Wednesday, May 8, 2024
BRICS: India & Nigeria Finalize Major Partnership Ditching US Dollar, 8 MAY
BRICS: India & Nigeria Finalize Major Partnership Ditching US Dollar, 8 MAY
BRICS member India finalized a major trade partnership with Nigeria on Friday switching away from the US dollar. Both countries will use local currencies in the bilateral trade agreement for energy, pharmaceuticals, and transport sectors. India and Nigeria have agreed to cooperate and settle trade in local currencies and not the US dollar.
However, the local currency in question is yet to be finalized and could be either the Indian rupee or the Nigerian naira. The agreement comes at a time when BRICS is looking to uproot the US dollar as the world’s reserve currency. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.
India and Nigeria’s latest trade agreement extends cooperation in the sectors of energy, pharmaceuticals, and transport. The delegation from India to Nigeria included officials from the Reserve Bank of India (RBI), EXIM Bank of India, and the National Payments Corporation of India (NPCI).
Also Read: BRICS: 11 Currencies Dip Against the US Dollar
“Both sides agreed to the early conclusion of the Local Currency Settlement System Agreement to further strengthen bilateral economic ties,” the ministry said. The move shows that BRICS nation India is keen on ending reliance on the US dollar to boost the rupee’s prospects.
Nigeria is India’s second-largest trading partner in Africa and has expressed interest in joining BRICS. Trade between the two countries stood at $11.8 billion in FY 2022-23. In 2023-24, the bilateral trade between India and Nigeria stood at $7.89 billion. BRICS is advancing to put local currencies ahead of the US dollar in most of their trade and transactions.
Also Read: U.S. Google Moves Jobs to BRICS Countries
If the development continues on a larger scale, the US dollar will remain in jeopardy. Also, the BRICS alliance revealed that the de-dollarization agenda is a long-term plan, therefore the next decade will be challenging for the US dollar.
"RV UPDATE" BY TEXAS SNAKE, 8 MAY
TEXAS SNAKE
While being a member of the WTO is important. listing on the FOREX is much more critical to us waiting to exchange and with the various potential valuations being suggested we will need to see if the RV rate is initially published on the front screen or the back screen for the CBI to allow for there to be a float upwards in value which IMO would be beneficial to us to realize a greater value, but either way we would realize a gain over cost of acquisition.
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Texas Snake, [05/07/2024, 12:17:30 a. m.]:
My prayer is I have only begun to help, my goal is to offer alternatives on how to invest your funds so yiou never experience the fate of a lottery winner and be broke in aa couple of years. Ideas you can suggest to your wealth manager to design an infinate banking program designed o meet your personal goals and objective and keep many future generations in positive financial circumstances.
Won't take long due to price of oil
Well My news is shared so will see everyone tomorrow, hopefully with some really good news, GOD Bless everyone.
After a break for more than 9 years. Resumption of a government trade meeting between Iraq and America, 8 MAY
The Ministry of Commerce announced the holding of the meetings of the third session of the Trade and Investment Framework Agreement between Iraq and the United States of America in Washington, D.C., after a break of more than nine years, headed by the Iraqi side, the economic agent Ghassan Farhan Hamid, and from the American side, the Office of Trade Representation.
The Economic Agent for Trade said in a statement to the Ministry that received a copy of it {Euphrat News} that “the meeting discussed many axes, the most important of which are the agricultural sector, standardization, qualitative control, financial system, customs, company registration, intellectual property rights, Iraq’s accession to the World Trade Organization, the health sector and government contracts.”
He pointed out “the confirmation during the meetings that the Iraqi government is open to all parties and that economic reform and diversifying the economy are among the priorities to be worked on, and that Iraq is ready to discuss any proposal that leads to strengthening relations between the two countries.”
For his part, the American side expressed its great interest in the topics raised and its appreciation of the reform measures carried out by the Iraqi government.
It is noteworthy that the meetings were also attended by the Director General of the Department of Foreign Economic Relations, Riyadh Fakhir Al-Hashemi, the Commercial Attaché and representatives from the Ministries of Finance, Planning, Agriculture and Health.
"ABOUT STELLAR" BY GOLDILOCKS, 8 MAY
GOLDILOCKS
Stellar Development Foundation Q1 2024 Report: Initiatives and Achievements Propel Growth
ByZoran Spirkovski
MAY 7, 2024
As 2024 unfolds, the Stellar Development Foundation (SDF) has released a comprehensive report detailing its accomplishments in the first quarter. The period was marked by significant milestones, including the launch of smart contracts on the network and a remarkable growth in asset value, reflecting Stellar’s increasing influence in the blockchain sector.
The year began with Stellar implementing smart contracts through its new platform, Soroban. This move is poised to revolutionize Stellar’s ecosystem by enhancing functionality and developer engagement. Moreover, the total value of real-world assets held on Stellar reached an impressive $533 million, underpinned by a substantial $1.6 billion in total payments volume processed this quarter. Stellar continues to offer extremely low transaction costs, averaging $0.000065, maintaining its position as a leader in cost efficiency.
Smart Contracts on Stellar: The Soroban Era
Soroban represents a significant leap forward for Stellar, providing a robust, Rust-based environment tailored for developing scalable and sensible smart contracts. This platform not only advances Stellar’s technological framework but also significantly expands its utility and appeal to developers.
The surge to $533 million in assets highlights Stellar’s growing role in financial services, especially through the tokenization of assets. This process enhances liquidity and market efficiency, presenting new opportunities for investment and asset management within the financial sector.
SDF’s efforts have been pivotal in enhancing financial inclusion, with a particular focus on facilitating access to financial services globally. The forthcoming Meridian 2024 conference, scheduled for October 15-17 in London, is set to celebrate these achievements and unveil future initiatives.
In its quest for global expansion and improved security, SDF has been actively engaging with the global community and strengthening its technological stack. A notable initiative is the Soroban Audit Bank , which supports security audits for projects on Stellar, ensuring that Stellar remains a secure and reliable platform for all users.
Why It Matters: Stellar’s Strategic Vision
Stellar’s strategic initiatives are shaping a financial landscape that is more inclusive, efficient, and secure. The deployment of smart contracts and the expansion of asset tokenization are just examples of how Stellar is unlocking the potential of blockchain technology to foster a more connected and accessible financial world.
In conclusion, Stellar Development Foundation’s first quarter of 2024 has set a robust pace for the year. With smart contracts live and assets growing, Stellar is poised to further its mission of transforming the global financial landscape, making it more inclusive and efficient through blockchain technology.
https://www.crypto-news.net/stellar-q1-2024-smart-contracts-assets/
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