NFT News Official TheBitTimes.com

Saudi Arabia’s induction into the BRICS alliance threatens the US dollar’s prospects as the de-facto currency for oil payments. Mohammed Al-Jadaan, Saudi Arabia’s Finance Minister announced a week before the 15th BRICS summit in August that the Kingdom was considering dropping the US dollar for international oil trade. The statement ruffled a lot of feathers in the US and the Western world but was welcomed by developing countries. Also Read: BRICS: Argentina Ditches US Dollar For IMF Payment, Pays Chinese Yuan Oil is Saudi Arabia ’s primary and most valuable natural resource. The Kingdom exports millions of barrels of Oil every year to both developing and developed countries in the West. Al-Jadaan’s comments indicate that Saudi Arabia might someday accept all local currencies for Oil payments and not the US dollar. The move comes straight from the BRICS playbook as the alliance is looking to bring the US dollar down by controlling the Oil se...

Ayman Alsayari, the governor of the Saudi Central Bank (SAMA), is encouraging the International Monetary Fund (IMF) to regulate crypto currency. “ We need good supervision, regulation, and coordination of crypto currency activities,” Alsayari said at a recent event in Marrakech, Morocco, where the IMF Annual Meetings were held from Oct. 9-15. “In this context, we support the work and relevant roadmap of the IMF and the Financial Stability Board to address risks related to crypto currencies.” According to Saudi Gazette, the G20 Roadmap — unveiled at the G20 Finance Ministers and Central Bank Governors (FMCBG) — includes enhanced regulation of cryptocurrency activities. Tackling cryptocurrency uncertainties The G20 Roadmap for regulating crypto assets and reforming multilateral development banks (MDBs) is expected to coordinate global policy, develop mitigating strategies and regulate matters concerning crypto assets.  The IMF is also calling for refor...