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BRICS: RUSSIA SAYS IT WON’T DITCH US DOLLAR AFTER TRUMP’S VICTORY
In a shocking twist for the BRICS alliance, Russian President Vladimir Putin has said that they will not ditch the US dollar. In a sit-down interview Thursday, Putin confirmed that Russia is not abandoning the dollar, it is “simply refusing to use the dollar as a settlement tool.”
Putin called the US dollar a “pillar of US power,” saying that the US is undoing this power. The BRICS bloc has long pushed its de-dollarization initiative, saying the greenback won’t be king for long.
The alliance recently discussed de-dollarization at its October Summit, and multiple countries have decided to stop using the dollar.
“The payments in dollars are decreasing,” Putin said. “Not too much, as of yet, but as a means of savings, it’s going down step by step. Very gradually it’s shrinking, it is a trend. It’s their own doing.”
In regards to BRICS proposals of ditching the US dollar, the Russian president reaffirmed that “our proposals are not aimed against [the] dollar. This is simply us rising to the challenge of modern times, in response towards the development of the economy we are thinking.”
BRICS Continues Developing Payment System to Rival US Dollar
Putin also discussed how BRICS is currently in the development phase of a unified BRICS payment system rooted in the payment systems of different countries.
The new system will be “using the groundwork of the systems in each country in exchanging of financial information,” the Russian president said.
The bloc has continued to embrace trades in local currencies. Moreover, they have worked to develop their unique payment infrastructures. These projects should only encourage financial autonomy. Moreover, they should be clear threats to Western hegemony and US dollar dominance.
The most interesting point from Putin’s interview is that despite the de-dollarization efforts, Russia has decided not to ban or abandon the greenback: simply avoid it.
Earlier this year, Donald Trump hinted he would consider lifting sanctions, encouraging the use of the dollar. Now that he will be President again, it will be interesting to see how the bloc responds if he does just that.
Putin and China’s President Xi Jinping have already opened the door to speaking to Trump, so perhaps there is a future where BRICS and the US dollar live in harmony.
@ Newshounds News™
Source: Watcher Guru
Read more: Twitter
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DETROIT TO BECOME LARGEST US CITY TO ACCEPT CRYPTO PAYMENTS FOR TAXES
Starting mid-2025, Detroit residents can pay taxes and fees in crypto, with blockchain entrepreneurs invited to enhance civic solutions.
▪️Detroit will begin accepting crypto assets for tax payments from mid-2025, making it the largest US city to do so.
▪️The initiative aims to modernize public services and improve accessibility for unbanked residents.
Detroit will soon allow residents to pay taxes and other city fees with crypto, becoming the largest US city to adopt crypto payments.
City officials announced that this option will be available mid-2025 and managed securely by PayPal. This new payment method aligns with Detroit’s broader strategy to modernize public services, strengthen civic engagement, and drive economic growth.
Detroit Mayor Mike Duggan expressed enthusiasm for the initiative, emphasizing the city’s dedication to creating a tech-friendly environment that supports residents and entrepreneurs alike.
“Detroit is building a tech-friendly environment for residents and entrepreneurs,” said Duggan. “We’re excited to be among the first US cities to explore blockchain applications and offer cryptocurrency as a payment option.”
The city treasurer, Nikhil Patel, highlighted that the new platform would improve accessibility for Detroit residents, especially those who are unbanked or prefer digital payments.
“This platform upgrade will also make it easier for Detroiters to make electronic payments.”
In addition to the new crypto payment option, Detroit is actively encouraging blockchain entrepreneurs to propose projects that enhance transparency, security, and efficiency in public services.
Proposals can be submitted to Justin Onwenu, Detroit’s Director of Entrepreneurship and Economic Opportunity, by December 15, 2024.
Onwenu explained, “Blockchain technologies have the potential to drive greater accessibility, efficiency, transparency, and security, and we’re excited to hear from entrepreneurs at the forefront of this work.”
With this move, Detroit joins a growing number of municipalities adopting crypto payments. Currently, Williston, North Dakota, and Miami Lakes, Florida, accept crypto for specific city services.
However, Detroit will surpass these cities in scope and size, establishing itself as the largest US city to accept crypto.
Cities like Miami and New York have shown strong crypto support, while states such as Colorado, Utah, and Louisiana have already implemented crypto payment options for state taxes.
@ Newshounds News™
Source: Crypto Briefing
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@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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