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BRICS member India spoke about the BRICS currency formation that could make its way into the global markets. The timeline for the launch could be much longer than expected as the development has not picked up steam. The alliance floated the idea of a common currency in 2023 to take on the US dollar’s hegemony. Russian President Vladimir Putin also displayed a mock-up bill during the 16th summit in Kazan last year, indicating that its launch is imminent. Also Read: Payments in National Currencies To Increase After BRICS 2025 Summit India Spills the Beans on BRICS Currency Formation Source: Watcher Guru Dammu Ravi, India’s Sherpa and Secretary (Economic Relations) in the Ministry of External Affairs spilled the beans on the currency formation. Ravi confirmed that the discussions and development of a common BRICS currency have not gone full-fledged but remain “at a very early stage.” He revealed that the discussions are still in their nascent steps and have a long way to ...

BRICS member India may consider accepting local currencies for trade and sideline the US dollar only if they are ‘non-binding’, according to sources on the condition of anonymity. The decision to accept native currencies could be taken at the upcoming summit in October in the Kazan region of Russia. India is keen on using local currencies only when they are non-binding. Also Read: Former Russian PM Talks About BRICS Currency For the uninitiated, non-binding means the rules of accepting local currencies must not be legally necessary to obey, and must come out of choice whenever required. BRICS country India does not want to end reliance on the US dollar as its economy is booming and needs the currency to survive. Also Read: BRICS: Russia To Officially Use Cryptocurrency For Trade Settlements BRICS: India Would Want the Rupee & Not the Chinese Yuan For Trade Settlements Source: Reuters / ShutterStock BRICS counterpart China has been pushing for trade settlements among member n...

Over 25,000 students in El Salvador have learned about Bitcoin in the classroom. El Salvadorian school kids as young as 12 years old are being orange-pilled — taught to send their first Bitcoin (BTC) transaction by visiting members of El Salvador’s Bitcoin Beach. Bitcoin Beach community leader Roman Martínez told Cointelegraph that he believes early-age education on Bitcoin, money and the economy may lay out a framework for many of the underprivileged kids he teach es to have a better shot at life. Martínez explained Bitcoin Beach runs after-school programs to help set kids up to use Bitcoin. “Every Friday we visit schools for Bitcoin education where we talk about money and dreams, we teach them to set up a Bitcoin wallet, we help them receive their first satoshi and make transactions.” A satoshi, or sat, is the smallest denomination of Bitcoin, with 100 million sats making up one BTC. Martínez visting a school to show students how to use a Bitcoin wallet. Source: X Martínez noted th...

The credit market might be challenging at times — but blockchain technology can bring borrowing and lending into the 21st century. Surging interest rates and a challenging economic climate are making it difficult for individuals and businesses to access credit. In emerging markets with a high proportion of unbanked people, such issues are nothing new. Consumers who lack accounts with a financial institution often struggle to apply for loans at competitive rates — primarily because they lack a credit rating. As a result, wary lenders increase the cost of borrowing to applicants perceived as risky. It’s a vicious cycle — a chicken-and-egg situation. You need a reputation to access credit, but how can you build an application without a lender taking a chance on you?  Other pain points exist as well. Even self-employed entrepreneurs with access to a bank account can struggle to borrow funds — all because their income may fluctuate from month to month. In some countries, the application p...