Brazil and India are in discussions to link their national instant payment systems, Pix and UPI, enabling direct bilateral transfers in real and rupees with instant settlement, eliminating the requirement for converting to dollars. This initiative does not incorporate stablecoins or central bank digital currencies but capitalizes on technical alignment between platforms to establish a rapid, cost-effective solution.
The project is a step forward in the disdollarization efforts seen in forums like BRICS, aiming to decrease exchange expenses, financial vulnerabilities, and reliance on the US dollar. Through open APIs and continuous operation, Pix and UPI are embraced by their citizens, potentially enabling a direct connection between the two nations.
Brazil and India currently have a bilateral trade of approximately US$15 billion per year, focusing on oil, sugar, fertilizers, and medicines. By integrating payment systems, these trade transactions could become more straightforward, predictable, and cost-effective for both businesses and individuals, encompassing shipments and services.
The integration of PIX/UPI is closely linked to recent criticisms by US President Donald Trump of the BRICS discussing reducing dependence on the dollar and potential tariffs on member countries.
Cryptocurrencies in key markets are showing their performance.
The primary cryptocurrencies were trading at high levels at 8:42.
Bitcoin (BTC) has increased by 0.43% to reach US$ 115,543.70.
Ethereum (ETH) is up by 0.98% to reach $4,302.13.
XRP (XRP) is up by 1.33%, trading at $3.01.
BNB (BNB) is up by 1.81% to US$846.14.
Solana (SOL) is up by 0.68% at a value of $182.15 in US dollars.
Day’s other notable features:
TRON (TRX) has increased by 1.43% to reach $0.3511.
Top headlines in the cryptocurrency market
Police confiscated approximately R $ 10 million in cryptocurrencies during Operation Icaro, which targeted individuals involved in a billion-dollar tax corruption scheme. The digital assets seized were associated with public officials and business people implicated in facilitating fraudulent ICMS credit releases. Among those targeted was Sidney Oliveira, the founder of Ultrafarma, who had his temporary detention lifted but had not yet paid the R $ 25 million bail. Additionally, one of the suspects, fiscal auditor Marcelo Gouveia, possessed around R $ 2 million in cryptoassets, with smaller amounts discovered at other addresses connected to the investigation.
Central Bank alerts payment companies about possible cryptocurrency-related attack involving USDT. The BC detected unusual activity linked to a potential threat to the Brazilian Payment System. Following a recent major hacker attack, security measures including enhanced surveillance and monitoring of transactions with crypto brokers are advised.
