Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li><keyword id="496245" type="General" weightage="100" keywordseo="suryakumar-yadav" source="Orion">Suryakumar Yadav</keyword> on Wednesday became the world's number one batsman in T20 internationals.</li><li>Yadav overtook Pakistan opener <keyword id="292844" type="General" weightage="80" keywordseo="mohammad-rizwan" source="Orion">Mohammad Rizwan</keyword> to become just the second Indian player to hold the top T20I batter ranking.</li><li>Yadav has accumulated 863 points with Rizwan at 842 points.</li></ul>The swashbuckling Suryakumar Yadav on Wednesday became the world's number one batter in T20 Internationals, rising to the top on the back of his incredible form in recent times. Yadav overtook Pakistan opener Mohammad Rizwan to become just the second Indian player to hold the top T20I batter ranking. Since beginning his T20I journey for India in March last year, Yadav has quickly established himself as one of the best batters in the shortest format of the game, scoring one century and 11 fifties from 37 appearances for his country. The 32-year-old Yadav has also played 13 ODIs for India. Yadav has accumulated 863 points with Rizwan at 842 points. New Zealand's Devon Conway completes the top three with 792 points. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a href="https://www.businessinsider.in/tech/all-you-need-to-know-about-twitters-blue-tick-and-why-elon-musk-wants-you-to-pay-for-it/slidelist/95246904.cms">All you need to know about Twitter’s Blue Tick and why Elon Musk wants you to pay for it</a>

