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US President Donald Trump imposed 25% tariffs on India, accusing it of indulging in anti-American activities. Trump also imposed a penalty on India for buying Russian crude oil and military equipment despite the sanctions. The US President is coming down hard on BRICS, especially India, accusing them of advancing de-dollarization by putting the rupee ahead for trade and transactions. Even before Trump imposed 25% tariffs, India had been closely working to allow nearly 30 countries, including BRICS members, to settle payments in the rupee through the special Vostro bank accounts. The Reserve Bank of India (RBI) recently lifted the cap on Vostro accounts investments to push the rupee-denominated trade, according to a recent report from Reuters. Also Read: Trump’s 25% Tariff on India Puts BRICS Unity to the Ultimate Test BRICS Strategy: 30 Countries Allowed to Settle Payment With India in the Rupee Source: FinancialExpress.com BRICS member India is aiming to internationalize the rupee wit...

BRICS member India is among the few countries that successfully launched a pilot basis of Central Bank Digital Currency (CBDC). The Reserve Bank of India (RBI) began testing the CBDC currency early this year for trade and common transactions. The RBI is testing the security aspects of digital currencies and conducting studies about their potential impact on the economy. Also Read: Trump Advancing to Fracture & Dismantle BRICS The launch of the CBDC could change the fortunes of BRICS member India, as it’s ahead of the curve in digital currencies. Out of the 198 countries in the world, 134 nations are currently working towards the formation of a CBDC currency. All the countries are currently in testing mode while only a few have reached the pilot testing phase. Also Read: 4 New Countries Show Interest To Join BRICS Alliance BRICS: India Gives Update on CBDC Currency Progress Source: Forbes / GettyImages Apart from the de-dollarization agenda, BRICS is also looking to topple the US...

Hindustan Petroleum, one of India’s largest oil and gas companies, is launching a blockchain system to enable automated verification of purchase orders. India’s state-run refiner Hindustan Petroleum (HPCL), one of India’s largest oil and gas companies, is launching a blockchain system to enable automated verification of purchase orders (POs). HPCL has partnered with the blockchain software firm Zupple Labs to integrate its blockchain -based digital credentialing technology into the purchase order system, the firms said in a joint announcement. Called LegitDoc, Zupple Labs’ verification tech enables HPCL to issue digital POs to its vendors without having to manually verify the PO requests. From a third-party verifier’s perspective, the project provides a facility to directly verify the validity of POs in an automated way on the HPCL website. “The implementation helps to automate the verification of HPCL POs to external parties,” a spokesperson for HPCL told Cointelegraph. “This work...

BRICS countries China, India , Saudi Arabia, and the UAE are benefiting immensely from the US economic sanctions pressed against Russia. The BRICS members China and India are buying laundered Oil at cheaper rates from Russia by ditching the US dollar. Both countries are settling trade in their respective local currencies and saving billions in exchange rates for Oil procurement. Read here to know how many sectors in the US will be impacted if BRICS stops using the US dollar. Also Read: Iraq Ready To Join BRICS After Banning Cash Withdrawals in US Dollar BRICS: India & China Save $17 Billion By Not Using the US Dollar For Oil Trade Source: telegraphindia.com China saved $10 billion by ditching the US dollar for oil trade and using the Chinese Yuan for settlements with Russia. On the other hand, India saved $7 billion by purchasing oil at discounted prices from Russia since February 2022. India has purchased $186.45 billion worth of crude oil from Russian suppliers through...