Russia and BRICS: New Steps in Crypto Regulation and Reducing US Dollar Dominance

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Russia's Crypto Regulation Strategy
  2. Crypto as a Tool in the BRICS
  3. Reducing USD Hegemony via Crypto Regulation


    4. Russia is stepping up its measures to control cryptocurrencies within BRICS's broader campaign to demonetize the British pound and the US dollar. As geopolitical realities change, BRICS countries including Brazil, Russia, India, China, and South Africa are exploring ways to reduce the US dollar's hegemony in foreign trade.

    Russia's Crypto Regulation Strategy

    The Russian government has had, at least, a tense and neutral attitude towards cryptocurrencies over the years. However, recent developments indicate that Russia is now eager to control cryptocurrencies and blockchain technologies more tightly. One major area of focus is international trade payments, where crypto could potentially serve as an alternative to USD payments.

    Crypto as a Tool in the BRICS

    Regulating cryptocurrencies has become part of BRICS's strategy to escape the rules of the traditional Western financial system and promote a new type of economic cooperation. Russia sees this move not only as a legislative regulation of the industry but also as a step towards greater cooperation with other BRICS members, preparing the ground for the potential use of cryptocurrencies in international transactions free from global financial order restrictions.

    Reducing USD Hegemony via Crypto Regulation

    Reducing the dominance of the US dollar in the global market is among the goals set by Russia and the BRICS members. With the rise of cryptocurrency adoption, Russia sees an opportunity to advance this agenda. Cryptocurrencies can serve as a possible replacement for SWIFT, which is controlled by the West. Additionally, BRICS countries like China and India are exploring the use of cryptocurrencies to reduce reliance on the US dollar.

    The shift towards cryptocurrency regulation in BRICS countries is a significant step towards reducing the influence of the US dollar and the Western financial system. International cooperation and synchronization of legal standards will be essential to achieving these goals.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

CF Benchmarks Introduces CFB Oracle to Enhance On-Chain Price Integrity

CF Benchmarks has launched CFB Oracle, a service providing cryptographically signed index information for applications on Ethereum mainnet, HyperEVM, and Robinhood Chain.

user avatarLuis Flores

SEC Proposes New Custody Framework for Crypto Assets

The SEC has proposed a new custody framework for investment advisers and registered funds dealing with crypto assets, allowing for potential self-custody and the use of state trust companies as custodians.

user avatarArif Mukhtar

FINMA Approves First Swiss Retail Bitcoin ETF

Switzerland's financial regulator, FINMA, has approved its first retail ETF that invests directly in Bitcoin, allowing retail investors to gain regulated exposure to Bitcoin.

user avatarMaria Gutierrez

EIP7906 Proposal Considered for Enhancing Ethereum Transaction Safety

The Ethereum Foundation is considering EIP7906, which proposes a readonly post-transaction frame to evaluate changes and events before accepting transaction outcomes.

user avatarDavid Robinson

Ethereum Foundation Investigates Enhancements to Transaction Safety

Researchers at the Ethereum Foundation are examining native transaction assertions to enhance transaction safety and reliability in digital asset markets.

user avatarAndrew Smith

Ethereum Developers Delay Glamsterdam Upgrade on Hoodi Testnet

Ethereum developers have postponed the Glamsterdam upgrade initially scheduled for the Hoodi testnet on October 26, with no new activation date provided.

user avatarJacob Williams

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.