Iran officially unveiled its central bank digital currency (CBDC) on Sunday during a ceremony attended by Central Bank of Iran (CBI) Governor Mohammad Reza Farzin and chief executives of several major banks. This digital currency, issued electronically by the central bank, aims to streamline transactions within the country’s banking system. A pilot project will commence […]
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Iran Launches Digital Rial Pilot on Kish Island
The Central Bank of Iran (CBI) has announced the initiation of a pilot scheme to introduce the country’s central bank digital currency (CBDC) on the southern island of Kish. The CBI stated on Tuesday that the digital rial will be available to banking customers and tourists in Kish starting on the first day of the […]
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Russia and Iran Collaborating on Single BRICS Currency, Iranian Ambassador Says
Russia and Iran are collaborating on creating a single BRICS currency, the Iranian ambassador to Russia has claimed. He noted that over 60% of the two nations’ bilateral trade is conducted in Russian rubles and rials, reflecting a shift away from the U.S. dollar. Russia-Iran Trade Flourishes With National Currencies Iran and Russia are reportedly […]
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Bitcoin Drops As Iran Launches Missile Attack On Israel – What We Know So Far
The price of Bitcoin took a nose dive on Saturday following reports of Iran launching missile and drone attacks on Israel. Alongside the market leader, many other prominent cryptocurrencies also experienced a significant selloff as news of a brewing international conflict in the Middle East circulated on the internet.
Bitcoin Suffers Major Decline For Second Consecutive Day
According to multiple reports on April 13, Iran commenced a drone attack against Israel in retaliation to an attack on an Iranian diplomatic building in Syria on April 1 which claimed the lives of nine Iranian officers, including a highly ranked general in Iran’s Islamic Revolutionary Guards.
This incident marked Iran’s first-ever direct assault on the Jewish state following years of rising political tensions between both countries. With the Iranian forces confirming further missile attacks on “specific targets” in Israel, it is likely that both nations may be heading for a full-scale war.
Following reports of the drone attacks in the Middle East, Bitcoin’s price dropped by 8.07%, falling from ,132.1 to ,710.58, reflecting a high selling pressure. Interestingly, this price action marked the second consecutive day the maiden cryptocurrency suffered a significant loss following a 5% decline on Friday amidst minor turbulence in the US stock markets.
Generally, Bitcoin has shown an underwhelming performance in the past weeks, recording a 12.51% loss in the last month based on data from CoinMarketCap. The maiden cryptocurrency has struggled to replicate its bullish form seen at the beginning of 2024 when it achieved a new all time high price of ,750.07. However, with the Halving event fast approaching, BTC investors are likely optimistic about a potentially massive price gain in the coming months based on historical price data.
Currently, Bitcoin trades at ,943, showing a 3.61% gain from its earlier slump on Saturday. In tandem, the token’s daily trading volume is up by 22.46% and valued at .37 billion.
Altcoins Not Spared From Market Crash
Alongside Bitcoin, the price of altcoins also decreased significantly due to the escalated geopolitical tension in the Middle East. Ethereum, the most popular altcoin and second largest cryptocurrency, suffered a loss of 10.89%, falling as low as ,880.16
Meanwhile, other prominent tokens such as Solana (SOL), XRP, and Avalanche (AVAX) also recorded price dips to the tune of 12.68%,18.11%, and 16.00%, respectively. Generally, the total crypto market cap declined by 7.78%, falling to around .2 trillion.
BRICS Meeting: Iran Pushes for Common Currency — China, Russia Prioritize Settlements in Local Currencies
The first BRICS sherpa meeting with 10 member states has kicked off in Russia with representatives from Brazil, Russia, India, China, South Africa, Saudi Arabia, the United Arab Emirates, Iran, Egypt, and Ethiopia. China, Russia, and Iran are all advocating for the use of national currencies in trade settlements. Iran’s sherpa also expressed hope that a common BRICS currency will soon be operational.
BRICS Meeting With 10 Member States
The first BRICS sherpa meeting for 2024 under the chairmanship of Russia commenced on Tuesday in Moscow, with participation from 10 member states for the first time. In addition to, Brazil, Russia, India, China, and South Africa, the economic bloc is joined by five new nations: Saudi Arabia, the United Arab Emirates, Iran, Egypt, and Ethiopia.
