The efforts to challenge the US dollar continues, and it has been just revealed that China is making great efforts in this direction. Check out the latest reports about the important issue below.
China reveals support for BRICS expansion
According to the latest reports, it seems that China continues to support the BRICS expansion and the push against the US dollar, as noted by the online publication the Daily Hodl not too long ago.
China made sure to state the fact that it’s fully backing a major expansion of the global economic alliance known as BRICS.
The country is ready to “bring more like-minded partners” into BRICS. Just in case you don’t know, the entity currently consists of Brazil, Russia, India, China, and South Africa, says Chinese foreign ministry spokesperson Mao Ning.
It has been also revealed the fact that the state-backed outlet China Daily says Ning made the statement while commenting on reports that Venezuelan President Nicolas Maduro is pushing to add Venezuela to the group.
“As an important platform for cooperation among emerging markets and developing countries, BRICS is committed to upholding multilateralism, vigorously advancing the reform of the global governance system and increasing the representation and say of emerging markets and developing countries.”
The Daily Hodl also notes that BRICS has made waves this year amid reports that the bloc is considering whether to launch its own gold-backed currency in an attempt to challenge the US dollar’s status as the world’s reserve currency.
Binance halts US dollar deposits
Binance.US says that it will be halting US dollar deposits and withdrawals in response to being sued by the U.S. Securities and Exchange Commission (SEC).
It’s also important to note the fact that Binance.US says it will temporarily become a crypto-only exchange platform.
This will most likely take place due to the SEC’s “ideological campaign” against the US digital asset industry.
“The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.”
