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El Salvador Proposes Crypto Trade With BRICS, Ditching US Dollar
El Salvador proposes crypto trade with BRICS, aiming to reduce dependence on the US dollar and enhance economic cooperation.
Russia’s new crypto trade law enables El Salvador to simplify trade and evade Western sanctions, boosting bilateral trade.
El Salvador’s crypto integration with BRICS signals a major shift in global trade dynamics, challenging US dollar dominance.
El Salvador recently proposed using cryptocurrency for trade with the BRICS alliance, aiming to reduce reliance on the US dollar. This move follows Russia’s recent legislation allowing crypto for international trade. The legal shift, set to take effect in September, allows Moscow to circumvent Western sanctions.
Russian diplomat Alexander Ilyukhin stated this measure would simplify trade for El Salvador, where the dollar is the official currency. The proposal marks a step in El Salvador’s ongoing efforts to integrate cryptocurrency into its economy. Furthermore, it aligns with the BRICS alliance’s goal of de-dollarization and boosting the use of its own currency.
The BRICS alliance has focused on reducing reliance on the US dollar in recent years. The group seeks to shift international economic dynamics away from Western influence. Russia’s legalization of crypto for trade represents a major stride in this direction. Hence, El Salvador’s proposal could signal a new era of economic cooperation between the two nations.
Overcoming Trade Challenges and Western Pressure
Moreover, Ilyukhin highlighted the difficulties in trade settlements due to El Salvador’s dollar dependency. He noted that El Salvador faces pressure from the West over this proposal. However, the diplomat emphasized the potential benefits of increased cooperation through crypto trade. This move could enhance trade volumes between El Salvador and BRICS nations.
Additionally, El Salvador’s interest in joining the BRICS alliance could further solidify these economic ties. Although the country has not yet applied for membership, the potential for collaboration is evident. Consequently, El Salvador’s connection to Bitcoin and other cryptocurrencies could facilitate smoother and more efficient trade with BRICS nations.
@ Newshounds News™
Read more: Binance
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Gary Gensler Fired from SEC by Kamala Harris – Is Bitcoin Poised for a Breakout?
▪️The removal of Gary Gensler as the chairman by the Vice President Kamala Harris has created a lot of ambiguity in the cryptocurrency.
▪️The resignation may well indicate a potential change of tack to a more pro-crypto stance; all the same any significant shifts will likely take time to enact.
▪️Subsequent appointment of Gensler’s successor will have a major influence over the future of the U. S. cryptocurrency regulations and markets.
As part of the role reversal, Gensler, the head of the SEC, has been fired by Harris from his position. This has come as a huge shock in the financial industry especially the cryptocurrency business. SEC under Gensler has been very rigid in its approach towards the regulation of cryptocurrencies and this has not gone down well with proponents of the industry.
The announcement of Gensler stepping down has led to speculations on further shifts in the regulatory framework for cryptocurrencies. Some experts think that this may be a sign of more favorable approaches to the electronic currency. Bitcoin being the most popular cryptocurrency might experience a rise in demand from investors if the barriers created by the regulations are removed.
However, one must add that any major changes in the policy might take time to be effected. This news could elicit short-term movement in the cryptocurrency market, which is historically characterized by high levels of fluctuation. The long-term prospects are still unclear and will depend on the further actions of Gensler’s successor.
@ Newshounds News™
Source: Crypto News Land
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Charles Hoskinson: Cardano Will Always Be Bitcoin’s Biggest Threat
▪️Charles Hoskinson believes Cardano is Bitcoin’s greatest competitor in the crypto space.
▪️Cardano’s eco-friendly proof-of-stake system and smart contracts set it apart.
▪️Hoskinson envisions Cardano evolving, challenging Bitcoin’s rigidity with regular upgrades.
Charles Hoskinson, the founder of Cardano, firmly believes that Bitcoin’s greatest rival has always been Cardano. He’s confident that Cardano is not just another cryptocurrency, but a game-changing platform.
According to Hoskinson, Cardano has the potential to challenge Bitcoin’s long-held position at the top. With its advanced technology and unique approach, many in the crypto world are starting to see his point.
What Sets Cardano Apart?
Hoskinson’s belief in Cardano comes from its strong foundation. While Bitcoin is known primarily as a store of value, Cardano aims to be much more.
Cardano offers a decentralized platform for smart contracts, decentralized finance (DeFi), and a variety of other applications. This broad focus makes it stand out in the competitive cryptocurrency landscape.
One of Cardano’s biggest advantages is its proof-of-stake (PoS) system. Unlike Bitcoin’s proof-of-work (PoW) model, which consumes large amounts of energy, PoS is much more efficient.
This difference makes Cardano more appealing to environmentally conscious investors and developers. As the demand for greener technology grows, Cardano’s eco-friendly approach could give it a significant edge.
Hoskinson’s Vision for Cardano’s Future
Hoskinson has big plans for Cardano’s future. He doesn’t just see it as a competitor to Bitcoin; he envisions it as a blockchain that can evolve and adapt.
This adaptability, he argues, is one of Cardano’s greatest strengths. Regular upgrades, such as the Alonzo update which introduced smart contracts, show the project’s long-term commitment to innovation.
In Hoskinson’s view, Bitcoin’s rigidity could be its downfall. While Bitcoin has widespread adoption and a strong reputation, it lacks the flexibility that Cardano (ADA) has.
Cardano’s strategic vision and technological innovation position it as a serious competitor. Whether it can truly dethrone Bitcoin remains uncertain, but Hoskinson is betting on it.
@ Newshounds News™
Source: Crypto News Land
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