT payment system and establish BRICS-based alternatives.
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.
President of the WorldBank Group remarked to G20 Finance Ministers & Central Bank Governors: I emphasized the need for further progress on Debt Suspension, Debt Reduction, Debt Resolution, Debt Transparency.
Goldman Sachs-backed crypto finance startup Circle has published the latest third-party audit of its USD-pegged stablecoin, USD Coin (USDC). USD Coin is on the Ethereum blockchain. The execution of issuing and redeeming USDC tokens is ensured with ERC-20 smart contract.
A district court in China has reportedly ruled that Ethereum's cryptocurrency is legal property with economic value.
While cryptocurrency is not legal tender in China, people can hold and transfer them like property.