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The BRICS bank, commonly called The New Development Bank (NDB) is looking to provide loans in native currencies and not the U.S. dollar. The bank aims to provide loans in currencies like the Chinese Yuan, Indian Rupee, Russian Ruble, Brazilian Real, and South African Rand. The bank aims to end reliance on the U.S. dollar and avoid foreign exchange which gives the dollar a boost. Also Read: BRICS : China Does Not Want the Chinese Yuan To Replace U.S. Dollar as Reserve Currency The U.S. dollar is unlikely to be the only currency to dominate the world. The BRICS alliance will soon launch a new currency that could create a new financial order. The development could tilt the power from the developed Western countries to developing Eastern nations. The developing countries have robust and massive economy that beats the G7 in GDP and purchasing power parity. BRICS Bank: Native Currency Vs the U.S. Dollar Source: kitco.com / Shutterstock The BRICS bank President Dilma Rousseff sa...

IOST Partners with DeBox to Drive Integrated Development of DID Products & Services in Web3. DBX Global is a Web3 social platform based on blockchain DID. This collaboration aims to jointly drive the integrated development of DID-related products and services on the blockchain. In the future, both parties shall comprehensively plan and strategize their cooperation in various aspects, including expanding the on-chain ecosystem, organizing user activities, and community operations. Together, we will explore new paradigms and possibilities for the future development of Web3. Integrated DID Products and Services in Web3 The widespread adoption of DID within Web3 is of utmost importance. Currently, the application of Web3 DID remains in its early exploration stage within the industry. Although some teams are dipping their toes and building applications, challenges like high user participation costs and fragmented technological frameworks still prevail. As a core component of Web3 decent...

Join Our Telegram channel to stay up to date on breaking news coverage Terra LUNA price has been sealed in a downtrend since mid-January. The Layer 1 token trades 66% below its January high above $2.5. At the time of writing, LUNA trades at $0.86 with a bullish bias. It is down 1.3% in the last 24 hours and 5.45% over the last week, according to data from CoinMarketCap . The native token of the troubled Terra ecosystem has been struggling to regain the glory it enjoyed before the collapse of its sister token TerraUSD (UST) in May last year. Despite the positive fundamentals arising from the committed Terra developers, LUNA price still faces a downside risk. The latest news from the Terra Ecosystem has to do with the changes on the Terra Station, a non-custodial wallet that is native to the project. The wallet has made several changes to its user interface by inserting the “moon” into its background.  The team revealed this development in a May 26 Twitter post ...

New Rules For Crypto Exchanges In his explanation, Aksakov highlighted that as Crypto exchange s facilitate cross-border settlements for businesses, they may become subject to certain restrictions. Nevertheless, he expressed optimism that the introduction of new regulations will create opportunities for emerging organizations. The Ministry of Finance also supports this concept, underscoring the need for comprehensive guidelines to facilitate crypto adoption in the country. advertisement Read More: Wintermute Dumps $5 Million Optimism (OP) Tokens To Binance Ahead Unlocks It is anticipated that the Central Bank will assume the role of regulating the operations of Crypto exchange s. The specifics of these regulations are expected to be included in the draft law on experimental legal regimes, as stated by the deputy. Recent information has also revealed that the Ministry of Finance did not favor establishing a new national Crypto exchange but rather proposed a lega...

If you are looking for a booming crypto project, you should invest in Collateral Network (COLT) without any delay, as its presale is selling out fast. Collateral Network is expected to explode by 100x in 2023, surpassing the market biggies like Ethereum (ETH) and Ripple (XRP). Read on to know more. BUY COLT TOKENS NOW Ethereum’s (ETH) Gas Fees Spiked The Ethereum network recently hit the headlines after its transaction count and gas fees spiked significantly. Etherscan’s data shows that the average transaction cost on the Ethereum network surged to a high of 155.8 gwei on May 5 from a low of 9.07 gwei in October, where 100 gwei cost around $3.74. Increased transactions on the Ethereum network have also made validators earn more. According to market analysts, the key reason behind Ethereum’s soaring gas fees is the rising hype around meme coins like Sponge (SPONGE) and Pepe (PEPE). However, experts are concerned that the rising gas fees of the Ethereum network can prompt ...