Iran’s sherpa and deputy foreign minister for economic diplomacy, Mehdi Safari, said at the meeting:
In the plans of 2024, I hope that these economic and financial pillars, especially banking and financial issues, payment systems, digital currency, common currency, exchanges with national currencies, etc., will speed up and become operational.
He also stressed the importance of strengthening the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA), noting: “I emphasize once again that we in Iran have plans, and will implement the necessary plans, for active and innovative participation in this year’s program.”
Last year, there were reports that the BRICS economic bloc was planning to create a common currency. However, at the group’s leaders summit in August last year in Johannesburg, South Africa, the BRICS nations pushed for the use of national currencies to reduce reliance on the U.S. dollar, instead of discussing a common currency.
Russia’s Deputy Foreign Minister Sergey Ryabkov said at the BRICS sherpa meeting on Tuesday: “In line with the decision of the BRICS leaders in Johannesburg, we will explore ways to make greater use of national and local currencies and payment instruments in our cross-border transactions in order to reduce the negative side effects of the current global economic system.”
China’s BRICS sherpa and vice minister of foreign affairs, Ma Zhaoxu, similarly stated:
We should implement the leaders’ instructions, promote financial corporation as a strategic priority, expand settlements in local currencies, and strengthen linkage between payment systems.
Moreover, he revealed: “China is considering [the] possibility of launching a BRICS AI development and cooperation center in China.”
Do you think the BRICS nations will create a common currency this year? Let us know in the comments section below.
Billionaire Paul Tudor Jones Sees ‘Most Threatening’ Geopolitical Environment — Warns of China, Russia, Iran
Billionaire investor Paul Tudor Jones has warned of the effects of the geopolitical uncertainty around four nuclear powers, including China, Russia, and Iran. “It might be the most threatening and challenging geopolitical environment that I’ve ever seen,” Jones stressed. “It is also happening at the same time the United States is in its weakest fiscal position since World War II.”
‘Most Threatening and Challenging Geopolitical Environment That I’ve Ever Seen’
Billionaire hedge fund manager Paul Tudor Jones, founder and chief investment officer of Tudor Investment Corp., discussed the impact of global geopolitical conflicts on markets in an interview with CNBC Tuesday.
Commenting on the war between Israel and Hamas, he said what is happening in Israel is “a huge tragedy.” However, Jones stressed: “You have to put it in a larger geopolitical context.” The billionaire explained: “We now have possibly three theaters where we’re going to have geopolitical challenges. We’ve got the Middle East and Israel, obviously the Ukraine and Russia, and then at some point down the road Taiwan and China.”
The Tudor Investment founder added:
It might be the most threatening and challenging geopolitical environment that I’ve ever seen.
“Because you have four nuclear powers, three of whom are led by sociopaths, and that would be China, Russia, and North Korea. Obviously, those leaders have zero accountability, or responsibility, to anyone but themselves. And they have not an ounce of humanity in their bones because they regularly disappear both their friends and enemies,” he described.
Jones continued: “And then the fourth, Iran, is led by someone who thinks God is talking to him and has avowedly said that they want to remove from this earth a nation-state with probably the most brilliant people ever assembled within a national boundary.” Regarding the conflict between Israel and Hamas, Jones cautioned:
Where this really gets bad is obviously if Iran and Israel get in direct conflict. That’s when it really gets bad because then you’ve got the ability to have kind of a First World War cascade when everyone gets involved.
Noting that “It’s a really challenging environment” and “a very threatening time,” Jones pointed out:
That is also happening at the same time the United States is probably in its weakest fiscal position since, certainly, World War II with debt-to-GDP at 122%. So, it’s a really tough time.
Jones was also asked whether his stance on bitcoin has changed. “I like bitcoin and I like gold right here,” the billionaire hedge fund manager affirmed, adding: “They probably take on a larger percentage of your portfolio than historically they would because we’re going to go through both a challenging political time here in the United States and … We’ve obviously got a geopolitical situation.” Moreover, he noted: “It’s a really challenging time to want to be an equity investor in U.S. stocks right now … because again you’ve got the geopolitical uncertainty.”
Do you share the same concerns with renowned hedge fund manager Paul Tudor Jones? Let us know in the comments section below.
