💥BRICS: Russia & India No Longer Need U.S. Dollar💥

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? The Dinarian on Locals brings you the latest in news, interviews, in-depth conversations, and stories from across the blockchain and global communities—within and beyond cryptocurrency ?. Experts delve into how blockchain technology is reshaping industries, enhancing business networks ?, transforming transaction workflows, and advancing distributed ledger systems ??. We also explore intriguing topics that may venture into the realm of conspiracies—and so much more!

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thedinarian@thedinarian

August 28, 2022

💥BRICS: Russia & India No Longer Need U.S. Dollar💥

BRICS - The president of the BRICS International Forum, Purnima Anand told reporters on Thursday that both 💥Russia and India no longer need the U.S. dollar, as they have "turned to national currencies to conduct mutual settlements," according to Russian state news RT.💥

The BRICS president stated, 💥"We have implemented the mechanism of mutual settlements in rubles and rupees, and there is no need for our countries to use the dollar in mutual settlements.💥 And today a similar mechanism of mutual settlements in rubles and yuan is being developed by China," according to Russian State news agency RIA Novosti. She also said that mutual trade between both Russia and India has grown by five times in the last 40 years.

💥RT reported that Anand stated New Delhi considers itself a neutral party in regards to the sanctions that have been placed upon Russia by the West, and that despite the pressure of sanctions, it will continue to cooperate with Russia "in any areas where necessary".

"When Russia’s military operation in Ukraine began, naturally there was pressure on India to stop importing Russian oil. But the Ministry of Foreign Affairs had to reject this pressure. The Russian side was assured that supplies would not be stopped and the sanctions regime would in no way affect the relationship between our countries," she said.

BRICS is an acronym that was coined to describe five major emerging world economies including Russia, China, Brazil, India, and South Africa which all meet at annual summits, and was initially founded on June 16th, 2009.

The BRICS countries account for over three billion people, or roughly💥 40% of the world's population and 25% of the global GDP.

Another report by Russian state news agency TASS on August 20th, entitled 💥"Russia moves away from ‘toxic’ dollar and euro in economic relations with partners",💥 quoted Russia’s Deputy Foreign Minister Alexander Pankin saying that it is necessary to 💥"switch to settlements" in an "acceptable alternative, primarily national currencies".

The report cited Pankin as saying that Russia will move away from both💥 "the dollar and the euro" in "commercial, economic, and investment relations" with partners, due to the fact that Russia sees these currencies as having become 'toxic' in light of "growing pressure from the West".💥

Pankin stated,💥 "Against the growing geopolitical pressure from the ‘collective West’, the only way to guarantee stable trade, economic, and investment ties between Russia and its partners is to avoid the use of currencies that have become ‘toxic’, primarily the US dollar and the euro, and switch to settlements in acceptable alternatives, primarily in national currencies".💥

He added that the current system, built by Washington has proven to be 💥"unsuitable for the conditions of a multipolar world order and has essentially become an instrument for achieving political goals of one group of countries".💥

💥"It is quite obvious that in the current conditions the West intends to continue to abuse its privileged position,"💥 Pankin continued. "It is encouraging to see that many nations, seeing extraordinary and illegitimate sanctions against Russia, are thinking about the need to de-dollarize foreign economic activity to ensure their sovereignty. As it turned out, if there is political will, the issue is quite solvable," he added.

On June 18th, 2020 John McAfee put out a Tweet saying that he was working with BRICS, and said that 💥the goal of BRICS was total independence of the U.S. dollar, and U.S. financial "instruments and institutions".💥

He had also posted an article entitled,💥 "BRICS Nations Discuss Shared Crypto to Break Away From USD and SWIFT".💥

In late June, Russian President Vladimir Putin stated that the BRICS countries were working on a new global reserve currency, and said at the BRICS International Forum, 💥"The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out". 💥He also said that the member states were working on alternative ways to make international payments possible.

The bitcoin.com news feed at the end of June reported that the BRICS nations have revealed they are 💥"creating an international reserve currency," 💥that analysts believe is meant to challenge the United States dollar, 💥as well as the International Monetary Fund's Special Drawing Rights (SDR) currency.💥

The bitcoin news feed also said that former president Donald J. Trump had warned of depression in the United States, and cited Rich Dad Poor Dad author Robert Kiyosaki, who claimed that the United States is in for the 💥"biggest bond crash" in over 200 years.💥 I found this on the The Standeford Journal, on the following page:

https://www.ssj.news/news/financial/2022-08-28/brics-says-russia-india-no-longer-need-us-dollar.php

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Source: The Dinarian ⚡ Claude AI

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thedinarian@thedinarian

May 31, 2025

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The Stellar Development Foundation (SDF) is deeply committed to helping ensure that the highest security standards are available for projects building on the Stellar network. Last year SDF launched the Soroban Security Audit Bank, an initiative to provide projects access to auditing experts and tooling that are proven to help prevent hacks by catching potential bugs, inefficiencies, and security flaws before contracts go live. Through the Soroban Security Audit Bank, we’re empowering teams building on Soroban with comprehensive security audits from leading audit firms, enhanced readiness support, and robust tooling, significantly elevating the ecosystem’s safety and efficiency.

Since launch, the Soroban Security Audit Bank has successfully conducted over 40 essential audits, deploying over $3 million to support security of the smart contracts on Stellar. Check it out!

