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BRAZIL REJECTS BRICS CURRENCY BUT PLANS TO REDUCE US DOLLAR DEPENDENCY
Brazil is all set to chair the 17th BRICS summit in Rio de Janeiro in July this year. The presidency will not advance a BRICS currency but plans to reduce dependency on the US dollar, said four Brazil government officials on the condition of anonymity.
The agenda of the upcoming summit aims to pave the way to end reliance on the US dollar.
The next BRICS summit will discuss the advancement of cross-border payments and cement policies that prefer local currency usage. The move will bring inflation in the US making daily essentials skyrocket and could also lead to job cuts.
Brazil Will Not Work on BRICS Currency But Aim to End Reliance on US Dollar
The Brazilian officials revealed that the idea of a common BRICS currency has not entered technical discussions yet, though Brazil’s President Luiz Inacio Lula da Silva was among the first leaders to flout the idea.
The government officials told Reuters that the next summit will see trade policies solely focused on local currencies.
However, the officials said that reducing reliance on the US dollar does not mean the alliance targets the West. “It’s not directed against anyone,” said the source.
The bloc is also eyeing multilateral bodies like the Bank for International Settlements (BIS) for cross-border transactions. Therefore, BRICS currency might not be a reality now but de-dollarization will be kept alive in different forms.
Sources state that BRICS does not want to launch a currency due to Trump’s erratic behavior. The President warned that if the alliance stops using the US dollar, it will face tariffs on goods entering the country. “There is no chance that BRICS will replace the US Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!” Trump wrote on Truth Social.
@ Newshounds News™
Source: Watcher Guru
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US IRS PREPARES TO LAY OFF THOUSANDS OF WORKERS, SOURCES SAY
Feb 14 (Reuters) – The U.S. Internal Revenue Service is preparing to fire thousands of workers in the coming days, a move that could squeeze resources at the tax-collecting agency during the critical tax-filing season, two people familiar with the matter said.
Officials from the Office of Personnel Management, which oversees federal hiring, ordered all agencies on Thursday to dismiss their probationary employees, workers who are newer to their positions and do not enjoy full job protections.
The IRS remains busy for months after the deadline, processing returns and delivering refunds to taxpayers.
The IRS layoffs, first reported by the New York Times, come as part of a broader effort by President Donald Trump and Elon Musk’s overhaul of the federal government, which they argue is too bloated and inefficient, and ripe with waste and fraud.
The IRS did not immediately respond to a request for comment.
The second person familiar with the impending layoffs expressed concerns that the cuts would be made without care to how it might hinder the agency’s operations.
“They are trying to reduce numbers across the board with no analysis to the impact it will have on operations,” the person said.
@ Newshounds News™
Source: Reuters
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GEORGIA PLANS BITCOIN INVESTMENTS FOR STATE TREASURY FUNDS
▪️Georgia proposes a bill allowing the state treasurer to invest in Bitcoin to diversify public funds.
▪️The bill aims to use Bitcoin as a hedge against inflation, with strict regulations for risk management.
Georgia has introduced a bill that would authorize the state treasurer to invest public funds in Bitcoin. Many parties were quickly drawn to this action as, up to now, Bitcoin has been more recognized as a speculative asset than a state investment tool.
Once regarded as ‘digital gold’ for young techies, Bitcoin is beginning to find its way into government coffers. This measure intends to diversify Georgia’s financial reserves by including some money into the digital asset. Legislators, on the other hand, view Bitcoin’s usefulness as a hedge against the inflationary upheaval still afflicting the world economy.
@ Newshounds News™
Read more: Crypto News Flash
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ISRAEL ANNOUNCES NAMES OF THREE HOSTAGES SET FOR SATURDAY RELEASE FROM GAZA
CNN — Israel has announced the names of the three hostages set to be released Saturday, in what would be the sixth exchange of hostages and Palestinian prisoners under the Gaza ceasefire deal that came into effect last month.
Israel said Friday that Palestinian militants will release American-Israeli Sagui Dekel-Chen, Russian-Israeli Alexandre Troufanov and Argentinian-Israeli Iair Horn.
A release of 369 Palestinian prisoners by Israel is expected to follow, Hamas’ Prisoner Media Office said.
Newshounds News™
Source: CNN
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