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BRICS Pay Launches New System for Trade Without the US Dollar Â
BRICS Pay allows member countries to trade directly without depending on the US dollar. Â
The fresh framework uses blockchain technology for safe and quick settlements. Â
This move aims to create more financial freedom for BRICS nations and reduce Western influence.
The BRICS alliance has begun a new payment structure called 'BRICS Pay.' This system helps member nations trade without using the US dollar. It allows transactions through blockchain technology and removes the need for the SWIFT messaging system. This move could change the way international finances work.
Showcasing the New System
At the BRICS Business Forum in Moscow, the collaboration demonstrated how BRICS Pay operates. Participants received demo cards preloaded with 500 rubles, which is about $5.15 USD. They could use these cards for spending at various vendors within the World Trade Center. This demonstration gave attendees insight into the future of cross-border trade among BRICS nations.
Moreover, the exchange method mainly relied on QR codes. These codes connect national subscription platforms with commercial methods across BRICS+ countries. This means BRICS Pay enables transactions in digital currencies and stablecoins linked to the national currencies of member states. This technology improves security and makes international transactions easier.
Future Prospects for BRICS Pay
BRICS has plans to expand this transfer mechanism. Future efforts aim to enhance business-to-business payment solutions. The alliance also intends to develop the BRICS+ UNIT, a cryptocurrency initiative led by Russia. These actions show BRICS's commitment to creating a more independent financial environment for its member nations.
Over the past year, BRICS has worked to reduce reliance on the US dollar in trade. This change aligns with Russia's recent decision to lift its ban on digital assets for international payments. Therefore, BRICS Pay is an important step towards creating a trading framework that limits Western influence.
President Putin highlighted the role of digital currencies for BRICS and other emerging economies. Forum discussions focused on how these currencies can encourage investment development. The new payment system aims to help not only BRICS nations but also other developing economies seeking alternatives to traditional banking.
Impact on Global Trade Dynamics
The launch of BRICS Pay raises important questions about the future of the US dollar in global trade. As BRICS promotes this new system, it challenges the dollar's dominance. This change could reshape international transactions and affect trade relationships worldwide.
The post BRICS Pay Launches New System for Trade Without the US Dollar  appeared first on Crypto News Land.
Blum Pre Market Price Live On XT: What Will Be The Listing Price.
Blum Coin ($BLUM) is gaining significant attention following its pre-market listing on XT Exchange. Scheduled for trading from 08:00 on October 17, 2024 (UTC), Blum Coin is entering the spotlight with immense potential in the decentralized finance (DeFi) and hybrid exchange model sectors. As it prepares for its official launch, analysts are already forecasting impressive growth in both the short and long term. According to recent pre-market data, Blum Coin is trading between $0.001000 and $0.008610 USDT. Over the last 24 hours, Blum's volume stands at 272.6457 million BLUM, generating a turnover of approximately 2,200.59K USDT. The coin has seen a remarkable 681.80% increase in the last 24 hours, with a current price of $0.007818 USDT. Blum Short-Term Price Prediction Blum Coin is poised to make significant strides. With its current pre-market valuation at approximately $0.0078 USD, the coin has already experienced a price surge of 681.80% in 24 hours. Experts believe Blum Coin may see its price range rise to $0.005 to $0.007 within the weeks following its official listing. This rapid growth is driven by the coin's innovative features in DeFi and the hybrid exchange market. This potential price increase represents a 25% to 75% surge from its current valuation, making Blum Coin an attractive short-term investment for early adopters. Blum Medium-Term Price Prediction After its official launch, Blum Coin could experience sustained growth over the next 3 to 6 months. Strategic partnerships and increased interest in the DeFi space are likely to drive Blum Coin's value higher, potentially pushing it towards the $0.01 to $0.015 range. This upward trajectory would mirror the success seen in similar projects such as Chainlink and Uniswap, which both witnessed rapid gains post-launch. The continued expansion of the Blum ecosystem and broader market trends will play a key role in maintaining this momentum. Blum Long-Term Price Prediction For long-term investors, Blum Coin holds even greater potential. Should it continue to innovate in both traditional and decentralized finance, and if it secures additional partnerships, Blum Coin could target a price range between $0.05 and $0.10 over the next 12 to 18 months. While these projections are speculative, they are grounded in the coin's utility and its ability to capture market interest. The success of Blum Coinâs long-term growth will depend heavily on market adoption and its sustained relevance in the DeFi sector. #vruuachain #Lumia #MemeCoinTrending #SCRSpotTradingOnBinance