China News Daily Official TheBitTimes.com

BRICS is working together on the formation of a new currency that can be used among member and non-member nations. During the 16th summit in Kazan, Russian President Vladimir Putin displayed a mock-up bill indicating that an original is not too far away. This puts pressure on the US dollar as the alliance of 10-member nations is more powerful when combined. They have a robust and ever-growing GDP with a huge command of the oil and gas sector, among various others. Also Read: After Pausing BRICS, Saudi Arabia Eyes $100 Billion Deals With the US What Conditions Must Be Met For the BRICS Currency To Work? Source: Cryptopolitian.com To successfully launch and maintain a new currency in the forex markets, BRICS must consider three important factors. Agreed, that adding a new currency in the markets is a herculean task, but it’s not impossible to make it work. If the alliance members begin using the tender for trade and also include non-members for settlements, the US dollar will be on ...

The latest initiatives led by the Monetary Authority of Singapore aim to develop foundational capabilities to scale tokenized markets. The Monetary Authority of Singapore (MAS) has introduced five additional industry pilots into the Project Guardian to test various use cases around asset tokenization.  Project Guardian is a collaborative initiative led by Singapore’s central bank that seeks to develop new financial infrastructure using decentralized finance (DeFi) elements. The latest initiatives are aimed at developing foundational capabilities to scale tokenized markets. As explained by MAS: “These developments under Project Guardian will catalyze the institutional adoption of digital assets, with the aim of freeing up liquidity, unlocking investment opportunities, and increasing the efficiency of financial markets.” Out of the 17 financial institutions members of Project Guardian, Citi, T. Rowe Price Associates, Inc. and Fidelity International are testing bilateral digital asset ...