Ecosystem Success Stories: How the Soroban Audit Bank Drives Security Forward

By making automated formal verification available to developers, in addition to allocating significant budget for securing many of the top DeFi protocols built on top of Stellar, SDF has established a new security standard in the Web3 ecosystem. –Mooly Sagiv, Co-Founder of Certora

SDF has been a strong partner as we’ve worked with teams across the Stellar ecosystem. SDF’s Audit Bank initiative allows for a smooth and streamlined review process, and is a clear reflection of the Stellar ecosystem’s enhanced commitment to security. –Robert Chen, CEO of OtterSec

Leading projects within the Soroban ecosystem have highlighted the impact of the Audit Bank

Finding a good auditor is difficult, expensive, and high-stakes. The Audit Bank streamlines the process and supports ecosystem projects with security review at critical growth milestones. –Markus Paulson, Co-Founder of Script3

The audit firms we worked with deeply understood the full ecosystem and the underlying protocols used. Their expertise and the tools from the Audit Bank strengthened our security and supported user and investor trust. –Esteban Iglesias Manríquez, Co-Founder of Palta.Labs

What's New in 2025: Enhanced Audit Support for Soroban Builders

Teams building financial protocols, high-dependency data services, high-traction dApps funded by the Stellar Community Fund are able to request an audit and will typically be matched with a reputable audit firm within two weeks. We recently restructured the program for this year to enhance audit efficiency and incentivize accountability, and rapid and complete vulnerability remediation:

Complimentary Initial Audit: Projects will need to contribute 5% of the audit cost upfront, but this co-payment amount is eligible for a full refund, provided that critical, high, and medium vulnerabilities identified are swiftly remediated within 20 business days of receiving the initial audit report (learn more).
Incentivized Security at Key Traction Milestones: Complimentary, extensive follow-up audits are available as projects achieve critical traction milestones (e.g., $10M and $100M TVL). These audits include deeper assessments such as formal verification or competitive audits, significantly boosting project security at pivotal stages.
Advanced Security Tooling: Projects can enhance their security self-serve through complimentary or discounted access to specialized tooling, which provide vulnerability detection and formal verification capabilities (see full list of available tooling). These tools are encouraged to capture ‘easy-to-spot’ issues prior to audit as well as a final check post-audit to increase the effectiveness and thoroughness of audits.
Enhanced Audit Readiness Support: Projects receive structured preparation support, including the implementation of best practices and security standards based on the STRIDE threat modeling framework. This ensures project teams are thoroughly prepared, optimizing audit efficiency and minimizing delays.

Get Started Today

If you're already funded through the Stellar Community Fund, meet the criteria and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contact [email protected].

If you haven't built on Stellar yet, we encourage you to start your journey with the Stellar Community Fund to become eligible for future security audits and ecosystem support. For any broader questions on the program, contact [email protected].

Also, we’re organizing an exciting series of workshops–join us for the kick-off on Soroban Security Best Practices on Friday, May 30, 2025 at 2 PM ET on @StellarOrg. Together, we're shaping a secure and resilient future for smart contracts on Stellar.

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thedinarian@thedinarian

May 31, 2025

Santander mulls stablecoin, crypto offering

Bloomberg reported that Banco Santander is mulling introducing euro and dollar stablecoins, or potentially making a third party coin available to clients, citing sources. This move aligns with broader crypto ambitions, as its digital bank, Openbank, has reportedly applied for a European cryptocurrency license under the Mica Regulations and may enable retail access to digital assets.

Systemically important banks embrace stablecoins?

Major banks are now moving from observers to participants in this expanding market. Should Santander confirm plans to launch a stablecoin, it will be the fourth global systemically important bank (G-SIB) to do so. Societe Generale’s FORGE subsidiary launched the EURCV euro coin in 2023. Deutsche Bank is a partner in ALLUnity, another stablecoin initiative with plans to launch this year, subject to regulatory approval. And Standard Chartered is part of a joint venture in Hong Kong that intends to introduce a stablecoin.

Santander’s involvement could extend beyond an individual initiative. The bank is a shareholder in The Clearing House, where the Wall Street Journal reported that US banks are exploring the potential to create a joint stablecoin. If a US initiative took that route it could involve nine more G-SIBs including Bank of America, Barclays, BMO, BNY Mellon, Citi, HSBC, JP Morgan, TD Bank and Wells Fargo.

Apart from these initiatives, our research shows that more than 20 other banks have been involved in stablecoin projects.

Until recently stablecoins were mainly used to settle cryptocurrency transactions and by residents in countries with volatile domestic currencies. During the last year stablecoin infrastructure has been expanding, especially for mainstream cross border payments. Plus, President Trump issued an executive order prioritizing stablecoins. One of the administration’s motivations is this increases demand for US Treasuries, lowering the interest rate the government pays on the Treasury bills.

Santander as an early digital assets mover

Santander’s stablecoin consideration builds on years of blockchain experience. The bank was an early Ripple investor and previously used Ripple’s permissioned network for payments (not XRP), while also embracing permissionless blockchain activities including issuing a digital bond on Ethereum in 2019. This dual approach led to collaborations with other major players – alongside Societe Generale FORGE and Goldman Sachs, Santander participated in the European Investment Bank’s first digital bond, also on Ethereum. Currently, the bank’s most significant digital money initiative involves Fnality, the wholesale blockchain-based settlement network, where Santander ranks among 20 institutional backers and is part of the early adopter group alongside Lloyds Bank and UBS.

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