Lejilex and the Crypto Freedom Alliance of Texas, a crypto nonprofit, have teamed up to introduce a complaint against the actions of the SEC towards actors in the digital asset industry in America. The complaint alleges that the SEC has no regulatory powers over these crypto companies, having usurped functions not given to it by […]
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BRICS is an acronym that represents an alliance of five major emerging economies: Brazil, Russia, India, China and South Africa. Jim O’Neill, an economist at Goldman Sachs, coined the phrase in 2001 to emphasize the combined potential of these countries in the global economy.
BRICS is an informal alliance that strives to foster collaboration and communication among its member nations rather than a formal organization or alliance with a legally binding contract. Here’s an overview of the history, objectives and key aspects of the BRICS alliance:
O’Neill published a research paper titled “Building Better Global Economic BRICs,” which laid the foundation of BRICS. Due to their quick economic growth, massive populations and vast resources, O’Neill saw Brazil, Russia, India, China and South Africa as 21st-century economic powerhouses.
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Cooperation, development, and influence in world affairs are at the heart of the BRICS goals. The following are a few of the main BRICS goals:
The key aspects of BRICS encompass various dimensions that characterize the cooperation and influence of the group.
The BRICS countries account for a considerable share of the global population, landmass and gross domestic product. They are significant rising economies with enormous potential for economic expansion.
The BRICS group provides a forum for ongoing communication and collaboration among its members. It offers a platform for decision-makers to have conversations, share ideas and collaborate on projects.
The BRICS initiative seeks to increase trade and economic cooperation among its member nations. Initiatives, such as the BRICS Business Council, are used to attract investment, lower trade barriers and develop economic ties.
The BRICS have formed financial institutions, including the CRA and the NDB. These organizations fund infrastructure projects, finance international development and maintain the financial systems of their member nations.
The BRICS countries aim to have a political impact on the world arena. Member nations work together on global concerns, push for reform in institutions of global governance, and work to ensure that rising economies are more represented.
The BRICS countries support a system of global governance that is more inclusive and egalitarian. It aims to improve global financial institutions and advance a multipolar world order that more accurately represents the objectives and ambitions of developing nations.
The Goldman Sachs BRICS Fund was an investment fund launched by Goldman Sachs in 2006. It was designed to provide investors with exposure to the economies of the BRICS countries by investing in companies listed in these markets.
The fund aimed to capitalize on the rapid economic growth and development potential of the BRICS nations, which were identified as emerging economic powerhouses. It allowed investors to diversify their portfolios and participate in the growth of these economies.
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However, in 2015, Goldman Sachs decided to discontinue its BRIC fund due to an assessment that it would not experience significant asset growth in the foreseeable future. The economic challenges faced by the BRICS countries after the global financial crisis, such as Brazil’s economic slump, Russia’s struggles with low oil prices and sanctions, and China’s slowing growth, have led to a reassessment of the investment prospects in these markets. Despite the fading allure of the BRICS era, Goldman Sachs emphasizes that it remains committed to exploring opportunities in these emerging markets.
The upcoming BRICS Summit 2023 is poised to be a significant event in the field of international finance. There is anticipation surrounding the unveiling of a gold-backed digital currency, which could have a profound impact on the global payments landscape. The aim of the BRICS nations in introducing this alternative currency is to enhance their financial independence and reduce reliance on existing monetary systems, particularly the US Dollar.
BRICS efforts in forming alternative payment systems and reserve currency trade, partnership for win-win cooperation, a gradual rise of a non-dollar system, moving away from reliance on the US dollar, common BRICS payment system and an increase in trade with domestic currencies. pic.twitter.com/Cy77safdhX
— Dr Kish (@kishpatr1) June 15, 2023
If a unified digital currency is established among the BRICS nations, it could have far-reaching consequences for the global economy. Not only could it diminish the dominance of the US Dollar and euro in international trade and finance, but it could also provide emerging economies with an alternative avenue for conducting transactions.
Furthermore, the introduction of this new currency has the potential to strengthen economic ties within the BRICS bloc, fostering investment and growth. This, in turn, could promote increased trade and cooperation, offering potential benefits for the global economy as a whole.
While announcing Coinbase and Cash App as the new partners, Bitkey referred to some information it passed in March.
Bitkey, a self-custody Bitcoin wallet app by Jack Dorsey’s Block, is partnering with Cash App and crypto exchange Coinbase (NASDAQ: COIN). The Bitcoin wallet application announced its first two global partners on June 15, noting that it aims to make self-custody more accessible. In addition to enabling customers to purchase, the alliance assures control over private keys.
Previously, former Twitter CEO Jack Dorsey conducted an in-house beta of the Bitcoin self-custody wallet, which was available to Block employees only. Now, Block is opening up access to the general public, commencing in the coming weeks. Block plans to roll out the full Bitkey product suite in the UK, US, Australia, Canada, etc, following the global public launch later this year, customers will have access to more functionalities. Examples include buying BTC and initiating transfers from Coinbase to Bitkey across six continents.
