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The Evolving BRICS+ Payments System_ A Primer_ Charting the path to de - dollarize cross - border payments
2025-07-07 00:51
Summary of the BRICS+ Payments System Conference Call Industry Overview - The document discusses the evolving payments system among BRICS+ countries, focusing on the de-dollarization efforts and the development of independent payment infrastructures separate from US and Western systems [2][4][11]. Key Points and Arguments 1. **De-dollarization Debate**: The debate on the US dollar's reserve currency status is intensifying due to geopolitical fragmentation and the use of financial sanctions by the US and its allies [2][4]. 2. **BRICS+ Payment Sovereignty**: BRICS+ countries are pursuing 'payments sovereignty' by developing independent payment infrastructures, which are at various stages of discussion and implementation [4][11]. 3. **Challenges to Alternative Systems**: Geopolitical factors and divergent national objectives among emerging market countries pose significant challenges to establishing an alternative payments system, rather than technical barriers [4][8]. 4. **Multi-CBDC Platform**: The potential for a multi-Central Bank Digital Currency (CBDC) platform is highlighted, with several BRICS+ countries advancing their domestic digital payment infrastructures [4][9]. 5. **Role of Multilateral Institutions**: Institutions like the AIIB and NDB are seen as foundational for an alternative international financial system, although they currently lack sufficient liquidity support mechanisms [4][11]. 6. **SWIFT and CHIPS**: The document emphasizes the importance of SWIFT and CHIPS in the current global payments architecture, with the dollar accounting for nearly half of all SWIFT transactions [27][31]. 7. **BRICS+ Leaders Summit**: The upcoming BRICS+ leaders summit in Rio de Janeiro is expected to focus on trade, investment, and finance, but no major announcements regarding de-dollarization are anticipated [11][50]. Additional Important Content 1. **Historical Context**: BRICS countries have long opposed the existing international financial architecture, advocating for greater representation of emerging economies [6][38]. 2. **Geopolitical Dimensions**: The geopolitical landscape, particularly following Russia's invasion of Ukraine, has intensified discussions around reducing reliance on the dollar [40][41]. 3. **Future Initiatives**: Various proposals for de-dollarization are being discussed, including a BRICS common currency and cross-border payment initiatives, though many remain in the proposal stage [51][54]. 4. **Political Will**: The main hurdle to establishing an alternative payments architecture is political will, as diverging objectives within BRICS+ countries complicate consensus [9][40]. 5. **US Response**: The US has expressed concern over BRICS+ de-dollarization efforts, with former Treasury Secretary Janet Yellen emphasizing the importance of protecting the dollar [47][48]. This summary encapsulates the critical insights from the conference call regarding the BRICS+ payments system and the ongoing efforts towards de-dollarization, highlighting both the challenges and potential pathways forward.
Crypto Regulation and Proliferation in Africa
Bloomberg Television· 2025-07-06 05:00
This month we delve into the world of crypto. Now, when you think cryptocurrency, sub-Saharan Africa doesn't naturally come to mind. The region accounts for the world's smallest share, making up just 2.7% of transactions between July of 2023 and June of 2024.But momentum is growing when it comes to global adoption. Nigeria is second only to India. Ethiopia, Kenya and South Africa are also major players.And while crypto trading is still illegal in most African nations, and trading activities are closely moni ...
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Bloomberg· 2025-07-03 14:42
Headline numbers from the June jobs report took pressure off the Federal Reserve to consider an interest-rate cut later this month, likely leaving the central bank on hold at least until the fall https://t.co/BHcgd3cBpf ...
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Bloomberg· 2025-07-03 14:24
India’s central bank announces plans to withdraw excess liquidity from the banking system https://t.co/43dTGFGBuV ...
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Bloomberg· 2025-07-03 12:15
The White House is proving that independence is the worst form of central banking, says @johnauthers — except for all the others (via @opinion) https://t.co/eahYTbjJ2G ...
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Bloomberg· 2025-07-03 10:25
For Latin America's central banks, there is little to be lost in waiting for hard data showing the recent rise in inflation rates is temporary before easing further, says @JPSpinetto (via @opinion) https://t.co/iBT0mGGdFS ...
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Bloomberg· 2025-07-02 23:20
As Donald Trump and his advisers begin weighing replacements for Federal Reserve Chair Jerome Powell, they’re running into one significant complication: It’s not clear that Powell will leave the US central bank next year https://t.co/SWYcviQvWG ...
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Bloomberg· 2025-07-01 15:36
"I'm very focused on just doing my job," US Federal Reserve Chair Jerome Powell said when asked about criticism he's received from US President Donald Trump.He spoke as the world’s leading central bankers gathered for a panel discussion in Sintra, Portugal https://t.co/Bi6UWaTCfD ...
LIVE: Central Bankers Powell, Lagarde, Ueda, Bailey Speak at Sintra
Bloomberg Television· 2025-07-01 13:35
The ECB Forum on Central Banking – the Sintra Forum – is an annual event organised by the European Central Bank and is held in Sintra, Portugal. It brings together central bank governors, academics, financial market representatives, journalists and others to exchange views on current policy issues and discuss the Forum’s key topic from a longer-term perspective. The theme of the 2025 ECB Forum on Central Banking is “Adapting to change: macroeconomic shifts and policy responses”. ...
LIVE: Fed Chair Jerome Powell delivers remarks on central banking
Yahoo Finance· 2025-07-01 13:25
LIVE: Fed Chair Jerome Powell delivers remarks on central banking About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life. - Get the latest news and data at finance.yahoo.com - Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO) - Follow Yahoo Finance on social: X: http://twitter.com/YahooFinance ...