Putin Said BRICS Officially Accepted Cryptocurrencies
The BRICS block has officially adopted cryptocurrency investments with a new development. This decision was announced by Russian President Vladimir Putin at the BRICS Business Forum held in Moscow. Putin stated that the decision taken is a potential turning point for the alliance.
This important announcement came ahead of the highly anticipated BRICS Summit 2024, which will be held next week. At the summit, BRICS members are expected to announce various new economic policies. It includes the newly introduced blockchain-based BRICS Pay platform.
Putin Emphasised Commitment to Digital Currencies at BRICS Forum
President Vladimir Putin emphasised the advantages offered by digital currencies to BRICS countries and other emerging economies. Putin stated that BRICS member countries will consider digital currencies in investments. And that this has good prospects that will also benefit emerging economies.
He also noted that it is planned to develop a toolkit to ensure appropriate regulations under the supervision of BRICS institutions. The BRICS bloc, which consists of Brazil, Russia, India, China and South Africa, is focused on expanding its economic presence.
The bloc aims to reduce the dominance of the US dollar in international trade. And it promotes the use of local currencies instead. After Russia recently lifted bans on digital assets in international payments, the groundwork has been laid for this new orientation.
In addition to digital currency adoption, BRICS is also preparing to launch the BRICS Pay platform. This is a blockchain-based system designed to facilitate cross-border transactions. This platform will reduce dependence on Western financial systems and is seen as an important tool to overcome the impact of US sanctions and reduce dollar dependence in global trade.
Russia Shapes the Digital Future of BRICS with Crypto Payments and Digital Ruble
President Vladimir Putin announced that BRICS countries have already developed a SWIFT-like financial messaging system. Moreover they are using national digital currencies to finance high-growth projects. These initiatives are part of the bloc’s long-term goals to increase financial independence and promote trade.
Putin emphasised technological advances as well as the ongoing expansion of BRICS. He welcomed the accession of new members such as Egypt, Ethiopia, Iran and the UAE, and said more than 30 countries were interested in joining the bloc. The upcoming BRICS Summit will be held in Kazan and will consider potential new members in more detail.
Putin also expressed his belief that BRICS will play an important role in shaping global economic growth. Because they have large and rapidly growing economies compared to the West. In this context, Russia’s contributions to BRICS include new financial initiatives. Such as establishing joint cross-border payment systems and reinsurance companies.
Putin called on the BRICS multilateral organisation, the New Development Bank, to invest in critical areas such as technology, infrastructure, e-commerce and artificial intelligence, especially in the Global South.
In August, Russia approved laws legalising crypto mining and allowing international crypto payments, allowing Russian businesses to use digital currencies in cross-border payments. Russia’s central bank is also testing the digital ruble, and this new currency is expected to be fully launched in 2025.
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