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INDIA OFFICIALLY REJECTS BRICS CURRENCY, CALLS IT ‘IMPOSSIBLE’
India officially confirmed that they do not support the formation of a BRICS currency to challenge the US dollar. The Modi government made it clear that India embraces the US dollar and will use the currency for cross-border transactions.
The country will settle payments in local currencies with other developing nations only when it seems fit. The U-turn comes after Trump spared India from tariffs but imposed them on Canada, Mexico, and China.
BRICS member China might not take India’s stance lightly as the Communist country wants to launch the new currency. It is working closely with Russia and Iran for the formation of the currency to uproot the US dollar’s global dominance.
BRICS: India Says ‘Cannot Share a Currency With China’
Union Commerce Minister Piyush Goyal confirmed that India does not support any form of BRICS currency. He made it clear that India does not want to share a common currency with China.
For the uninitiated, India and China have been at loggerheads for more than five decades with border disputes and trade wars. Accepting China’s stance would make the Modi government look weaker and hamper its electoral prospects.
“We are on record—We don’t support any BRICS currency. Imagine us having a currency shared with China. We have no plans. It is impossible to think of a BRICS currency,” said India’s Union Commerce Minister Piyush Goyal during a press conference at the IT-BT roundtable 2025 in New Delhi, reported Business Today.
However, the plans to launch a BRICS currency are still alive as China, Russia, and Iran are pursuing the idea. De-dollarization is the first and foremost goal of the trio as they aim to end reliance on the US dollar.
@ Newshounds News™
Source: Watcher Guru
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RIPPLE NEWS: XRP DEPOSITORY RECEIPTS TO BE OFFERED TO ACCREDITED INVESTORS
▪️XRP DRs Launch – Accredited investors can now gain regulated XRP exposure via Depository Receipts, simplifying institutional crypto access.
▪️Secure & Regulated – XRP DRs are held by Anchorage, a federally regulated bank, ensuring safe custody and compliance for institutional investors.
XRP depository receipts (DRs) will soon be available for purchase by accredited investors through Receipts Depositary and DWP Advisors, according to reports from Fox Business Eleanor Terrett. This new financial product offers a regulated way for investors to gain exposure to XRP without purchasing the cryptocurrency directly from exchanges.
The concept of XRP DRs is similar to traditional American Depository Receipts (ADRs), which represent shares of foreign companies listed on U.S. exchanges.
The XRP DRs will represent ownership of the underlying XRP, providing investors an easy way to gain exposure to the asset without the complexities of directly trading it on crypto exchanges.
These DRs offer similar benefits to exchange-traded funds (ETFs), making it easier for institutional investors to access crypto assets.
This launch is considered a major step in bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi), as it makes digital assets more accessible to a broader audience.
Custody and Regulation: Anchorage and the OCC
The XRP DRs will be held by Anchorage, a federally chartered bank regulated by the U.S. Office of the Comptroller of the Currency (OCC).
Anchorage is a trusted institution specializing in secure custody for crypto assets, ensuring that the XRP behind the DRs is safely managed within a regulated framework. This adds a layer of security and confidence for institutional investors looking to enter the crypto space.
Expanding Product Offerings
Receipts Depositary Corporation (RDC), the company behind the XRP-backed securities, has been steadily expanding its product offerings. This expansion offers institutional investors more ways to engage with cryptocurrency in a regulated market environment.
The Advantages of XRP Depository Receipts
Unlike ETFs, where shares are redeemed for cash, XRP DRs provide accredited investors with direct ownership of XRP. This gives investors the opportunity to hold the asset directly while benefiting from a structured and regulated investment vehicle. This difference could appeal to institutions that seek direct ownership of digital assets but require compliance with traditional financial market regulations.
@ Newshounds News™
Source: Coinpedia
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