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India is considering using cryptocurrencies for trade as part of its broader BRICS strategy to move away from the US dollar. The development comes after India completed its first crude oil transaction with the United Arab Emirates, using local currencies. The landmark transaction was conducted using cryptocurrency. XRP Ledger CryptoTradingFund (CTF) Systemwhich represents a pivotal step in India’s growing integration of cryptocurrencies into its financial systems.
The Role of India and China in Integrating Cryptocurrencies into BRICS
Reserve Bank of India GovernorShaktikanta Das has been a vocal proponent of cross-border payments efficiency and interoperability of central bank digital currencies. At a recent conference, Das stressed that the key to maximizing efficiency in these initiatives lies in ensuring interoperability as a central design element. He proposed developing a plug-and-play system that can be easily replicated while preserving the sovereignty of individual countries. Such a system would allow legacy payment systems and central bank digital currencies to connect seamlessly, with Das noting the importance of one country’s legacy system being interoperable with another country’s central bank digital currency. This India-China digital currency link could be an important step towards full adoption of central bank digital currencies within the BRICS alliance.
BRICS’ Strategic Shift to Cryptocurrencies for Trade
The BRICS bloc, which includes Brazil, Russia, India, China and South Africa, has previously explored the potential role of cryptocurrencies and central bank digital currencies in facilitating trade between member states. With Russia legalizing crypto payments, there is growing interest in how digital assets can be integrated into the bloc’s economic framework. The potential for BRICS crypto payments to reduce the dominance of the US dollar is becoming more apparent, with India emerging as one of the leaders in Embracing Cryptocurrencies in Commerce.
Meanwhile, China is developing a central bank digital currency system that could align with BRICS’ de-dollarization efforts. The anticipated BRICS payment system is expected to include blockchain infrastructure, which could accelerate the adoption of cryptocurrencies in trade within the alliance.
As the BRICS group continues to look for alternatives to the US dollar, Digital assets such as cryptocurrencies are likely to play an increasingly important role.The integration of these assets into the EU’s payment system could represent a major shift in the dynamics of global trade, with India likely to be at the forefront of this transformation.
The BRICS countries (🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦) are moving towards integrating cryptocurrencies into their international trade mechanisms.
Watch this short video to learn how to do it 👇https://t.co/otB340AYV5
— Satoshi Talks (@Satoshi_Talks) August 27, 2024
Shiba ShotOut – An Emerging P2E Coin with Unique Features
Shiba Shootout (SHIBASHOOT) is gaining a lot of attention in the cryptocurrency market as a leading meme coin project. It offers a unique blend of elements from the Wild West, featuring characters like Marshal Shiba and the Shiba Sharpshooters. Marshal Shiba, a pivotal figure within the community, leads Shiba Inu supporters in engaging meme battles, fun exchanges, and creative meme contests, all in a dynamic digital environment known as Shiba Gulch.
This innovative project benefits from two of the following: Most Popular Trends in Crypto – Gaming Culture and Play-to-Earn (P2E) MemesShiba Shootout aims to provide an immersive experience for crypto enthusiasts by launching its P2E game on both the App Store and Google Play Store in the coming days. The game promises action-packed gameplay, where creativity, quick wits, and a bit of cowboy flair combine in thrilling duels, as detailed on the project’s official website.
Adding to its appeal is the Shiba Shootout’s cactus betting program, which has attracted many investors. Early adopters who buy and stake their $SHIBASHOOT tokens are currently being offered an annual percentage return (APY) of over 2,000%. Additionally, the project incentivizes users to expand the community by offering additional rewards to those who invite friends and family to join the Shiba Shootout network.
Furthermore, Shiba Shootout is committed to fostering a vibrant community of meme enthusiasts. To this end, it has introduced the innovative “Lucky Lasso Lottery.” This rewards system allows participants to purchase lottery tickets using $SHIBASHOOT tokens, giving them the chance to win big crypto prizes. In addition to these exciting features, SHIBASHOOT also plays an important role in the governance of the project, allowing token holders to influence the direction and future success of the project.
currently, SHIBASHOOT AVAILABLE FOR PRE-SALE It is priced at just $0.0194, making it one of the most affordable cryptocurrencies with a wide range of useful features. Those interested in joining the presale can visit the project’s official website to purchase tokens and join this fast-growing community.
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