India's Suryakumar Yadav becomes the world's No 1 T20I batsman

<ul class="summary-list"><li>The BRICS bloc could pick up its de-dollarization agenda at its October summit in Kazan, Russia.</li><li>One analyst said to expect more trade in alternative currencies.</li></ul>The <a target="_blank" href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-new-brics-china-yuan-currency-sanctions-debt-2023-12">BRICS group of emerging nations</a> has been agitating for a move away from US dollar dominance.Last year, Brazilian President Luiz Inácio Lula da Silva called for a <a target="_blank" href="https://www.reuters.com/article/idUSE1N37E00R/">BRICS common currency</a>. The economist who first gave the bloc its name said that idea was almost "<a target="_blank" href="https://markets.businessinsider.com/news/currencies/dedollarization-us-dollar-outlook-currencies-forex-market-brics-common-currency-2023-8">embarrassing</a>."While the setup of a common currency is practically challenging, the bloc — which comprises Brazil, Russia, India, China, and South Africa, which make up its acronym, along with Iran, Egypt, Ethiopia, and the United Arab Emirates, its new members — has called for more trade and lending in <a target="_blank" href="https://markets.businessinsider.com/news/bonds/china-brics-bank-dedollarization-dollar-dominance-debt-local-currency-lending-2023-8">local currencies</a> as a way to <a target="_blank" href="https://markets.businessinsider.com/news/commodities/de-dollarization-reasons-why-countries-move-away-us-dollar-2023-7">break up with the dollar</a>.Christopher Granville, the managing director of global political research at GlobalData TS Lombard, wrote in a Friday report that there might be more traction in ditching the dollar this year when the BRICS bloc meets in the Russian city of Kazan from October 22 to October 24.The summit would take place in the context of the US and its allies' increasingly <a target="_blank" href="https://www.businessinsider.com/china-shock-explainer-us-economy-trade-dumping-supply-glut-yellen-2024-4">aggressive stance toward Chinese exports</a>, which they say are over capacity. And Washington is <a target="_blank" href="https://www.businessinsider.com/russia-economy-west-secondary-sanctions-hitting-oil-exports-payments-revenue-2024-3">imposing secondary sanctions against banks</a> processing payments to and from Russia, even if they're in local currencies, such as the Chinese yuan.<h2 id="78d72fc9-3551-4d1d-9c03-674911b374b3">Central banks eye digital-currency transfers</h2>Granville wrote that a more-systemic solution was in the works: a <a target="_blank" href="https://markets.businessinsider.com/news/currencies/cbdcs-crypto-central-banks-bis-digital-currencies-bitcoin-stablecoins-tether-2021-9">Bank for International Settlements</a> platform that allows for the direct, peer-to-peer settlement of commercial invoices and foreign-exchange trades in the central-bank digital currencies of participating countries. These currencies are similar to cryptocurrencies but are <a target="_blank" href="https://www.weforum.org/agenda/2023/11/cbdcs-how-different-cryptocurrency-stablecoin/">issued and backed by central banks</a>.The central banks of China, Hong Kong, the UAE, and Thailand participated in a BIS <a target="_blank" href="https://www.centralbanking.com/fintech/cbdc/7953266/china-hong-kong-thailand-and-uae-complete-cross-border-cbdc-test">trial of the digital-currency system</a> in 2022, but it's not live yet.Still, Russia's foreign minister, Sergey Lavrov, also touted a <a target="_blank" href="https://tass.com/politics/1609601">digital-currency-based settlement system</a> to local media recently — which Granville said was a sign central banks were eyeing the "US-insulated" solution."That Lavrov signal was unsurprising given Russia's own pressing need," Granville wrote. "While other countries outside the US alliance system will not feel the same urgency, this US-insulated CBDC solution still looks to be in their interests."Specifically, it'd make sense for China amid its trade war with the US. China's central bank already has one of the most developed digital currencies, the <a target="_blank" href="https://www.scmp.com/tech/tech-trends/article/3228094/chinas-digital-currency-bank-china-helps-mainland-tourists-spend-e-cny-hong-kong-select-retailers">digital Chinese yuan</a>, that is used domestically, including to pay some <a target="_blank" href="https://asia.nikkei.com/Business/Markets/Currencies/Chinese-cities-begin-to-pay-public-employees-in-digital-yuan">public-sector salaries</a>.The <a target="_blank" href="https://www.bis.org/cpmi/membership.htm">BIS suspended the Russian central bank's membership</a> following the country's full-scale invasion of Ukraine in 2022, so it's unclear how the digital-currency platform and infrastructure would work for Russia.<h2 id="1c7d126d-1e79-47c1-afef-2c9b5eb6ebb3">Central-bank digital currencies could weaken the US dollar's role in international payments</h2>Even so, Granville wrote that the participation of other central banks in the CBDC system could weaken a key pillar of the US dollar's global reserve-currency status: international payments outside the eurozone.The greenback accounted for 60% of international payments ex-eurozone in 2023, Granville's analysis found. This is in contrast to its 80% share in trade finance — which covers a wide range of products banks and companies use for trade — and 60% of global foreign-exchange reserves.As <a target="_blank" href="https://www.businessinsider.com/west-cannot-completely-isolate-russia-banks-disastrous-globally-putin-economy-2024-5">Business Insider</a> reported recently, the West can't afford to totally isolate Russian banks from the SWIFT messaging network because of the disastrous knock-on impact on trade finance — a key pillar of international trade. As for global FX reserves, the <a target="_blank" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-currency-usd-dominance-china-yuan-economy-2024-5">greenback is still king</a>.But, chipping away at the US dollar's share in international payments through a non-dollar CBDC platform "would weaken one of three planks of the US dollar's global reserve currency status," Granville wrote. He added that the effect would hold even though the currency of choice for cross-border payments was less systemically important than the dollar's role in trade finance and FX reserves.Despite the discussion over central-bank digital currencies, there would inevitably be challenges in any implementation.Even China, which has one of the world's most advanced digital currencies, relies on a "two-tier" system involving banks as wallet-holding agents. Granville wrote that that setup avoided excessively disrupting the financial institution's business model and creating financial instability.

A group of emerging nations could soon start knocking down one key pillar of dollar dominance

