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The BRICS coalition officially adopted cryptocurrency for investments in a new optimistic development on October 18.
This announcement was made during the ongoing BRICS Business Forum in Moscow, where Russian President Vladimir Putin disclosed the decision, describing it as a potential transformative step for the alliance.
The information arrives just before the eagerly awaited BRICS Summit 2024, scheduled for next week. At the summit, the bloc is anticipated to unveil several new economic strategies, including the blockchain-based BRICS Pay platform that was recently presented to participants.
Putin Advocates for BRICS Commitment to Digital Currencies Such as Crypto and Local Payments at Forum
President Putin emphasized the significance of digital currencies for both BRICS nations and other developing economies.
“We will discuss the application of digital currencies in investment initiatives by BRICS member states, which will also benefit other developing and emerging economies with promising prospects,” he stated.
He also mentioned that the bloc would create a framework to ensure appropriate regulation under the oversight of BRICS institutions.
JUST IN: BRICS to utilize digital currencies for investment initiatives. pic.twitter.com/i7u7JFsC55
— BRICS News (@BRICSinfo) October 18, 2024
The BRICS group, which includes Brazil, Russia, India, China, and South Africa, has been concentrating on enhancing its economic influence.
Over the past year, the bloc has aimed to lessen its dependence on the US dollar in international commerce, advocating for the use of local currencies instead.
This decision follows Russia’s recent lifting of its ban on digital assets for international transactions, paving the way for this bold new direction.
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In addition to embracing digital currency, BRICS is preparing to launch the BRICS Pay platform, a blockchain-based system intended to streamline cross-border transactions within the alliance.
The platform, introduced at the forum, is regarded as a vital instrument for diminishing reliance on Western financial systems. Russia and China,
In particular, have advocated for its adoption to circumvent US sanctions and reduce dependence on the dollar in global trade.
Russia’s Digital Strategy: Crypto Payments, the Digital Ruble, and the Future of BRICS
Putin also pointed out that BRICS members have already developed a SWIFT-like financial messaging system and utilized national digital currencies to fund high-growth projects. These initiatives are part of a long-term strategy to enhance financial autonomy and boost trade within the bloc.
Alongside these technological advancements, Putin addressed the ongoing expansion of BRICS. He welcomed new members, including Egypt, Ethiopia, Iran, and the UAE, and noted that over 30 other nations have shown interest in joining the bloc. The forthcoming BRICS Summit in Kazan will further investigate potential new members.
Putin expressed assurance in BRICS’ capability to stimulate global economic growth in the upcoming years, owing to the bloc’s large and swiftly growing economies in comparison to the West.
He also outlined Russia’s contributions to BRICS, including new financial initiatives such as a joint cross-border payments system and the establishment of a reinsurance company.
Additionally, Putin urged the New Development Bank, the multilateral institution of BRICS, to invest in crucial sectors like technology, infrastructure, e-commerce, and artificial intelligence, particularly in the Global South.
Russia has made significant strides to execute its digital currency strategy, particularly in response to Western sanctions.
In August, Putin enacted laws that legalized crypto mining and permitted international crypto payments, allowing Russian enterprises to utilize digital currencies for cross-border transactions. Russia’s central bank is also piloting the digital ruble, with a complete launch anticipated in 2025.
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