Fun

India to Facilitate International Settlements in Rupees to Reduce Dependence on the US Dollar

News Feed - 2023-04-03 05:04:21

India to Facilitate International Settlements in Rupees to Reduce Dependence on the US Dollar


The government of India has announced that it will facilitate the settlement of international transactions using its national currency, the rupee. As part of its foreign trading policy framework implemented on April 1, the country introduced this measure to facilitate payments for countries experiencing a U.S. dollar crush. India to Offer Rupee-Based Settlement Options for International Commerce


India’s government is introducing new settlement methods apart from the U.S. dollar for international commerce. The new foreign trade policy guidance, which was implemented on April 1, includes a new option of settling payments in Indian rupees, giving countries facing a U.S. dollar crush a way to continue trading with the country.


The new directive would be directed to help countries like Sri Lanka, Bangladesh, and Egypt, which are facing difficulties in obtaining U.S. dollars to keep bartering goods with India. Commerce secretary Sunil Barthwal stated that this measure would help disaster-proof these countries against a hypothetical dollar drought.


The move is part of the efforts of New Delhi to profile its currency at a global level. In this sense, the Department of Commerce of India explained this new foreign trade policy plan was designed to “work towards making Indian Rupee a global currency, adding further impetus to India’s emergence as the global trading hub.” Countries Moving Away From the U.S. Dollar Hegemony


India is the last one in a line of countries that have put in motion certain initiatives to shift away from using U.S. dollars, at least for international settlements. China, part of the BRICS bloc, which is also integrated with India, Brazil, Russia, and South Africa, has also been promoting the use of the Chinese yuan as part of an international de-dollarization policy.


In the meeting that Chinese President Xi Jinping and Russian President Vladimir Putin held as part of Xi’s visit to Russia on March 21, Putin supported the use of the Chinese yuan to settle payments with emerging economies in Asia, Africa, and Latam. Also, more recently, China inked a deal with the Brazilian government in order to ditch the dollar for their bilateral settlements, substituting it for national currencies.


Other blocs are also contemplating different ways to diminish their reliance on the U.S. dollar. ASEAN, the Association of Southeast Asian Nations, a bloc that integrates Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, is pushing its members to use national currencies for payments, as they fear U.S. secondary sanctions for not enforcing a trading ban on Russia. Tags in this story and South Africa, Asean, Bangladesh, Brazil, brics, Brunei, Cambodia, Egypt, India, Indonesia, laos, Malaysia, myanmar, rupee, Russia, Singapore, sri lanka, Sunil Barthwal, thailand, The Philippines, U.S. dollar, Vladimir Putin, Xi Jinping


What do you think about India’s rupee-centric settlement options to reduce dollar dependency? Tell us in the comment section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. "Dr. Doom" Nouriel Roubini Warns of Looming Banking Crisis and Trilemma for Central Banks ECONOMICS | 5 hours ago Saudi Arabia and OPEC Reveal Surprise Oil Production Cut; White House Insists Cuts Aren"t Advisable Right Now ECONOMICS | 9 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleHousehold Crypto Holdings Included in Bank of Russia’s Consumer Finance Survey Show comments More Popular NewsIn Case You Missed ItPrivacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade


According to a recent update on Monero’s Github repository, the privacy-centric crypto network plans to hard fork in July, at block height 2,668,888. Monero is the largest privacy crypto asset in terms of market capitalization and during the last seven ... read more.Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

Can XRP Market Cap Touch $1.5 Trillion? Analyst Reveals The Math Behind It
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
1inch Network Launches Hardware Wallet for Storing Users’ Private Keys in a Secure Offline Setting
1inch Network Launches Hardware Wallet for Storing Users" Private Keys in a Secure Offline Setting The decentralized exchange aggregation service 1inch Network has announced the la
What to Expect When Facebook’s Zuckerberg Defends Libra on Capitol Hill
Once again, Facebook will face the fire on Capitol Hill on Wednesday, with the Libra cryptocurrency project taking center stage. Mark Zuckerberg, the social media giant’s foun
Multichain Foundation to pay $2.1M to Fantom for losses
Arijit Sarkar1 hour agoMultichain Foundation to pay $2.1M to Fantom for lossesThe High Court of Singapore ordered Multichain to compensate the Fantom Foundation after a $210 million hack, awarding $2.18 million in damage
Stephen Katte9 hours agoMainstream approval critical for blockchain games — Gaming execsThree gaming executives believe mainstream audiences will play a factor in the overall success and future of Web3 games.465 Total
Tom Mitchelhill18 hours agoCoinbase app is ‘broken’ for UX, admits CEO Brian ArmstrongBrian Armstrong said the next two weeks will see a series of rapid updates on the biggest pain points for Coinbase app users.4587
Hackers Drain $2 Million in DAI From Defi Protocol Akropolis
Hackers Drain $2 Million in DAI From Defi Protocol Akropolis Decentralized finance (defi) protocol Akropolis was on Thursday hacked for $2 million in DAI, in the
Russia Explores Stablecoins for Settlements With Friendly Nations
Russia Explores Stablecoins for Settlements With Friendly Nations Russia is cooperating with friendly countries on the potential employment of stablecoins in international payments
Bitcoin sats the ‘most valuable digital canvas ever’ — Ordinals artist
Brayden Lindrea3 hours agoBitcoin sats the ‘most valuable digital canvas ever’ — Ordinals artistBitcoin artist “Nuro” recently inscribed his 3D neurogenerative artwork on a $2 million “epic sat” from the la
Binance gets Dubai crypto license following CZ’s departure: Report
Zoltan Vardai57 minutes agoBinance gets Dubai crypto license following CZ’s departure: ReportThe full regulatory license could turn the tides for Binance, which has been under intense regulatory scrutiny for at least t
Brayden Lindrea9 hours agoBitfinex users fall for ‘minor’ phishing attack after employee gets hackedBitfinex stressed its systems weren’t compromised and no customer funds were lost.2960 Total views5 Total sharesLi
Hong Kong legislator eyes Bitcoin for fiscal reserves
Amaka Nwaokocha14 hours agoHong Kong legislator eyes Bitcoin for fiscal reservesBy engaging with stakeholders and focusing on compliance, Johnny Ng aims to position Hong Kong as a leader in adopting Bitcoin and Web3 tech