Union Minister for Finance <keyword id="129243" type="General" weightage="100" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> stated on Wednesday that for industries which are moving out from China and <keyword id="28249" type="General" weightage="80" keywordseo="europe" source="Orion">Europe</keyword>, <keyword id="6354780" type="General" weightage="80" keywordseo="karnataka" source="Orion">Karnataka</keyword> is the best place for investments. Sitharaman was delivering her keynote address at the inaugural session of the three-day Global Investors' Meet (GIM). "They are moving out to other destinations which are offering more than just tax incentives. Karnataka is the major job generator in the country. While contributing 8.8 per cent to the national GDP, whilst its population is just five per cent of the total national population, 10 per cent of all formal jobs are created here," she explained. "I wish to assure all the investors that the state is absolutely very nimble-footed, that the policies are kept abreast of the global developments at a time when all of you are trying to move in. Here is a state which has showcased itself for its previous achievements, and assuring that even now and for the next 25 years during <keyword id="13076856" type="General" weightage="80" keywordseo="amrit-kal" source="Orion">Amrit Kal</keyword>, Karnataka will be an essential foundation for many investors to come into <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, from here to the entire globe," the minister stated. "I would like to draw also from what is evolving around India globally. All over there is definitely a sense of uncertainty. Immense amounts of challenges, that is not just for India, every country in the world feels the headwinds are very strong elements of the feeling of certainty completely absent, even as we all started talking about China plus one," she stated. "When you wanted to diversify the value chains, or when you wanted to ensure that there is more than one source for the raw materials or for the intermediary products that you will produce. You had a global situation of war. The war, especially from countries which sourced raw materials whether it is fuel, fertilizer or food related. So, you have these countries at war which are causing insecurity to the globe, particularly in the area of fuel and food. "As a result, the countries are readjusting themselves to source these materials from different parts of the world. That has had a bearing on industries, the economy, trade and global trade as well. The results of these disruptions were seen in large economies which were essential sources of raw materials for intermediary products, which were markets to emerging markets... are all going through huge recessionary doubts. "They may technically be at the threshold of recession, but are not really out of suspense or shock on whether they will be getting into further rigid recession in the future... With all these uncertainties, I am here to put it before you because of the careful planning, targeted facilitation, and fiscal prudence, the Prime Minister led from the front and made sure that the Indian economy will not be severely threatened by these developments outside. "As a result of this, between 2020 and today, we seem to have come out to a situation where the challenges continue, and the new challenges are also building up. But, India remains an island of calm. We will have our own challenges but not as other countries as they think India would be threatened by. "In a way I have been hearing both during my Washington visit, also through visitors at New Delhi that India seems to be an oasis of calm and the challenges are carefully firewalled and that our economy now is very attractive for investors." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-has-behaved-in-an-orderly-manner-says-rbi-governor/articleshow/95251595.cms">Rupee has behaved in an orderly manner, says RBI Governor</a>

With challenges carefully firewalled, Indian economy now is very attractive for investors: FM