BRICS Invites 6 Countries to Join, Including Saudi Arabia, UAE, Iran
The BRICS economic bloc has invited six countries to become new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The BRICS leaders wrapped up their 15th annual summit on Thursday. “We have reached agreement on the guiding principles, standards, criteria, and procedures of the BRICS expansion process,” said South Africa’s president.
BRICS to Become 11-Nation Bloc
On Thursday, the BRICS nations (Brazil, Russia, India, China, and South Africa) wrapped up their 15th annual summit in Johannesburg and released their “Johannesburg II Declaration.” Russia will assume the 2024 BRICS Chairship and host the XVI BRICS Summit in the city of Kazan.
The economic bloc has decided to invite six countries to become new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). South Africa, the chair of the BRICS summit this year, previously stated that 23 countries have formally applied for membership. The BRICS declaration states:
We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia, and the United Arab Emirates to become full members of BRICS from 1 January 2024.
“We have also tasked our foreign ministers to further develop the BRICS partner country model and a list of prospective partner countries and report by the next summit,” the declaration further details.
South African President Cyril Ramaphosa posted on the X social media platform at the conclusion of the BRICS summit: “BRICS is a diverse group of nations. It is an equal partnership of countries that have differing views but a shared vision for a better world.” He emphasized:
As the five BRICS members, we have reached agreement on the guiding principles, standards, criteria and procedures of the BRICS expansion process. We have consensus on the first phase of this expansion process.
Earlier, China’s President Xi Jinping stated at the summit: “We will forge stronger BRICS strategic partnership, expand the ‘BRICS Plus’ model, actively advance membership expansion, deepen solidarity and cooperation with other [emerging markets and developing countries], promote global multipolarity and greater democracy in international relations, and help make the international order more just and equitable.” Russian President Vladimir Putin said at the summit that “the irreversible process of de-dollarization is gaining steam.”
What do you think about the BRICS economic bloc inviting the six countries to become new members? Let us know in the comments section below.
Iran Increases Efforts to Join BRICS, Strengthen Ties With Member Countries
Iran has ramped up its efforts to become a member of the BRICS group ahead of the economic bloc’s summit. The Iranian deputy foreign minister for economic diplomacy revealed that Iran is actively pursuing opportunities to strengthen its economic ties with BRICS members, noting that it has already established strong relationships with China, Russia, and India.
Iran Sees No Obstacles to Join BRICS
Mehdi Safari, Iran’s deputy foreign minister for economic diplomacy, said in an interview on Saturday that Iran’s membership in the BRICS economic group has faced no obstacles, Tasmin News Agency reported.
Noting that Iran has officially requested to join the BRICS bloc, Safari detailed:
We are making efforts so that the members of the economic group, including Brazil, Russia, India, China, and South Africa, will accept Iran’s membership.
The Iranian foreign minister and the secretary of Iran’s Supreme National Security Council (SNSC) recently attended BRICS meetings. Safari further disclosed that Iranian President Ebrahim Raisi is expected to participate in the upcoming BRICS leaders’ summit either in person or through videoconference. The summit will take place from Aug. 22-24 in Johannesburg. South Africa is the host of the summit this year.
Safari emphasized that Iran has established strong relationships with key BRICS member states, namely China, Russia, and India. Moreover, Iran is actively pursuing opportunities to strengthen its economic ties with other BRICS members, he noted.
The BRICS has drawn interest from over 40 countries seeking to join the group. According to Anil Sooklal, South Africa’s diplomat in charge of BRICS relations, 22 nations have already formally applied. Moreover, he revealed last week that South Africa has invited 69 leaders to the summit, including all of the African heads of state and the leaders of major Global South bodies. However, no Western countries have been invited, he noted.
Iran’s President Raisi has been pushing for de-dollarization, stating earlier this month that it is key to a fair international system. In May, he asked the central bank of Iran to ditch the U.S. dollar in global trade and shift to using national currencies. Also in May, Iran hosted a meeting of nine Asian countries to discuss de-dollarization.
Do you think Iran will be accepted as a member of the BRICS group soon? Let us know in the comments section below.
