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The New Development Bank (NDB), commonly called the BRICS bank, has officially authorized a new country to join the ranks. The multilateral bank, which was launched in 2015 to provide loans for developmental projects among BRICS nations is now expanding. The expansion will allow other developing countries to receive funds for projects and not be dependent on the World Bank. Also Read: BRICS: Chinese Yuan Beats Euro To Become the Second Most Used Currency This puts the BRICS bank in a unique position as NDB is looking to fund emerging economies. The NDB disburses project-based loans for building seaports, highways, and airports, among other developmental aspirations. The bank earns interest as developing nations pay up after an agreed date to clear payments. Also Read: BRICS Endorses New Country To Join the Alliance BRICS Bank Officially Allows Algeria To Join the NDB Source: aboutalgeria.com The BRICS bank (NDB) has officially allowed Algeria to join the ranks and become a member. Alge...

The central banks of the United States, Canada, Mexico and Brazil have pointed out the risks of crypto but warned against excessively prohibitive laws. Cryptocurrencies like Bitcoin (BTC) have failed to reduce but rather have “amplified financial risks” in less developed economies, according to a new study published by the The Bank for International Settlements (BIS). On Aug. 22, the Consultative Group of Directors of Financial Stability (CGDFS) released a new report on cryptocurrencies, titled “Financial stability risks from crypto assets in emerging market economies.” The study was conducted by BIS member central banks within the CGDFS, including those in Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru and the United States. The document emphasized that the views expressed are those of the authors and “not necessarily the views of the BIS.” According to the authors of the study, cryptocurrencies like Bitcoin hold out the “illusory appeal” of being a quick solution for finan...