BITCOIN

Indonesia is introducing a new national payment system as the country furthers its de-dollarization efforts and protection against “possible geopolitical consequences.” The new payment system will replace Visa and Mastercard in state-owned institutions and companies, a top central bank official said. “We expect that very soon it will become widespread.” Indonesia Establishes New National Payment System Indonesia will introduce a new national payment system that will replace Visa and Mastercard in state-owned institutions and companies, according to Dicky Kartikoyono, Bank Indonesia’s Head of Strategic Management and Governance Department. The central bank official was quoted by CNBC as saying Monday: In accordance with the president’s plan, the transition to our national payment system is proceeding smoothly. We expect that very soon it will become widespread, including within state-owned enterprises. The central banker explained that Indonesia’s decision to create its own paym...

The BRICS countries are developing guidelines in response to increasing demand from countries seeking to join, according to South Africa’s Foreign Affairs Minister Naledi Pandor. “BRICS is attracting a lot of interest from a number of countries, and our sherpas are working on the concept of how the group can respond to this interest,” she detailed. “Many countries are looking for a multipolar forum that is modern, inclusive, and focused on the common good.” Interest in BRICS Membership Rises South Africa’s Minister of International Relations and Cooperation Naledi Pandor has revealed that the BRICS nations are working on guidelines to cater to the rising interest of countries wanting to join the economic bloc. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. This year, the BRICS presidency is held by South Africa. Addressing the South African line ministry on “Strengthening Partnerships for a Fairer and More Equitable Global System,” Pandor was quoted by T...

Bangladesh and India have decided to conduct trade settlements in their own currencies, bypassing the dominance of the U.S. dollar. According to sources from the Bangladesh Bank, the decision was made due to the issues of liquidity in foreign currency that Bangladesh faces, which are disrupting the flow of imports to the country. Bangladesh and India to Conduct Bilateral Trade in National Currencies The governments of Bangladesh and India have decided to conduct their bilateral trade settlements in national currencies, away from the dominance of the U.S. dollar. According to local sources, the decision would have the objective of safeguarding the flow of imports to Bangladesh, which is currently facing U.S. dollar liquidity issues as a result of the effects of the Russia-Ukraine conflict. Furthermore, this decision would also cut a series of costs related to the usage of the U.S. dollar, switching it out for Indian rupees and Bangladeshi takas. Mezbaul Haque, executive director of ...

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