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Russia’s second-largest bank’s chairman says there is every reason to expect the Chinese yuan to replace the U.S. dollar as the world’s main reserve currency. He highlighted that the central bank of Russia has already begun investing its reserves in yuan, and over 70% of the trade turnover between Russia and China is settled in yuan along with the ruble. VTB Bank President Expects Chinese Yuan to Replace US Dollar as World’s Reserve Currency Russia’s VTB Bank Chairman Andrey Kostin reportedly said at a Russian-Chinese business forum in Shanghai last week that the Chinese yuan will replace the U.S. dollar as the world’s reserve and settlement currency in the next 10 years. “China is now the world’s second-largest economy and will soon become the first,” he was quoted by Sputnik as saying. The executive added: There is every reason to expect that the Chinese yuan will replace the U.S. dollar as the world’s main reserve and settlement currency as early as the next decade. “In fact...

The development bank set up by the BRICS bloc is negotiating with Saudi Arabia on accepting the country as a member, according to a press report. The talks come as the bank, created as an alternative to similar institutions led by the West, seeks to expand its funding options amid sanctions on one of its founding shareholders, Russia. BRICS Development Bank Engaged in ‘Qualified Dialogue’ With Saudi Kingdom The Shanghai-based New Development Bank ( NDB ), established by the BRICS nations (Brazil, Russia, India, China, and South Africa), is in talks with Saudi Arabia on admitting the country as a member, the Financial Times reported. The negotiations come as the NDB prepares to evaluate its options to attract funding during its annual meeting starting on Tuesday, affected by the penalties imposed on Russia following its invasion of Ukraine, the British daily noted. “In the Middle East, we attach great importance to the Kingdom of Saudi Arabia and are currently engaged in a qualifie...

Roughly three months ago, 74 AI-driven digital currencies boasted a market value exceeding $4 billion. However, since that time, the AI-centric crypto market has experienced a loss of more than $1 billion in value. The Decline in AI-Driven Cryptocurrencies: $1 Billion Wiped Out From Market At the start of the year, products incorporating artificial intelligence (AI) witnessed substantial demand with the rise of AI-focused software noted throughout 2023. This trend permeated into the cryptocurrency sphere, resulting in up to 74 AI-centric tokens amounting to a value of $4.03 billion by the end of February. At its peak, the AI crypto market recorded a $444.39 million 24-hour trade volume on February 27, 2023. Presently, both trade volume and market valuation within the AI crypto sector have significantly decreased. Data from cryptoslate.com reveals that a total of 89 crypto assets tied to AI are currently valued at $2.93 billion. Despite an additional 15 AI-centric tokens being i...

The Makerdao collective is currently immersed in a discussion about the potential rise of the DAI stablecoin’s savings rate to 3.3%. This suggestion was introduced by Block Analitica and revealed to the community on May 26 under the title “Stability Scope Parameter Changes #2.” Block Analitica Proposes Raising DSR to 3.3% Risk and intelligence firm Block Analitica has recommended boosting Makerdao’s DAI Savings Rate (DSR) to 3.3%, as per a recent proposal submitted on Friday. Makerdao’s DSR is a function that enables users to accrue interest on their DAI holdings by securing their DAI within DSR smart contracts. “Brace yourself, DAI holders, for a DSR at 3.33%,” declared Makerdao’s official Twitter account. “An upcoming Executive Vote will deploy a new DSR raise, from 1% to 3.33%, if approved. This change was put forth by [Block Analitica] and submitted via the latest Stability Scope Parameter Changes,” the Makerdao team further elaborated. At present, DAI ranks as the fourth-l...

The European Securities and Markets Authority (ESMA) has issued a warning regarding investments in assets like cryptocurrencies. They will remain unregulated in most countries until the EU’s Markets in Crypto Assets (MiCA) law is enforced across the Union, the regulator pointed out. ESMA Highlights Risks Related to Unregulated Products and Services for Crypto and Other Assets The European Union’s securities watchdog, ESMA, has issued a statement warning investors of risks arising from investment firms providing both regulated and unregulated products and services for crypto and gold, among other assets, as well as some non-transferable securities. These usually fall outside the scope of the EU’s existing financial services regulation but are offered as alternatives to financial instruments. ESMA remarked that retail investors often rely on the reputation of a provider and advised companies on how they should act in such cases. #ESMA warns investors of risks that arise when inv...

Rich Dad Poor Dad author Robert Kiyosaki says America is bankrupt as lawmakers engage in lengthy negotiations over the debt ceiling. “Unfunded liabilities as Social Security are over $250 trillion,” he said as the U.S. faces a potential debt default. Robert Kiyosaki on U.S. Debt Crisis The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his perspective on the U.S. debt crisis and the lengthy negotiations surrounding the debt ceiling. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. “Politicians debating raising $30 trillion U.S. debt limit bad comedy, ‘Kabuki theater,’” Kiyosaki tweeted Wednesday, adding: Facts are: U.S. bankrupt. Unfunded liabilities as Social Security are over $250 trillion. Financial market ‘derivative assets’ measured in quadrillions … thousands o...

U.S. Treasury Secretary Janet Yellen has updated her projection regarding the date the U.S. government could default on its debt obligations. She warned that the Treasury “will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5.” Yellen Warns US Could Default on June 5 U.S. Treasury Secretary Janet Yellen has revised her estimate for the potential date of a U.S. default. In a letter she sent to all congressional leaders Friday regarding the debt limit, Yellen wrote: Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5. “We will make more than $130 billion of scheduled payments in the first two days of June, including payments to veterans and Social Security and Medicare recipients. These payments will leave Treasury with an extremely low level o...