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BRICS member China has begun rejecting about 80% of all payments made in the Russian ruble, reported media outlet Kommersant. Chinese banks have now started to delay accepting Russian rubles for several weeks before ultimately rejecting them. The Russian state-run media outlet confirmed the development citing various sources and officials on the condition of anonymity. Also Read: 2 BRICS Countries Advancing Towards Launching New Currency The rejection comes on the heels of several successful trade deals between China and Russia since 2021. The trade between the two BRICS members soared 121% in three years making the Chinese yuan and Russian ruble the center of all transactions. BRICS: No Entry For the Russian Ruble in Chinese Banks Source: AtlanticCouncil.org Chinese banks are rejecting the Russian ruble as the US unveiled a new wave of sanctions. The US sanctions target several Russian financial institutions, including leading businesses, multinational corporations, and high-net-worth...

The Saudi Central Bank warned in 2019 that Bitcoin is “not recognized by legal entities” but hasn’t made many statements on crypto since. Hong Kong is expanding its financial collaboration with the Kingdom of Saudi Arabia, targeting agreements related to tokenization and payment s infrastructure. The Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) on July 26 held a bilateral meeting to strengthen the integration of financial services between the two countries. As part of the meeting agenda, the HKMA and the SAMA discussed initiatives such as financial infrastructure development, open market operations, market connectivity and sustainable development. The central banks also signed a memorandum of understanding (MoU) to promote joint discussions on financial innovation. HJMA chief executive Eddie Yue (left) and SAMA governor Ayman Alsayari (right). Source: HKMA According to an official joint announcement, Hong Kong and Saudi Arabia’s authorities also took the oppor...

Wallet, a custodial wallet bot on Telegram, says that merchants should sort out for themselves whether their jurisdictions allow them to accept payments in crypto. The cryptocurrency payment industry continues to evolve with a new cryptocurrency payment option coming to crypto-friendly Telegram messenger. Wallet, a Telegram bot allowing users to buy and sell cryptocurrencies like Bitcoin (BTC), has launched a crypto payment solution based on The Open Network (TON) blockchain. Called Wallet Pay, the new service provides crypto payment transactions between users and retail businesses, enabling direct payments within the Telegram interface. Announcing the news on July 13, Wallet told Cointelegraph that the new payment feature is immediately available within all jurisdictions supported by the wallet service. At the moment, this list of supported jurisdictions supported by Wallet Pay includes most countries except for the United States and those blacklisted by the Financial Action Task...

Fans of the Bitcoin bull have been transferring him 21 Satoshis as a way to test out the feature. The Bitcoin (BTC) Lightning Network has integrated into the corporate email address of Michael Saylor, a Bitcoin bull and co-founder of Business intelligence software firm MicroStrategy. In an April 17 tweet, the former chief executive of the firm shared a screenshot with his 3 million Twitter followers of a few transactions sent to “saylor@microstrategy.com” from others in the form of Satoshis or “Sats” — the smallest denomination of Bitcoin. So @MicroStrategy converted my corporate email address into a #Lightning️ address and people keep sending me 21 sats... pic.twitter.com/FHde6RtA6N — Michael Saylor️ (@saylor) April 17, 2023 MicroStrategy’s integration is enabled by the Lightning Address protocol, which allows users to link an “Internet Identifier” like an email address rather than having to copy wallet addresses or use QR codes. It is unclear if MicroStrategy integrated the...

The fintech industry has evolved from early adopters using technology to automate financial services to a comprehensive revolution of the financial sector. The financial technology (fintech) industry has its roots in the late 20th century, with the advent of electronic banking and online stock trading. Since then, fintech has expanded and changed over time as a result of technological and internet advances. As a result, new financial services and products have been created with the intention of enhancing accessibility, simplicity and effectiveness in the financial services industry. The 2008 global financial crisis aided the growth of fintech by increasing customer demand for non-traditional Banking and financial services. By enabling customers to access financial services from any location at any time, the rise of mobile devices and the widespread usage of smartphones have also fueled the growth of the fintech industry . Today, fintech continues to shape the financial industry an...