<ul class="summary-list"><li>The West's sanctions are pushing Russia to develop alternative payment systems with its trade partners.</li><li>Russia's SPFS and Mir systems, China's CIPS, and India's UPI help aim to challenge SWIFT's dominance.</li></ul>The West's tightening sanctions are driving Russia nearly up against the wall — but <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-how-moscow-pays-war-economy-afloat-sanctions-ukraine-2024-2">Moscow keeps finding ways</a> to keep the country's economy going.Russia's trade partners, too, are looking for ways to continue doing business with the country via alternative systems to rival the Western-led, US dollar-dominated global financial order.Discussions about <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/de-dollarization-reasons-why-countries-move-away-us-dollar-2023-7">de-dollarization</a> have been gaining traction in recent years as Western-led sanctions against Russia related to its invasion of Ukraine are making other countries wary of the potential consequences of crossing Washington.There's been some success, with trade between Russia and China, as well as Russia and India, chugging along until recently. Now, even <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">Chinese banks</a> — buckling under the pressure of tightening US sanctions — are pushing back on processing transactions for Russian companies.But Russia and its partners have been looking at other ways to do business outside the Western-led order, in part because technology is making it easier to process payments and get around the US-dollar-dominated global financial order.As <a target="_blank" class="" href="https://www.brookings.edu/articles/the-changing-role-of-the-us-dollar/">Brookings researchers</a> Sam Boocker and David Wessel explained in an August post, "innovations in payment technology could reduce the dollar's role in the global economy."To be sure, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/king-dollar-reign-supreme-3-reasons-dedollarization-fears-yuan-euro-2023-5">king dollar</a> is entrenched in the world's financial system, so it's unlikely to be dethroned, most experts say. However, new platforms are coming up that could chip away at its dominance.These are some of the alternative trading and payment systems that are trying to crack the US-led trade and payments order:<h2 id="e3db2e40-91e6-40ce-8ea6-bd2555a945d0">Russia set up SPFS and Mir years ago, citing 'risks'</h2>Russia prepared for even more sanctions years ago, following trade restrictions after it annexed Crimea in 2014."There are risks in using the global financial networks," Elvira Nabiullina, governor of Russia's central bank, told <a target="_blank" class="" href="https://www.cnbc.com/2018/05/23/russias-central-bank-governor-touts-moscow-alternative-to-swift-transfer-system-as-protection-from-us-sanctions.html">CNBC in 2018.</a> "Therefore, since back in 2014, we have been developing our own systems."Some Russian banks were banned from the SWIFT messaging system for banking transactions following Russia's full-scale invasion of Ukraine. Moscow has been touting its homegrown ruble-based payment system — the System for Transfer of Financial Messages, or SPFS — that was set up in 2014.<div type="image" title="Russian President Vladimir Putin meets with Central Bank chief Elvira Nabiullina" height="3605" width="5408" msid="112978409" hostid="261" sizebytes="1587422"></div>At the end of 2023, users of SPFS included 556 organizations from 20 countries. Of these, 159 — about a quarter of total participants — were foreign and their use of the messaging system more than doubled from 2022, according to Russia's central bank, per <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/103040/">Interfax</a>.In July, Russia and Iran — another heavily-sanctioned country — finalized details to connect the banking systems of the two countries, Iran's <a target="_blank" class="" href="https://en.mehrnews.com/news/217372/Iran-Russia-finalize-integration-of-national-payment-systems">Mehr news agency</a> reported.This means that Russia's Mir payment system would work with Iran's Shetab banking system, allowing for both pariah states to trade more smoothly.<h2 id="dc8236fe-da57-4f21-8a5f-0a2f6f46c77a">China's CIPS is growing quickly</h2>China's Cross-Border Interbank Payment System, or CIPS, is an alternative system that processes payments in Chinese yuan.Launched in 2015, CIPS has about <a target="_blank" class="" href="https://www.cips.com.cn/en/2024-08/01/article_2024080115043180408.html">2,000 participants as of July,</a> compared to <a target="_blank" class="" href="https://www.swift.com/about-us">11,000 for SWIFT.</a>CIPS "has been growing rapidly in recent years," the Brookings researchers wrote.In 2023, CIPS processed over 6.6 million transactions, totaling 123 trillion Chinese yuan, or $17.3 trillion — up nearly 30% by value from a year ago, according to <a target="_blank" class="" href="http://www.pbc.gov.cn/en/3688110/3688172/5188125/5327700/2024041216580199504.pdf">China's central bank.</a><h2 id="a578a224-e5df-4b31-8404-e02cff739d93">India's UPI is already used extensively</h2>India — now a key trading part of Russia — also has its own system.The country's <a target="_blank" class="" href="https://www.npci.org.in/what-we-do/upi/product-overview">Unified Payments Interface,</a> or UPI, was developed in 2016 and is <a target="_blank" class="" href="https://edition.cnn.com/2024/04/29/tech/india-digital-payments-upi-growth-hnk-intl/index.html">used extensively</a> in India today, even among everyday consumers.The payment system has gotten so big that it's not just limited to India. The National Payments Corporation of India, which runs the platform, has partnered with financial institutions in other countries, including France, the United Arab Emirates, and Singapore.