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Russia purchased arms manufactured by its BRICS counterpart India by paying $4 billion in local currencies and not the US dollar. The Indian-made arms and equipment were procured by Russia citing ‘defense purposes’. The entire payment of $4 billion was cleared using the Rupee and the US dollar was left out from the transaction. Also Read: BRICS: Russia & China Presidents’ Meet to End US Dollar The deal came straight from the BRICS playbook of putting local currencies ahead of the US dollar for trade. The alliance is using every opportunity to strengthen the de-dollarization agenda and put local currencies to use in the markets. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. BRICS: India & Russia Settle $4 Billion in Local Currencies, Sidelines US Dollar Source: Pixabay Russia n officials settled the $4 billion arms deal payment using India ’s special Vostro bank accounts. BRICS member India has allowed ac...

BRICS members India and Russia are moving in the opposite direction for crude oil sales and procurement in 2024. Watcher Guru previously reported that India is buying more oil from the US this year and keeping Russia at bay. The fallout occurred after Russia demanded India settle crude oil payments in the Chinese Yuan and not the Indian Rupee. The development did not sit well with India, as the country believed such a move would only strengthen the Chinese Yuan’s prospects. Also Read:  3 U.S. Sectors To Be Affected If BRICS Ditches the Dollar Additionally, the demand comes at a time when India is headed for the Prime Ministerial elections in May. Settling payments in the Chinese Yuan will only show the government in a negative light in the world’s largest democracy. For the uninitiated, India and China have been at loggerheads for decades and the two countries are engulfed in border disputes. Therefore, India decided to stop buying Russian crude oil for cheap and sideli...

Mudrex to offer US Bitcoin ETFs to Indian investors. Mudrex will facilitate access to BlackRock, Fidelity, Franklin Templeton, and Vanguard spot ETFs. Indian regulatory environment poses challenges with RBI restrictions. Mudrex, a California-based crypto investment platform, is set to revolutionize the Indian investment landscape by offering U.S. spot bitcoin exchange-traded funds (ETFs) to both institutional and retail investors. This move marks a significant milestone in bridging global investment opportunities with Indian markets, despite regulatory challenges. An unprecedented offering amid regulatory divide Mudrex’s decision to provide access to U.S. spot bitcoin ETFs comes at a time when India’s crypto regulatory environment remains divided. While the Reserve Bank of India (RBI) has maintained a cautious stance on cryptocurrencies, the Intelligence Unit of the Finance Ministry has registered numerous Indian crypto service providers. This...

Lumos Labs and Buidlers Tribe announce BUIDL for Web3 Summit 2023 on Dec 4 in Bengaluru. The summit features web3 visionaries, a startup pitch competition with $100,000 funding, and a Web3 Job Fair. With 500+ registrations, the event shapes India’s blockchain future, fostering collaboration and innovation in web3. In a significant move toward shaping the future of India ’s blockchain landscape , Lumos Labs and Buidlers Tribe are gearing up for the BUIDL for Web3 Summit 2023, organized by Bitget. Scheduled for December 4, 2023, in Bengaluru, this one-day event aims to usher in the collective web3 diaspora, providing a platform for collaboration, innovation, and growth in the dynamic world of web3 and blockchain technology. Summit to feature key visionaries in the web3 space  The summit boasts an impressive lineup of key visionaries in the web3 space, including Sandeep Nailwal (Polygon), Sandy Peng (Scroll), Mo Shaikh (Aptos), Tomasz Sta...