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The US dollar has constantly been touted as an active force spurring its own demise. One of the recent statements made by Rosneft CEO Igor Sechin has caught the public eye, where the CEO was noted making comments reflecting on the dollar’s declining prestige and the fact that its usage as a sanctioning tool has helped alternate currencies gain incredible market momentum. Also Read: Ripple: Will XRP Claim $3 Around Christmas 2024? Sanctions Made Dollar Weak Source: Shutterstock The CEO of Rosneft, Russia’s biggest oil firm, was recently documented attending the Doha Forum, where Sechin made statements regarding the declining US dollar stats. The Rosneft CEO primarily touted the dollar’s keen usage as a sanctioning tool as the primary reason for its doom, adding how its consistent use as a sanctioning tool has compelled other countries to search for able and competent currency competitors. In this wake, currencies like the Chinese Yuan have gained significant traction per Sech...

The United States dollar (USD) has been the world’s reserve currency for the longest time. Several governments have previously challenged the dollar. But the United States only grew stronger, forcing a number of nations to jointly roll out a currency to uphold de-dollarization. Amidst this, China has been keeping at it, as the Chinese yuan is emerging as a prominent contender in the reserve currency race. Also Read: Can ASEAN Countries Make The Chinese Yuan An International Currency? The Rise Of The Chinese Yuan In The Global Economy Earlier this month, data from Bloomberg revealed that in April 2024, the Chinese yuan did better than the Euro. According to the most recent statistics available from the payment messaging system SWIFT, the value of the Chinese yuan was close to 6% in April 2024. Growth In Trade Payments June saw a 13.37% growth in trade payments in the Chinese yuan. The asset was right behind the dollar. However, it should be noted that 88% of foreign currency transaction...

Russian Bitcoin mining firm BitRiver says the country can become a leader in the global industrial crypto just within a few years. According to BitRiver CEO Igor Runets, Russia has enough resources to become a global leader in crypto mining using associated petroleum gas (APG) as other countries such as the U.S., Canada, Kazakhstan and others have also successfully piloted this method of mining, Russian media outlet RBC reports. Runets revealed that BitRiver’s operational data centers powered by APG currently account for at least 50% of the entire mining market segment, adding that the firm is witnessing “growing interest from major Russian oil and gas companies in developing APG mining .” As per Runets’ calculations, Russian crypto mining sector is capable of recycling up to 10 billion cubic meters of APG per year, which is, approximately, half the volume currently flared annually. You might also like: Bhutan spends 5% of its GDP on mining bitc...