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BRICS To Replace US Dollar With Cryptocurrency for Trade

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BRICS To Replace US Dollar With Cryptocurrency for Trade

According to a recent statement from the Chairman of the Russian State Duma Committee on the Financial Market Anatoly Aksakov, the BRICS bloc is working to replace the US dollar with cryptocurrency for trade. Indeed, Aksakoc discussed the alliance’s work to utilize digital assets in place of fiat currency for international transactions.

The economic alliance has long embraced its de-dollarization initiatives, along with the promotion of its local currencies. Subsequently, the development of digital currency solutions has been a priority since the arrival of its BRICS Pay system. Now, those efforts are set to carry the b loc toward a dollar-less future.

US Dollar notes
Image Source: Unsplash

Also Read: BRICS To Announce Membership of New Countries in 2024

BRICS Bloc to Utilize Digital Assets in Place of the Dollar in Trade

Throughout the last year, the BRICS bloc has embraced its opportunity to create a multipolar world. Its five-nation expansion effort enacted at its 2023 annual summit was one of the key pillars of that. However, so too is its commitment to the further embrace of local currencies in unilateral trade dealings.

Now, the alliance is taking a clear step forward in that regard, as the BRICS bloc is seeking to replace the US Dollar with cryptocurrency for international trade. Indeed, Russia stated that the bloc represents a “serious channel to replace fiat currencies in international transactions.”

What makes the prospect of this all the more interesting for the collective is that they appear committed to developing their own Central Bank Digital Currencies (CBDC) for which to substitute with fiat. Alternatively, the United States has been clear on its stance against such a project in the West.

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Source: Dreamstime.com

Also Read: BRICS: Major Update On Russia’s Economy Announced

Altogether, these projects should provide a clear opportunity for the BRICS bloc to continue to de-dollarize. Moreover, Russian Deputy Foreign Minister Sergey Ryabkov has recently discussed the development of new platforms for financial dealings. Specifically, these would support the presence of increased digital assets as opposed to fiat offerings.

Ryabkov discussed the “option of creating a platform that would unite the financial systems” of the BRICS members. What he called a “BRICS Bridge” would require stablecoins or other digitized currency forms. This would integrate a clear way for the ten BRICS countries to de-dollarize.

However, it would also increase concern with the US dollar being absent from any international dealing with the alliance members, and nations seeking to embrace such unilateral trade.

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Ripple Highlights Transatlantic Initiative as Blueprint for Global Crypto Regulation

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Ripple Highlights Transatlantic Initiative as Blueprint for Global Crypto Regulation
A groundbreaking transatlantic initiative is fueling institutional blockchain adoption, spotlighting stablecoins, tokenized assets, regulatory alignment, and cross-border finance, with Ripple positioned to shape global standards and accelerate digital growth.
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Texas brothers charged in cryptocurrency kidnapping, robbery in MN

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Texas brothers charged in cryptocurrency kidnapping, robbery in MN

A Washington County family was reportedly kidnapped and held hostage at gunpoint for hours by two Texas brothers who ultimately took more than $72,000 in cryptocurrency. 

Raymond Christian Garcia, 23, and Isiah Angelo Garcia, 24, were each charged via warrant with three counts of kidnapping, three counts of first-degree burglary, and one count of first-degree aggravated robbery for their alleged roles.

The incident led to the Washington County Sheriff’s Office issued a shelter in place order while they searched for the suspects. The incident ultimately led to the cancellation of a high school homecoming football game in Mahtomedi.

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Home invasion and cryptocurrency theft

The backstory:

According to the criminal complaint, a 911 call was received at approximately 4:45 p.m. on Sept. 19 from someone in Grant, Minnesota, stating that he and his family had been kidnapped and were being held hostage at gunpoint in their home. 

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The complaint details that on Sept. 19, a man was taking out the garbage at around 7:45 a.m. when the armed brothers allegedly forced him back into the garage and bound his hands with zip ties. The men then woke up the two other people in the house, also binding them. 

Raymond Garcia is accused of holding the 911 caller and his mother hostage for nine hours while armed with an AR-15-style rifle. Police said the upstairs bedroom door was tied shut with wire and needed to be cut in order to free them, according to the complaint. 

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Meanwhile, Isiah Garcia, armed with a shotgun, allegedly forced the man to log into his cryptocurrency wallet and transfer over $36,000 to an unknown account, charges state. After learning of a separate crypto wallet kept at the family cabin in Jacobson, Minnesota, Isiah Garcia allegedly forced the man to drive three hours and transfer the additional cryptocurrency, valued at over $36,000.

According to the complaint, the victim believed some of his crypto account information had been leaked during a data breach. The charges note that the men were frequently on the phone with an “unknown third party who directed [them] to transfer the cryptocurrency.”

The victim inside the house called 911, and multiple squad cars passed Isiah Garcia as they were driving back from the cabin. Isiah Garcia then turned the truck around, parked, and fled on foot before discarding the shotgun in a nearby field, charges allege. 

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Raymond Garcia was seen on camera running out the back door of the home. During a search of the area, authorities recovered an AR-15 rifle in a suitcase located in the tree line behind the home, charges said.

Brothers arrested in Texas 

The investigation:

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According to the complaint, Isiah Garcia rented a car near Houston, Texas, on Sept. 16 and drove to Minnesota. The vehicle’s GPS data placed the car near the victim’s home and a motel in Roseville. On Sept. 21, Isiah Garcia was taken into custody while driving the same rental car in Texas. 

Raymond Garcia went to authorities on Sept. 22 to report that his AR-15 had been stolen in Waller, Texas. During a search of the brother’s home in the Waller area, authorities reportedly found a firearm box with a serial number matching the AR-15 recovered in Minnesota. 

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At the time the criminal complaints were filed, both men were in custody in Texas. 

The Source: This story uses previous FOX 9 reporting and information from a Washington County criminal complaint. 

Crime and Public SafetyWashington CountyTexas
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EU Enforcers Arrest 5 Over €100M Cryptocurrency Scam – Law360

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EU Enforcers Arrest 5 Over €100M Cryptocurrency Scam – Law360

By William Janes ( September 23, 2025, 2:12 PM BST) — Five people have been arrested on suspicion of carrying out a €100 million ($118 million) cryptocurrency fraud in a joint international operation by law enforcement agencies across Europe, a European Union law authority said Tuesday….

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