China and Malaysia discuss Asian Monetary Fund

In recent years, a number of Asian countries have shown an interest in distancing themselves from the United States dollar and the International Monetary Fund (IMF), both of which have long had a preponderant position in the international monetary system. One of these nations is Malaysia, and the Malaysian central bank has been collaborating with the People’s Bank of China to facilitate trading in both of their countries’ respective currencies.

Anwar Ibrahim, the Prime Minister of Malaysia, made the announcement on April 4 that China was willing to consider the possibility of establishing an Asian Monetary Fund. The concept of such a fund was discussed during a meeting that took place the week before in Hainan, which is located in China.

The proposed fund will assist Asian countries in reducing their reliance on the United States currency and the International Monetary Fund (IMF). This action is being seen as a reaction to worries about the economic hegemony of the United States and the dangers connected with the use of the dollar as the reserve currency of the world.

Reportedly welcoming negotiations on the plan, which may pave the way for a more autonomous Asian financial system, China’s President Xi Jinping is said to have shown enthusiasm about the topic. The establishment of an Asian Monetary Fund has the ability to make available financial resources for the region’s infrastructure development projects, therefore fostering economic expansion.

In recent years, there has been a discernible uptick in the momentum around the movement toward a stronger role for Asian currencies in international commerce. In March, China and Brazil reached an agreement to conduct commerce exclusively in their own national currencies, so fully excluding the use of the US Dollar.

The Asian Monetary Fund that is being suggested is not the first effort that has been made to establish a regional financial organization. The Asian Development Bank (ADB) was founded in 1966 with the purpose of fostering economic growth and alleviating poverty across the region. On the other hand, the Asian Development Bank (ADB) has come under fire for being controlled by the United States and Japan and for having a limited effect in tackling the economic difficulties facing the area.

In conclusion, the proposed establishment of an Asian Monetary Fund is a major step forward in the continuing transition away from the predominance of the United States dollar in the international monetary system. Even though the creation of such a fund would be met with a number of obstacles, there is a possibility that it would provide a method of fostering more monetary autonomy and stability across the Asian area.


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BRICS Alliance Considers Creating New Currency

The world’s economic powerhouses appear to be distancing themselves from US dollar hegemony as they look to create a new world order. The BRICS alliance, which is made up of Brazil, Russia, India, China, and South Africa, is reportedly working on creating its own currency, according to State Duma Deputy Chairman Alexander Babakov. The move is seen as a way for the BRICS nations to promote their shared objectives and distance themselves from US dollar hegemony.

Speaking at the St. Petersburg International Economic Forum event in New Delhi, India, Babakov stressed the importance of both nations working towards a new medium for payments. He added that digital payments could be the most promising and viable option. The new currency is expected to benefit China and other BRICS members, rather than the West.

Babakov went on to postulate that the new currency would be secured by gold and other commodities such as rare-earth elements. This move would further cement the new currency’s value and provide a more stable platform for transactions. The BRICS alliance is seen as a viable alternative to the US dollar hegemony, and the creation of a new currency could provide a way to challenge the current financial system.

This week, former Goldman Sachs chief economist Jim O’Neill called on the BRICS bloc to expand and challenge the dominance of the dollar. In a paper published in the Global Policy journal, he wrote that “the U.S. dollar plays a far too dominant role in global finance.” The BRICS nations appear to be taking this advice to heart and are exploring ways to distance themselves from the current system.

In a related development this week, China and Brazil reached a deal to trade in their own currencies. The move will remove the US dollar as the intermediary, further empowering both nations to distance themselves from the world’s reserve currency. The agreement will enable China and Brazil to conduct trade and financial transactions directly, without having to go through the greenback.

China is already leading the way in the development of its central bank digital currency project, and crypto adoption in Brazil is growing following the legalization of it as a payment method in the country late last year. This move further underscores the growing interest in creating alternative currencies to challenge the US dollar’s hegemony.

While the US continues its war on crypto, financial regulators are tightening the screws on the embryonic industry. This move is seen as a way to maintain the US dollar’s dominance and prevent the emergence of alternative currencies. However, the BRICS alliance and other emerging economies appear to be forging ahead with their plans to create a new financial order, one that is more equitable and better suited to their needs.


