- BRICS nations plan to use cryptocurrencies for secure investment payments, reducing dependence on the US dollar.
- BRICS Pay, a blockchain platform, is designed to enhance transaction efficiency and promote local currencies among member states.
In October, the BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, made a significant move toward incorporating digital assets into their investment payment systems. This development followed an announcement by Russia’s President Vladimir Putin, as shared in a CNF update, regarding a collaboration with BRICS nations to develop an independent payment and settlement system.
As shared via the BRICS X account, it was recently announced by Russian President Vladimir Putin during the BRICS Business Forum that the initiative aims to enable member countries to settle investment payments using cryptocurrencies like Bitcoin and stablecoins.
JUST IN: BRICS to use digital currencies for investment developments. pic.twitter.com/i7u7JFsC55
— BRICS News (@BRICSinfo) October 18, 2024
The bloc is also discussing the potential launch of a Yuan-backed stablecoin, further streamlining cross-border transactions.
This shift is part of BRICS’ broader strategy to reduce dependence on the US dollar in international trade and bolster economic cooperation among emerging markets. Putin highlighted that integrating digital currencies will create new economic opportunities, not only for BRICS nations but also for other developing economies, positioning the initiative as a catalyst for global growth.
BRICS Pay to Strengthen Financial Independence
To support this transition, BRICS has introduced BRICS Pay, a blockchain-based platform designed to facilitate secure and efficient transactions among member states. Similar to the SWIFT network, BRICS Pay promotes the use of local currencies and national digital assets, reducing reliance on Western-controlled financial institutions.
According to BRICS officials, the system is expected to enhance security, speed, and cost-effectiveness in international transactions. In line with a recent CNF update, an expert declared that the US dollar is at its limits, urging a shift to Bitcoin (BTC). Currently, Bitcoin (BTC) is trading at $68,242.88, with a slight decrease of 0.25%, but surged 5.20% in the past week.
The bloc’s influence continues to grow, with recent expansions including countries like Egypt, Iran, and the UAE. With over 30 other nations showing interest in closer ties, BRICS is positioning itself as a key player in shaping the future of global finance. The next BRICS meeting in Kazan will explore further expansion and strategic initiatives to drive global economic development.
