Search results for BRICS
Crypto
Iran firms turn to bitcoin instead of oil to weather sanctions
Iranian companies are increasingly using cryptocurrencies to keep overseas remittances and transactions going amid sanctions and financial isolation. Oil remains central to state finances, but digital assets have become a practical payment tool for day-to-day business. Rising regional tensions have coincided with moves in oil and bitcoin prices. Users convert rial deposits into crypto for transfers abroad, while mining has spread on low electricity costs, though it strains the power grid and enforcement.
Crypto
Russia to legalise crypto payments for foreign trade from July 1, allowing bitcoin and stablecoins
Russia will officially allow cryptocurrency payments in foreign trade from July 1, permitting bitcoin and stablecoins in import and export transactions. The system, prepared by the central bank and the finance ministry, formalises a framework piloted since 2024 and applies to external settlements with countries that continued trading after Western sanctions. Crypto payments will be limited to eight approved platforms, with reporting requirements for transactions above 100,000 roubles.
Crypto
XRP instead of dollars or gold: four-stage scenario for a global reserve asset
A cryptocurrency entrepreneur has raised again the possibility that XRP could become a global reserve asset. Versan Aljarrah, founder of Black Swan Capitalist, laid out a four-stage scenario: sovereign adoption, regulatory clarity through U.S. digital asset rules, IMF recognition and XRP’s evolution into global payments infrastructure. He also cited potential use by emerging markets and BRICS countries. The scenario remains theoretical and would require simultaneous adoption and policy changes, with no precedent for digital assets in the IMF reserve basket.