Sei Network, a major L1 blockchain platform, announced today the successful completion of its highly anticipated upgrade on its Discord server and is now inviting more Seilors to join its thriving community.  The new upgrade adds security and authenticity to the platform by introducing Humanode face verification, allowing users to obtain verified roles and prove their identity as real individuals rather than automated bots. 1/4 Discord capacity upgrade is complete and it's time to bring more Seilors aboard! FYI: It's a REALLY good idea to get the "Verified Seilor" role in the Sei Discord (https://t.co/bgJT5MlNdE) Let's dive deeper into the concept of proof of personhood pic.twitter.com/2uAvQvd6iL — Sei (@SeiNetwork) May 26, 2023 Sei Network introduced the “Verified Seilor” role on their Discord platform to ensure a bot-free environment and promote authenticity. The “Verified Seilor” role is a badge of authent...

Will Fed Move Interest Rates Up? According to the data, this is the first monthly recorded increase in PCE inflation since October 2022. It is important to note that this is the most preferred indicator utilized by the Fed to measure inflation. advertisement Experts suggest that interest rates future now anticipating a 25 bps rate hike in June. The probability of a hike in June now stands at 57% while the is a 27% chance of another hike in July. Meanwhile, investors can now expect an interest rate cut after November. It added that the market now expects only 1 rate cute in 2023. Earlier, investors anticipated around 4 cuts. However, no more rate hikes were expected just 2 weeks ago. Meanwhile, there are around 70% of at least 2 more hikes. The rise in inflation data hasn’t affected the financial market for now. Stocks price rose despite facing a deadline on the debt ceiling. Dow Jones Industrial Average (INDEXDJX: .DJI) climbed by 341 points, 1....

Partnership To Drive Floki Adoption According to the official statement released, DWF Labs has invested $5 million by purchasing FLOKI tokens from the Floki Treasury. Leveraging its extensive network and resources, the investment firm will work alongside the Floki team to accelerate the adoption of the FLOKI token and its brewing ecosystem. advertisement Read More: Binance Launches NFT Lending Feature To Rival Blur’s Blend Protocol The partnership with DWF Labs marks a significant milestone for the Floki project as it aims to outgrow competitors like Dogecoin and Shiba Inu to establish itself as the most widely used Memecoin . While speaking about the recent development, the team responsible for the meme project — valued at roughly $305 million — expressed the following statement: This partnership will be especially invaluable in helping accelerate Floki adoption in institutional circles. Recommended Articles ...

In a decisive turn in its bankruptcy proceedings, Celsius Network LLC has selected Fahrenheit, LLC to be the victorious bidder. This follows a competitive court-supervised auction, where Fahrenheit emerged as the chosen manager of a new entity, set to be entirely owned by Celsius’ creditors. Fahrenheit, a consortium comprised of US Bitcoin Corp., Arrington Capital, Proof Group, Steven Kokinos, and Ravi Kaza, will take the reins and infuse the necessary capital, management acumen, and technological expertise to steer the new company known as NewCo. One of the primary highlights of the associated Chapter 11 plan is a substantial distribution of Celsius’ liquid cryptocurrency to its account holders, an event slated to happen as soon as practically possible after the plan’s effective date. Additionally, the plan lays out provisions for settlements with the Custody and Withhold groups, illustrating a comprehensive approach to recompense. Further, the Chapter...

Amid the current downward spiral, Bitcoin has been breaking under crucial support levels which shows that the correction is far from over and there’s more pain ahead. As per popular crypto analyst Ali Martinez, there’s a possibility of the BTC price dropping all the way to $23,000. In his recent tweet, Martinez writes: advertisement “Notice that #Bitcoin appears to be losing all major areas of support. This increases the probability of a correction to the next important demand wall between $23,200 and $24,000, where 850,000 addresses had previously purchased 340,000 BTC”.  Courtesy: IntoTheBlock The current selling pressure on Bitcoin increased over the last hours as the US markets opened on a negative note. All of the top-three US indices are down by 0.7% as of press time, as the debate over raising the debt ceiling drags into another day. As the negotiations between the lawmakers continue, investors remain worried about...