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BitMEX to Launch BMEX Token Trading on Friday

Crypto exchange Bitmex has announced it will launch the trade of its BMEX token on 11 November. 


As the company aims to regain market share in the derivatives space, Bitmex stated that the token would be used to reward users of its platform. The rewards will be allocated via trading fee discounts, withdrawal fee waivers, improved staking rewards, and access to new products and services on the Bitmex platform.

The token’s launch was initially announced in December of last year, and users started being airdropped with the BMEX tokens in February. According to the exchange, millions of tokens have been airdropped to over 80,000 traders since February. 

Just like other exchange tokens, such as BNB of the Binance exchange and FTT of the FTX exchange, the BMEX token is the digital currency issued by the Bitmex exchange. 

Though the BMEX tokens were expected to have launched earlier in June, the exchange chose to delay the launch citing unsatisfactory market conditions. However, Bitmex’s chief marketing officer Benjamin Usinger, later revealed that now is the right time to launch the token, and the exchange would like to contribute to growth in liquidity and revitalize the crypto markets. 

Bitmex will begin trading the BMEX token on Friday by first listing the BMEX/USDT pair on its recently launched spot exchange and then launching two new perpetual swaps — BMEXUSDT and BMEXUSD — on its derivatives platform.

While the exchange is preparing for the launch of its token, the company doesn’t still seem to be comfortable with the state of the market. Earlier this month, Bitmex decided to reduce its number of employees as part of a strategy to move away from the company’s “beyond derivatives” model.

“We are pivoting from our Beyond Derivatives strategy and will return much of our focus aiming at providing the crypto derivatives trading experience people will turn to,” stated Bitmex. The company added, “We are going to refocus on liquidity, latencies, and a vibrant derivatives community, including BMEX Token trading.”

Image source: Shutterstock


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Turkish Lira Vs BTC: What’s Behind The Bitcoin Chart You Can’t Miss

Bitcoin price quoted in United States dollars has been suffering from a sharp and sudden downtrend after setting a new all-time high in November. But when quoted in Turkish lira, the top cryptocurrency kept on climbing in November and has never looked back.

The result? A shocking cryptocurrency price chart you simply have to see to believe. We’ll also explain the background behind the devastating downtrend in TRYUSD.

BTCTRY: Bitcoin Makes A Bullish Bet Against Struggling Currencies

All throughout the history of Bitcoin price action, after setting a higher high, the notoriously volatile cryptocurrency would blast off to a cycle climax. But the recent macro concerns around the Federal Reserve’s plans to raise rates put any bullish momentum on pause.

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Related Reading | This Bitcoin Morning Star Could Brighten The Bullish Narrative In A Flash

Instead of new highs in BTCUSD, the top crypto asset by market cap has fallen by 38% or around $20,000 per coin. However, crypto assets don’t only trade against the dollar, much like BTC can trade against altcoins like ETH.

Turkish lira BTCTRY_2021-12-17_13-29-14

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Bitcoin trading against the lira looks a lot different than the dollar | Source: BTCTRY on

Bitcoin can be quoted in the euro, yen, or in the case of the chart above, the Turkish lira. On the BTCTRY trading pair, after the all-time high was breached in early November, the bullish trend has yet to take a breather – let alone the steep correction seen in USD terms.

Behind The Turkish Lira Plunge, An Omen For The Dollar?

The flight to the dollar caused by the mere mention of rate hikes has decimated assets. In Turkey, the opposite is happening. Under president Recep Tayyip Erdoğan, Turkey’s central bank has cut interest rates by a full percentage point five times since September, sending the nation’s currency into a free fall.

Related Reading | Bitcoin Falls Flat: Examining A Rare Bull Market Corrective Pattern

During this time frame, the lira has fallen 50% against the dollar. Inflation in the country has also increased by 21%. Central banks in Turkey have attempted to intervene several times without success, selling off the country’s reserve of USD.

dollar lira tryusd

The lira has been in free fall against USD | Source: TRYUSD on

In response to inflation concerns, Erdoğan has raised the minimum wage by 50%, which Marek Drimal at Société Générale claims “will fuel inflation pressures further, together with the cumulative impact of the lira’s weakness”.

