BRICS: 28% of Trade Settled in Cryptocurrencies: Deutsche Bank
Germany’s largest financial establishment Deutsche Bank confirmed in a recent report that BRICS has settled 28% of trade in cryptocurrencies. The new form of remittance comes at a time when the alliance is looking to end dependency on the US dollar. The bloc is finding several avenues to use all other forms of payments except the US dollar for cross-border transactions. Also Read: BRICS: 3 Countries & 1 Continent Make Bold Plans to Ditch US Dollar Deutsche Bank revealed in its report that the remittances in cryptocurrencies from BRICS members have surged by 147% in 2024. The development adds pressure on the US dollar as emerging economies are cutting ties with the world’s reserve currency. The move will strengthen local currencies making businesses thrive in emerging economies. Also Read: BRICS: De-Dollarization Is Unstoppable BRICS: 28% of Trade Settled Using Cryptocurrencies, Say Deutsche Bank Source: securityaffairs.com The trillion-dollar asset management firm, Vaneck’s ...