<div type="image" title="A man behind piles of fruits at his stall in India that features a QR payment code." height="701" width="1024" msid="112978412" hostid="261" sizebytes="98408"></div>If the UPI's footprint expands to more countries, it could be a way to bypass the SWIFT banking system, wrote Evan Freidin, an international relations analyst, for the <a target="_blank" class="" href="https://www.lowyinstitute.org/the-interpreter/india-s-plan-world-without-cash">Lowy Institute,</a> an Australian think tank."It is significant that UPI can also be used to bypass the SWIFT banking system, enabling payments with sanctioned countries such as Russia, thereby weakening US financial hegemony," Freidin wrote in July.<h2 id="48c27799-0d46-40f6-b4b7-e9225b102131">Central banks are looking at digital currencies</h2>Countries are also increasingly looking to build central bank digital currencies, or CBDCs. These currencies are similar to cryptocurrencies but are <a target="_blank" rel=" nofollow" href="https://www.weforum.org/agenda/2023/11/cbdcs-how-different-cryptocurrency-stablecoin/">issued and backed by central banks</a>.The <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/cbdcs-crypto-central-banks-bis-digital-currencies-bitcoin-stablecoins-tether-2021-9">Bank for International Settlements,</a> an organization of central banks, is overseeing the trial of a CBDC platform for wholesale cross-border payment.Participants of the project, called <a target="_blank" class="" href="https://www.reuters.com/technology/saudi-arabia-joins-bis-led-central-bank-digital-currency-trial-2024-06-05/">mBridge,</a> include China, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia. It's dominated by Beijing, which has already rolled out the digital Chinese yuan.<div type="image" title="Woman with a face mask using a touch screen at an exhibition booth for the e-renminbi." height="746" width="1024" msid="112978411" hostid="261" sizebytes="54016"></div>The Brookings researchers wrote that these CBDCs could "upend the dollar's role as a currency 'middleman' by reducing settlement times, making it cheaper and easier to trade non-dollar currencies."The CBDCs integrate messaging and payments, unlike current systems like SWIFT and major US dollar clearing system CHIPS.<h2 id="67caf2a1-65f8-470a-8a88-3f2e381242e9">Russia rushes into crypto</h2>As doors to transact in fiat money close, Russia is now looking to trade in cryptocurrencies.It's in such a rush to get the system up and running that it plans to start crypto exchange trials as soon as September 1, anonymous sources told <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2024-08-26/russia-close-to-starting-trials-of-crypto-payments-exchanges?srnd=homepage-americas">Bloomberg in late August.</a>Creating this mode of payment has gotten more pressing because even <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">banks from China</a> are rejecting most transactions with Russian entities.<a target="_blank" rel=" nofollow" class="" href="http://www.kremlin.ru/events/president/news/74566">Russian President Vladimir Putin</a> himself said in July that Russia had to <a target="_blank" rel=" nofollow" class="" href="https://tass.com/economy/1818055">"seize the moment"</a> to create a legal framework for digital assets, as they are being increasingly used to settle international payments.<h2 id="15b13f44-3051-4887-85cf-66563ce70c10">Going back to barter trade</h2>If all else fails, there's also the age-old method of barter trade.In August, <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/markets/first-russia-china-barter-trade-may-come-this-autumn-sources-say-2024-08-08/">Reuters</a> reported that Russia and China are planning to revive the practice of <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-russia-china-barter-trade-us-secondary-sanctions-payments-2024-8">barter trade</a> to get around Western sanctions.The deals could involve agriculture and could come as soon as this fall, the news agency reported, citing anonymous trade and payments sources.The two countries are no strangers to barter.It was practiced during the <a target="_blank" rel=" nofollow" href="https://www.joc.com/maritime-news/soviet-union-allows-return-barter-some-trading-deals-partners-former-e-bloc_19910708.html">Soviet era</a> and <a target="_blank" rel=" nofollow" href="https://www.nytimes.com/1998/09/06/world/as-ruble-withers-russians-survive-on-barter.html">in the years following the bloc's collapse.</a> At the time, China was a key trading partner.In August 2022, the <a target="_blank" rel="" class="" href="https://www.businessinsider.com/taliban-import-russia-oil-barter-exchange-afghanistan-raisin-minerals-medicine-2022-8">Taliban regime in Afghanistan</a> also discussed barter trade with Russia that could involve trading Russian crude oil products in exchange for raisins, minerals, and medicinal herbs, according to RIA Novosti, a Russian state-owned news agency.Last year, cash-strapped <a target="_blank" rel=" nofollow" class="" href="https://www.voanews.com/a/pakistan-allows-barter-trade-with-iran-afghanistan-russia-/7120806.html">Pakistan</a> authorized the barter trade of specific goods with Russia.In 2019, China <a target="_blank" href="https://www.reuters.com/article/markets/currencies/china-in-barter-deal-for-200000-tonnes-of-malaysian-palm-oil-report-idUSKCN1T22W0/">traded $150 million worth of palm oil</a> from Malaysia for a range of products and services, including natural resources and defense equipment.

You Searched For "CBDC trial India" and got 4 results

India's Suryakumar Yadav becomes the world's No 1 T20I batsman

PTI

A group of emerging nations could soon start knocking down one key pillar of dollar dominance

Huileng Tan

With challenges carefully firewalled, Indian economy now is very attractive for investors: FM

IANS

Countries from Russia to China are building payments systems that could threaten the dollar's global dominance

Huileng Tan

Popular Keywords

Buying Guides