BRICS Nations Discuss Shared Crypto to Break Away From USD and SWIFT

Brazil, Russia, India, China and South Africa, or the BRICS economic bloc, are engaging in discussions to issue cross-national digital money in order to reduce the dependence of their economies on the United States, as reported by Cointelegraph on Nov. 14. What will the new cryptocurrency look like, how does the BRICS group plan to use it and are there any existing projects underway that seek to achieve a similar goal of independence on such a high level? 

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SWIFT: Crypto Useless, ‘Goes Down In Value Like A Yoyo’

Interbank payments network provider, the Society for Worldwide Interbank Financial Telecommunications (SWIFT), has dismissed cryptocurrencies as being “useless and unstable.”

An FXStreet report published on Sept. 10 cites unnamed SWIFT representatives at a London briefing earlier this week, who reportedly claimed that:

“They go down in value like a yoyo,

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SWIFT Announces PoC Gateway With R3, but Remains Overall Hesitant About Blockchain

On Jan. 30, major global banking payments network SWIFT announced it plans to launch a proof-of-concept (PoC) of a gateway — titled GPI Link — that will allow blockchain software firm R3 to connect to SWIFT’s Global Payments Innovation (GPI) payments from its platform.

Therefore, SWIFT has made another step toward adopting blockchain,

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