Bitkey was strategic in choosing its global partners – Coinbase and Cash App. While the crypto exchange is the largest in the US by trading volume, Cash App is owned by Block and provides mobile payment services, as well as stocks and Bitcoin in a single application. The relationship among the three parties will allow Bitkey users to buy and sell BTC through Coinbase and Cash App directly from within the wallet app. The main criteria in choosing Coinbase and Cash App are security standards, price transparency, availability of fiat payments, and global reach.
Bitkey business lead Lindsay Grossman at the self-custody BTC wallet app said it was important to partner with global forces to reach more audiences worldwide. The executive added that liaising with Coinbase is an assurance that the self-custody service remains secure.
While announcing Coinbase and Cash App as the new partners, Bitkey referred to some information it passed in March. The Jack Dorsey-backed Bitcoin wallet talked about how strategic alliance can help in its mission to empower the new 100 million people on BTC self-custody.
“Partners play a key role in this journey and will help us widen the pie of self-custody adoption by making it easier and safer to move bitcoin from exchanges to Bitkey’s self-custody wallet where we can empower customers to truly own and manage their money on their own terms.”
Henceforth, Bitkey users will begin to see either or both Cash App and Coinbase in their app. They can also transfer their existing BTC with any of the partners on the same app. According to the press release, the feature enabling the transfer of existing Bitcoin and purchase with global fiat currencies will be available shortly.
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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
Walgreens Boots Alliance (NASDAQ: WBA) is a big, trusted, pharmacy retailer that most consumers have likely visited at some point. But as an investment, it has been underwhelming, to say the least. Its shares have plummeted 50% over the past five years — and for investors, buying the dip simply hasn’t paid off. Could the next five years be any better for the stock?
Walgreens has been expanding its business so that it’s more than just a pharmacy retailer and a bigger healthcare business overall. While customers are at their local Walgreens to fill prescriptions, they may also buy groceries and personal care products. But Walgreens wants to give consumers a reason to go more often and potentially spend even more money. One way to do that is by offering healthcare services.
Close to 80% of Americans live within five miles of a Walgreens or Duane Reade store (which Walgreens owns). Convenience is a big advantage for Walgreens, and it’s hoping that healthcare services will be a further incentive for people to visit the stores. COVID vaccinations brought in more foot traffic to Walgreens’ stores, and that resulted in some stellar numbers for the company. Expanding into healthcare may have the same effect.
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Taiwan Mobile’s decision demonstrates the growing interest of conventional sectors in capitalizing on the possibilities of cryptocurrencies and blockchain technology.
Taiwan Mobile Co Ltd (TPE: 3045), one of Taiwan’s prominent telecommunications companies, has expressed its openness to potential alliance opportunities with Taiwanese firms specializing in crypto.
As reported by Bloomberg, the company is reportedly engaging in discussions with various Taiwanese firms that specialize in digital currencies. This includes the fintech blockchain company XREX.
According to sources familiar with the matter, the talks aim to assess potential alliance opportunities and explore potential investments. However, no decisions have been made, and a deal may not be reached, according to the sources.
XREX, a fintech and blockchain company, is known for its expertise in providing a secure and efficient platform for cryptocurrency transactions. The specific benefits and objectives of a potential alliance between Taiwan Mobile and crypto-focused companies remain undisclosed.
However, such collaborations may provide mutual benefits. Collaboration with crypto enterprises could enable Taiwan Mobile to explore new business models, services, and revenue sources inside the digital asset ecosystem. Additionally, these collaborations may make it easier to integrate blockchain technology into telecoms infrastructure, improving efficiency, security, and customer services.
In response to inquiries about alleged talks between Taiwan Mobile and XREX, TaiwanMobile claimed that it is “open to any potential opportunities.” However, the corporation made no further remarks or provided any additional information on the situation.
Similarly, Wayne Huang, co-founder of XREX, refused to clarify whether his company is currently in talks with Taiwan Mobile. However, the co-founder highlighted that there are significant synergies between established institutions like telecom companies and blockchain firms like XREX.
Huang points out that organizations such as telecommunications corporations already have a large user base that has gone through the appropriate Know-Your-Customer (KYC) requirements. On the other hand, XREX brings its resources, and domain expertise in blockchain technology and cybersecurity to the table.
Notably, Taiwan Mobile’s decision demonstrates the growing interest of conventional sectors in capitalizing on the possibilities of cryptocurrencies and blockchain technology.
The growing popularity and usage of crypto have driven established firms from a variety of industries to seek collaborations and investments in the blockchain and crypto sectors. By demonstrating a willingness to engage with crypto-based firms, Taiwan Mobile acknowledges the potential for innovation and growth within this emerging industry.
In a significant move, NTT Docomo, the largest mobile telephone operator in Japan, announced last year its intention to partner with Irish-American IT company Accenture, on Web3 implementation. According to the agreement, NTT Docomo would invest up to 600 billion yen ($4 billion) in Web3 infrastructure in the East Asian corporation.
This initiative is part of a larger plan by the largest Japanese mobile telecom provider to use the Web3 space with its existing capabilities. Meanwhile, Japan has adopted a Web3 white paper, which could propel the East Asian country to the forefront of global crypto development.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.