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BRICS member Brazil, along with two other countries has forged a new path for cross-border payments with CBDC innovations. The Central Banks of the three countries have officially partnered to create a digital currency for trade among each other. The move will pave the way for a new financial infrastructure without the need for the US dollar for cross-border transactions. Also Read: BRICS: Shipping Firm Pays $8 Billion in Chinese Yuan, Ditch US Dollar Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Apart from using local currencies for global trade settlements, BRICS is also working towards the formation of CBDC to dent the US dollar. The next decade will be challenging times for the greenback as de-dollarization will be a global phenomenon. BRICS: 3 Countries Forge CBDC Alliance, US Dollar Remains Target Source: CNBC The Hong Kong Monetary Authority (HKMA) announced that it has forged a CBDC alliance with two other Central Banks to ...

Thailand’s finance minister, Pichai Chunhavajira, has confirmed a new plan to distribute digital money to 45 million citizens, boosting the country’s economy. Up to 45 million Thais will be eligible to receive 10,000 baht (about $280) in digital money on Aug. 1, according to the plan. The Pheu Thai party, which won the 2023 Thailand election, made the promise as part of its campaign. According to information from the Associated Press, the plan will cost $13.8 billion. It will distribute the cash in digital form to Thais age 16 or older with incomes under $23,000 and savings under $13,700. Source: Pixabay The Thailand parliament approved supplemental funds for this plan earlier in July. The money will be coming from the national budget. Furthermore, economists predict that the digital money plan will improve Thailand’s economy, which has seen little growth over the past decade. Also Read: BRICS: Morgan Stanley Says US Dollar Can’t be Dethroned In addition, a spokesperson for ...

Ripple says the "in principle" approval will help scale its "On-Demand Liquidity," the service it uses to source XRP liquidity to customers. Blockchain-based payments firm Ripple has obtained in-principle regulatory approval from Singapore’s financial regulator to offer digital asset payments and token products in the city-state. Ripple confirmed the approval from the Monetary Authority of Singapore (MAS) in a June 22 statement. The approval will allow its subsidiary — Ripple Markets Asia Pacific — to further scale its On-Demand Liquidity (ODL). The ODL helps Ripple’s customers to move XRP around the world without the banks intervening as intermediaries. We’re honored to obtain In-Principle Approval of a Major Payments Institution License from the @MAS_sg – allowing us to offer regulated digital asset products and services , and scale customer use of #ODL. Learn more: https://t.co/8Ylc3lZSeg — Ripple (@Ripple) June 22, 2023 The firm applied for the insti...