Brazil Calls for Unified BRICS Financial System, Challenging Western Hegemony
Brazilian President Luiz Inacio Lula da Silva advocated for the establishment of a unified financial system among BRICS nations during a closed-door meeting on Oct. 23 at the BRICS leaders’ summit in Kazan. While emphasizing that there is no intention of replacing national currencies, he stressed the need to create “alternative monetary relations” among the group’s member countries.
The Brazilian leader emphasized:
We need to create a financial system. This issue needs to be seriously discussed.
Egyptian President Abdel Fattah el-Sisi also weighed in on the topic, expressing Egypt’s support for transitioning to financial settlements in national currencies within BRICS. He highlighted that Egypt places significant importance on this shift and on joint ventures in various sectors with other BRICS nations.
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‘Deep Chainsaw’ Sinks Deeper as Milei Axes Tax Enforcer in Argentina
President Javier Milei has announced more measures focused on reducing the size of the state’s organizational structure in Argentina. In a recent release posted on the President’s Office’s X account, Milei revealed that he would eliminate the AFIP, the current tax enforcement agency, in favor of a similar institution with a smaller footprint.
The measure is part of Milei’s moves to eliminate redundant and inefficient institutions. The new agency to substitute AFIP will be called ARCA, which is being promoted as a less bureaucratic organization, as some of the employees from the first agency will keep their positions in this restructuring.
This new institution will reduce 45% of the superior authorities and 31% of the inferior ones, eliminating 35% of the current structure and generating significant savings. With these changes, the national treasury will save over 6.4 billion Argentine pesos ($6.5 million). The salary of the head of the new organization will also be reduced.
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Cryptocurrency Transactions’ Volumes Spike Nearly 25% in Brazil
The volume of cryptocurrency transactions in Brazil has yet again registered record numbers. According to figures offered by the Brazilian IRS equivalent, volumes grew 24.2% compared to last year, reaching over $43.5 billion between January and September 2024. Stablecoin volumes were significant, with Tether’s USDT leading the charge. The leading stablecoin registered volumes of $27.4 billion, accounting for 62% of all the volumes traded during the same period. Most of these numbers were reported by cryptocurrency exchanges to the organization, while international brokers and individuals also reported a minority of these operations.
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