- The BRICS 2024 Summit is taking off today, and an alternative payment system is rumored to be one of the key topics of discussion.
- According to crypto influencer Amelie, a successful ditch of the US dollar could position XRP as a top alternative for trade among members.
The 2024 BRICS Summit officially takes place today in Kazan, Russia. According to our source, several powerful world leaders, including “Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, and Chinese President Xi Jinping,” would be in attendance. Fascinatingly, another agenda to ditch the US Dollar could be on the table as Russia seeks a new payment system amid its severe economic sanctions from the West.
What This Summit Means to Russia
It can be recalled that the European Union imposed economic sanctions on Russia in 2014 in response to Moscow’s annexation of Crimea. Following reports that Russia had launched a full-scale military invasion in Ukraine, these sanctions intensified, forcing several financial institutions to stop operations in the country.
In 2022, Russia had its forex reserves in dollars and euros frozen, cutting them off from the international capital market. To evade these sanctions, Russia’s Finance Minister Anton Siluanov proposed an alternative financial system for member countries. According to him, the existing system, which controls about 37% of the global economies, has been hijacked and controlled by Western countries.
The IMF and the World Bank are not performing their roles. They are not working in the interests of Brics countries…It is necessary to form new conditions or even new institutions, similar to the Bretton Woods institutions, but within the framework of our community, within the framework of Brics.
Meanwhile, multiple reports have disclosed that BRICS Pay could be extensively discussed at the Summit.
What We Know about BRICS Pay
According to our research, BRICS Pay would use blockchain to validate transactions to ensure a faster and cheaper commercial payment without any external interference. This payment system has been designed to enable members to make payments in their native currencies, such as the Russian rouble, the Chinese yuan, the Indian rupee, etc. According to the BRICS Pay website, users would then be able to convert these payments to their convenient currencies effortlessly.
We are witnessing rising global debt, increasing wealth inequality, and the fragmentation of trade and finance systems. Our goal is to ensure equal access to financial technologies and global wealth, providing everyone with the opportunity to reach their full potential. Today, we begin building a new, fair, and decentralized financial system for the future.
Alternatively, several industry figures have suggested that cryptos such as XRP, Bitcoin (BTC), XLM, etc could be adopted to replace the US Dollar for trade within member countries. One such voice is crypto influencer Amelie.
According to her, a complete ditch of the USD could lead to hyperinflation and subsequently position XRP as a top contender for BRICS’ adoption. Meanwhile, our recent post also suggests that digital assets could be used by the alliance for investment developments.
WOW! 💥„The BRICS nations have an agreement, they‘re going to stop trading in the Dollar! Wait until all of these countries stop trading in the Dollar – Inflation will be out of control!“#XRP would be in the top contenders’ list if BRICS countries choose a digital currency… pic.twitter.com/0VcckpLoWa— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) October 13, 2024
