Russia Proposes SWIFT-like System for BRICS

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News Date: July 26, 2024

Russia is advocating for BRICS countries to develop their own financial messaging system, similar to SWIFT, to reduce reliance on Western institutions and boost financial autonomy.
Deputy Chairman Alexander Babakov stated this system would allow secure, independent transactions via state-owned banks, support African development, and reduce neocolonial influences.
Integrating with national infrastructures and using advanced cybersecurity, the system would lower transaction costs, speed up capital turnover, and improve liquidity, benefiting international trade.
"The creation of a financial messaging system similar to SWIFT will help create a new economic reality for the BRICS countries," Babakov said.
Source: TASS.

Australia closer to a cashless society

Australia's big four banks remove thousands of ATMs and shut down hundreds of branches as the coronavirus crisis pushes nation closer to a cashless society.
Sources:www.dailymail.co.uk, www.atmmarketplace.com

Donald Trump Pushes the Brake on Car Loan Taxes

Donald Trump, speaking at the Detroit Economic Club, unveiled a proposal to make interest on car loans fully tax-deductible if re-elected.
He emphasized that this plan would boost domestic auto production and lower the cost of car ownership for millions of American families.
Trump also vowed to prevent Chinese automakers from selling vehicles in the U.S., aiming to protect American jobs and industries.
Donald Trump: "We will make interest on car loans fully deductible"

U.S. Department of Energy unveils the Quantum Internet

The U.S. Department of Energy (DOE) unveiled a report that lays out a blueprint strategy for the development of a national quantum internet, bringing the United States to the forefront of the global quantum race and ushering in a new era of communications.
Source:www.anl.gov

Texas Legalizes Gold & Silver for Daily Use in Bold Financial Shift

🏆 June 29, 2025: Texas has officially recognized gold and silver as legal tender for everyday transactions. Governor Greg Abbott signed the groundbreaking law, making Texas the first state to enable routine payments using precious metals via the Texas Bullion Depository. The move introduces a state-backed digital currency tied to physical gold and silver, offering Texans an alternative to fiat money and signaling a broader push for financial autonomy and innovation.
May 28, 2025: 🏛️ C.S.H.B. 1056 is a revised bill that updates existing law to officially recognize gold and silver specie as legal tender in Texas. It also lays the foundation for creating a transactional currency backed by physical gold and silver.🥇🥈
November 22, 2024: Texas State Representative Mark Dorazio filed House Bill 1049 and House Bill 1056 on November 12, to create gold and silver-backed transactional currencies.
Original news:
Texas Lawmakers Introduce Bills to Create Digital Currency Backed by Gold.
The comptroller shall establish a digital currency that is backed by gold so that each unit of the digital currency issued represents a particular fraction of a troy ounce of gold held in trust as provided by this chapter.
Source: capitol.texas.gov

Cryptocurrency Market Reactions to Regulatory News

The U.S. Federal Reserve reveals that the cryptocurrency XRP didn't show great reaction or movements in price to regulatory news in the past.
Bitcoin, Litecoin, Bitcoin Cash and Ethereum showed a bigger reaction in terms of price-performance to regulatory news.

Source:dallasfed.org