Cryptocurrency Current Affairs - 2020

11th BRICS Summit

PM Modi attended the 11th BRICS summit and invited business leaders from BRICS nations to invest in India, especially in infrastructure development.

Highlights of the summit

  • The BRICS countries discussed in creating a common crypto currency for mutual payments. The step was being discussed to reduce the share of payments in USD.
  • PM Modi proposed the first meeting of BRICS Water Ministers in India.
  • India is to host BRICS Digital Health Summit. The Summit will focus on innovative solutions to healthy lifestyle
  • India will also host BRICS Youth summit that will focus on hackathon, startups and games
  • Also, BRICS workshop on digital forensics is to be held in India

BRICS Business Council

The BRICS Business Council created a road map to achieve 500 billion USD trade target among BRICS nations by next summit. An agreement was signed between New Development Bank and BRICS Business Council to achieve this.


PM Modi met his Russian counterpart Mr Vladimir Putin on the sidelines of the 11th BRICS summit.

  • During their meet, the leaders noted their satisfaction that the 25 billion USD trade target between the countries to be achieved by 2025 has already been achieved.
  • Also, the leaders discussed about the first bilateral regional forum to dismantle the barriers of trade at regional level.


PM Modi met the President of Brazil Mr Jair MEssias Bolsonaro and invited him to be the Chief Guest at the Republic Day celebrations, 2020.

  • After the meet, PM Modi outlines areas of animal husbandry, agriculture, post-harvest technologies and biofuels as areas of potential
  • The leaders also discussed about space and defense sectors


PM Modi met the Chinese President Xi Jinping on the sidelines of the 11th BRICS summit.

  • The countries have agreed to hold the next round of border talks after the leaders’ meet. The 21st round of border talks were held in 2018 by Security Advisor Ajit Doval and his Chinese counterpart.
  • The Chinese President appreciated the 2nd Informal Summit in Chennai. He also invited PM Modi for the 3rd informal summit to be held in China in 2020.
  • The leaders reviewed the preparations for celebrating the 70th anniversary of establishment of diplomatic relations between the countries.

UNICEF: First UN organisation to accept donation through Cryptocurrencies

United Nations Children’s Fund (UNICEF), the Children’s agency of the United Nations has now become the first UN organization to hold and make transactions in cryptocurrency. UNICEF now joins a number of other aid agencies that accept donations in cryptocurrencies, such as American Red Cross.

Key Highlights

The UNICEF has established UNICEF Cryptocurrency Fund, making UNICEF able to receive, hold as well as disburse donations via cryptocurrencies such as bitcoin and ether. Through the received donations, UNICEF will be funding open source technology that aims to benefit children and young people globally.

The Ethereum Foundation will be first one to be contributing to UNICEF through Cryptocurrency Fund, in form of donations to three grantees of UNICEF Innovation Fund. UNICEF is one of the co-leaders of UN Innovation Network and thus it already helps in researching the potential of blockchain (also other emerging technologies) and problems associated with them.

The organization’s latest move is another major step in its ongoing work related to blockchain and this move would help showcase Etherium and blockchain technology’s power to benefit communities all over the world.