Finance News
By Bruce Buterin
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Which Countries Are at the Table. BRICS currently includes Brazil, Russia, India, China, and South Africa — five economies that…
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Why This Matters for Crypto and Digital Finance. For the broader digital asset world, a BRICS CBDC linkage would be a big deal.
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What Comes Next for BRICS Digital Finance. The BRICS group has been pushing financial cooperation harder in recent years, partly as a…
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The pitch is ambitious. Sanjay Malhotra, governor of the Reserve Bank of India, told an audience in Mumbai on August 11 that BRICS nations are actively exploring how to connect…
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The goal, pretty much as Malhotra framed it, is cost. Cross-border payments between BRICS countries are expensive, slow, and riddled with friction. Banks charge heavy fees.
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BRICS currently includes Brazil, Russia, India, China, and South Africa — five economies that collectively account for a huge chunk of global trade.
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And that's before you even get to the regulatory side. Linking payment rails across five jurisdictions means five sets of financial regulators need to agree on rules, data…
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For the broader digital asset world, a BRICS CBDC linkage would be a big deal. State-backed digital currencies have sometimes been framed as rivals to decentralized crypto — and…
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It's worth remembering that the current correspondent banking system wasn't built for speed. It was built for control.
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More context: FCA Backs Five Fast-Growing Fintechs as Scale-up Unit Expands Beyond First Cohort
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Malhotra didn't get into the technical architecture during the Mumbai event. Unclear whether the group is looking at a hub-and-spoke model, bilateral linkages, or something else…
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The discussions are still preliminary. Technical and regulatory aspects haven't been detailed publicly. Further approvals are needed before anything moves to implementation.
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The BRICS group has been pushing financial cooperation harder in recent years, partly as a response to dollar dominance in global trade and partly because the member nations…
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Whether it actually gets built is a different question. International payment system integrations have a long history of taking far longer than announced, running into political…
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But Malhotra's comments carry weight. He's not a junior official floating a trial balloon. He's the governor of one of the world's largest central banks, speaking at a formal…
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