Iran Looking to Replace Dollar With Dinar in $10 Billion Trade With Iraq
Iran’s government considers employing the Iraqi dinar in bilateral trade with Iraq in a bid to further curtail the dominance of the U.S. dollar. The annual turnover between the two neighboring nations exceeds billion with millions of pilgrims and health tourists crossing the border each year.
Iran and Iraq Can Reduce Dollar Dominance by Using Dinar in Trade, Official Says
The government in Tehran is pushing for wider use of national currencies in foreign trade and is viewing the Iraqi dinar as an alternative to the dollar in transactions with Bagdad, regional media reported. Replacing the U.S. currency with the dinar in bilateral trade between Iran and Iraq would weaken the dollar’s supremacy, according to an Iranian official.
Speaking to Iran’s Mehr News Agency, the head of the Iran-Iraq Chamber of Commerce, Yehya Eshaq, made it clear that the transition to dealing in national fiats is a priority for the current Iranian government. “Most countries in the world are looking for breaking the American hegemony in their exchanges, and the use of national currencies can help accelerate this process,” Eshaq said and added:
By favoring the dinar over the dollar in trade operations with Iraq, we are actively undermining the dollar’s dominance in our import-export transactions as part of a wider governmental strategy.
Also quoted by the Shafaq news agency in Iraq, Eshaq pointed out that transacting in national currencies can speed up the ongoing shift away from U.S. control on global trade, a trend which, in his opinion, is gaining traction.
The annual exchange of goods and services between the two neighboring nations currently amounts to more than billion, the Iranian official highlighted. “The adaptation of a trade system pivoting on the national currencies of the two nations would further cement these relations and galvanize more robust trade ties,” he elaborated.
Iran and Iraq should be able to reduce the dominance of the dollar by maximizing trade exchanges with their national currencies, Yehya Eshaq emphasized, adding that both nations can benefit from this move and proper follow-up steps.
Eshaq’s statements follow recent remarks by Iran’s President Ebrahim Raisi who stressed the need for de-dollarization. Speaking during the virtual summit of the Shanghai Cooperation Organization’s Council of Heads of State earlier this week, he stated that any attempt to shape a fair international system requires the removal of the U.S. dollar as an “instrument of dominance in intra-regional relations.”
Do you think Iran and Iraq will soon switch to settlements in national currencies in bilateral trade? Tell us in the comments section below.
BRICS Gold-Backed Currency Will Benefit Iran, Weaken US Dollar, Iranian Official Says
An Iranian official has stated that Iran stands to benefit from a gold-backed common BRICS currency. The official further asserted that such a BRICS currency would erode the U.S. dollar’s dominance and result in increased wealth for Iranians holding gold. “A tremendous change is taking place in the international economy,” the official stressed.
Iran Will Benefit From Gold-Backed BRICS Currency, Official Says
Rasoul Mousavi, Assistant Foreign Minister and Director General of the South Asia Department of the Iran’s Ministry of Foreign Affairs, stated Sunday that a common BRICS currency backed by gold will benefit Iran and weaken the U.S. dollar, Press TV reported. The BRICS comprises Brazil, Russia, India, China, and South Africa.
The Iranian official’s remarks followed a report last week by Russian news outlet RT claiming that Russia has confirmed the creation of a gold-backed common currency within the BRICS framework. According to RT, this announcement is expected to be officially made during the upcoming leaders summit of the economic bloc scheduled for August.
“A tremendous change is taking place in the international economy,” Mousavi was quoted as saying. The official elaborated:
The BRICS’ introduction of a gold-backed currency, which is supported by 41 countries with large and influential economies, will weaken the dollar and the euro and will benefit countries such as Iran, while Iranians in possession of gold will experience a wealth increase.
While Mousavi believes that a common BRICS currency backed by gold would benefit Iran and erode the dominance of the U.S. dollar, the economic bloc has not officially announced any plans to create such a currency.
Last week, Leslie Maasdorp, vice president and chief financial officer of New Development Bank, also known as the BRICS Bank, stated that the creation of BRICS currency as an alternative to the U.S. dollar is a medium to long-term aspiration.
Nonetheless, there is a prevailing belief that the establishment of a successful BRICS currency will diminish the dominance of the U.S. dollar. The BRICS economic bloc is also expanding its influence and is considering adding more members.
Do you think a common BRICS currency backed by gold will benefit Iran? Let us know in the comments section below.