Brazil Proposes BRICS Common Currency to Reduce US Dollar Dependence Tether Promotes Green Bitcoin Mining to Reduce Carbon Footprint Brazil's Banking System Faces Largest Cyber Attack Ever

Brazil has proposed the creation of a common currency for the BRICS nations, a move that could significantly alter the economic landscape of the region. This initiative, floated by Brazilian President Luiz Inácio Lula da Silva, aims to foster greater economic integration and reduce dependence on the US dollar. The proposed currency would facilitate trade and financial transactions among Brazil, Russia, India, China, and South Africa, potentially leading to increased economic cooperation and stability within the bloc. Lula presented the trade currency as a tool to counter the austerity policies imposed by world powers on the poorest countries, stating that the debate over the need for a new trade currency is extremely important and complex, but necessary to avoid repeating the mistakes of the past.

Tether, a prominent stablecoin, has announced its commitment to promoting green Bitcoin mining. This initiative is part of a broader effort to make the cryptocurrency industry more environmentally sustainable. By supporting green mining practices, Tether aims to reduce the carbon footprint of Bitcoin mining, which has long been criticized for its high energy consumption. This move aligns with global trends towards sustainability and could set a new standard for the cryptocurrency industry. Tether and Adecoagro, a Latam-based agricultural company, have teamed up to explore new bitcoin mining opportunities in Brazil. The two companies have signed a Memorandum of Understanding (MoU) to this end, aiming to monetize the energy surpluses of Adecoagro’s renewable energy generation. While Adecoagro is currently selling this excess energy at spot market prices, this collaboration would allow the two companies to invest in a new reserve asset, potentially increasing the revenue obtained from this green energy.

The proposal for a BRICS currency comes at a time when many nations are seeking to diversify their financial systems and reduce reliance on the US dollar. The BRICS nations, which collectively represent a significant portion of the global economy, have been exploring ways to enhance their economic cooperation. A common currency could streamline trade and investment, making it easier for member nations to conduct business with one another. This could also provide a hedge against the volatility of the US dollar, which has been a dominant force in global finance for decades.

Tether's push for green Bitcoin mining is a response to growing concerns about the environmental impact of cryptocurrency mining. Bitcoin mining requires vast amounts of energy, often sourced from fossil fuels, which contributes to greenhouse gas emissions. By promoting green mining practices, Tether aims to mitigate this environmental impact. This could involve using renewable energy sources such as solar or wind power, or implementing more energy-efficient mining technologies. The move is likely to be welcomed by environmental advocates and could encourage other cryptocurrency companies to adopt similar practices.

The BRICS currency proposal and Tether's green mining initiative are part of a broader trend towards greater economic integration and sustainability. These developments could have far-reaching implications for the global economy, potentially reshaping the way nations conduct trade and finance. As the world continues to grapple with economic uncertainty and environmental challenges, initiatives like these could pave the way for a more sustainable and integrated global financial system. The Brazilian banking system has faced what might be the largest attack ever perpetrated against several of its institutions. On Tuesday, local media reported that C&M, a company that provides financial software to several large financial institutions in Brazil, including Bradesco, the second-largest bank in the country, had been attacked. The unidentified party exploited a vulnerability in C&M’s software that allowed it to take control of several accounts linked to BMP, a banking-as-a-service provider. This allowed them to take millions of reais from institutions like Bradesco and Credsystem, another institution that provides credit card services.