The 17th BRICS Summit, set for July 6-7 in Rio de Janeiro, is expected to announce a new precious metals exchange, challenging Western-dominated markets like the London Metal Exchange. Proposed by Russia in 2024, the exchange would enable BRICS members—now expanded to include Iran, Saudi Arabia, and others—to trade gold, silver, and platinum group metals independently. This aligns with the bloc’s de-dollarization push, including plans for BRICS Pay and a potential gold-backed currency. However, challenges like infrastructure, liquidity, and potential Western sanctions loom. If successful, the exchange could reshape global commodities trading and reduce reliance on U.S. financial systems.
about BRICS to Launch Precious Metals Exchange in Rio SummitAnton Siluanov
0 posts last weekRussia’s Bitcoin Mining Demand Triples Amid Regulatory Changes and Price Surge
Russia has experienced a threefold increase in Bitcoin mining demand, driven by a price rally and regulatory clarity. Recent legal adjustments allow individuals to mine without registration under certain energy limits, while tax reforms exempt crypto transactions from VAT and impose a 15% tax on mined assets. However, a mining ban remains in effect until 2031 in ten energy-strapped regions, reflecting the government’s effort to balance economic growth with energy consumption.
about Russia's Bitcoin Mining Demand Triples Amid Regulatory Changes and Price Surge