Additional, unspecified measures are also promised. But will they work? The lira is an example of what happens when there are no more levers left to pull. The United States Federal Reserve has a lot more shock and awe left in its war chest, but even it is struggling to balance markets, inflation, and a currency meltdown.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from


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Bitcoin Surpasses Swiss Franc To Become World’s 13th Largest Currency

At the time of writing, Bitcoin has surpassed the Swiss Franc (CHF) in market capitalization as the world’s thirteenth largest currency, according to data from There are only 12 world currencies left for Bitcoin to overcome.

IMG_3299 takes a Bitcoin standard approach to analyze currencies. It measures the world’s biggest currencies in terms of market capitalization as priced in BTC, the best form of money ever created but still lagging in perception.

The website also uses BTC as a measuring stick for countries’ gross domestic product (GDP), which puts Bitcoin at eighteenth place.

As the world starts recognizing the superiority of BTC in nearly all aspects of a good money, namely durability, portability, verifiability, divisibility, and scarcity. As time progresses and bitcoin adoption increases, it is set to have a more well-established history of success, which confers upon it a greater appeal for usage.

By thinking in bitcoin terms right away, people can realign the incentives governing their economic decisions. As monetary supply increases indefinitely, inflation follows suit and so do prices, leading to a distorted view of the economic reality based on the feedback given by free market prices.

A Bitcoin standard has the potential to restore the confidence of market participants in the overall prices being used in the economy. Since one BTC cannot be debased through loose monetary policies governed by corruptible human beings, its assurances of retaining purchasing power allow for a realignment of economic incentives.

In the fiat system based on debt, people are discouraged from saving and encouraged to take on debt, never deferring the option to spend now for later. In a Bitcoin economy, people would not be rushed to spend their money since they would have the assurance that their purchasing power would be preserved over the long term.


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MoneyGram launches USDC settlement using the Stellar blockchain

Financial services company, MoneyGram International, has partnered with the Stellar Development Foundation to enable consumers to send money using Circle’s popular stablecoin, USD Coin (USDC) and convert directly to and from fiat.

Per a 6 Oct. announcement, MoneyGram has integrated support allowing crypto wallets connected to the Stellar Network to access its global retail platform. Working alongside Circle, MoneyGram will also enable “near-instant backend settlement”, account funding, and local fiat withdrawals using the USDC stable token.

United Texas Bank will act as the settlement bank to complete the process within the regulatory framework.

“As crypto and digital currencies rise in prominence, we’re especially optimistic about the potential of stablecoins as a method to streamline cross-border payments.” said Alex Holmes, MoneyGram Chairman and CEO.

The partnership is expected to launch at the end of 2021 in select jurisdictions, with an expanded international rollout planned in 2022. Denelle Dixon, CEO and executive director of the Stellar Development Foundation, stated:

“A new segment of cash users will be able to convert their cash into and out of USDC, giving them access to fast and affordable digital asset services that may have previously been out of reach.”

MoneyGram’s integration with Stellar comes just months after the firm moved to allow customers to withdraw crypto assets for cash via its point-of-sale outlets in the U.S. The service was rolled out in partnership with Bitcoin ATM and crypto exchange operator, Coinme Inc.

Related: Biden admin weighing bank-like regulation for stablecoin issuers

MoneyGram is no stranger to blockchain, having partnered with distributed ledger technology Ripple in June 2019 to collaborate on cross-border payments and foreign exchange settlements with digital assets.

However, the deal quickly went south, due to the uncertainty concerning U.S. Securities and Exchange Commission lawsuit targeting Ripple. MoneyGram suspended support for Ripple’s platform during the first quarter of 2021.

Stellar was launched by Ripple co-founder Jed McCaleb following his tumultuous departure from the project in 2014.

Circle published, on 4 Oct., filings revealing it is cooperating with a subpoena from the SEC that it received in July.