Altcoin News Daily Official TheBitTimes.com

De-dollarization is changing global finance in 2024. BRICS nations are moving away from the US dollar. They’re turning to cryptocurrency and Bitcoin instead. New data shows a major shift. The US dollar now makes up only 58.2% of global FX reserves. Also Read: Shiba Inu: What’s SHIB’s Price If 99% of Tokens Are Burnt? Exploring the Role of Cryptocurrency in Global De-dollarization Efforts Source: Watcher Guru Shifting Reserve Patterns BRICS+ countries hold 42% of global central bank reserves. They’ve cut their US dollar holdings sharply. The numbers tell the story. Dollar holdings dropped from 70.7% in 2000 to 58.2% in 2024 due to the de-dollarization movement. At the same time, they bought more gold. Chinese President Xi Jinping stated: “There is an urgent need to reform the international financial architecture, and BRICS must play a leading role in promoting a new system that better reflects the profound changes in the international economic balance of power.” ...

The Committee on Payment and Market Infrastructures has highlighted both the potential and the substantial challenges of adopting stablecoins in global cross-border payments, underscoring their current non-compliance with international regulations. Stablecoins, digital currencies pegged to other assets like fiat currencies, have been touted for their potential to enhance transaction speeds and reduce costs for cross-border payments. However, a recent report by the Committee on Payment and Market Infrastructures (CPMI) explores the capacity of stablecoins in fulfilling these expectations while being fully compliant with regulatory standards. The CPMI, a global standard-setting body under the Bank for International Settlements, sheds light on the various challenges and intricacies involved in integrating stablecoins into the global financial framework. Despite the potential benefits, the report underscores that potential drawbacks could significantly outweigh the advantages, highl...