Cryptocurrency News Official TheBitTimes.com

BRICS countries are looking to launch a new currency to replace the U.S. dollar for global trade. The development will introduce a new tender in the international markets and compete with other existing currencies. The foreign exchange markets come with volatility and the BRICS currency stabilizing in the robust industry might take time. Therefore, the potential exchange rate is thrown in the wind with uncertainties of its value gaining or losing power. Also Read: BRICS: 10 Asian Countries Agree to Ditch The U.S. Dollar Why BRICS Currency Will Not Replace U.S. Dollar Source: smestreet.in New countries accepting the BRICS currency for import and export comes with a risk as the tender’s value offers no stability. Introducing a new currency in the markets could disrupt the existing financial conditions dominated by the dollar . The BRICS currency will take on global leaders like the Euro, Pound, and Yen. Competing with existing yet strong currencies is a challenge as BRICS nations...

After missing the deadline for filing its annual report, Silvergate has come under fire. Concerns were raised about the delay in filing the report since the bank said it was assessing its operational viability. The red flags definitely raised concerns, as cryptocurrency firms ended their relationship with the bank. On the list, Crypto.com was a notable name. With the ongoing issues in place, Crypto.com is currently only providing Euro-denominated banking services to European Economic Area users. This is due to the lack of a trustworthy banking partner for the USD deposits. Also read: Binance Unveils Major Upgrade to its Proof-of-Reserves Source: Bitcoinist Crypto.com is struggling to find a reliable banking partner The falling cryptocurrency prices and the deteriorating relationship with the banks have made the situation worse for Crypto.com . Initially, the exchange was partnered with Transactive Systems. However, the relationship was affected when it was ordered ...