The BRICS bloc is making big moves to integrate digital assets. This effort aims to boost investments and economic growth among its member countries and other emerging economies. It builds on earlier talks about creating a blockchain-based payment system.
During the BRICS Business Forum on October 18, Russian President Vladimir Putin announced that the alliance has decided to include digital assets in their investment payment systems. This is a significant change in how BRICS nations plan to handle cross-border transactions and investments.
Now, member countries can settle investment payments using cryptocurrencies like Bitcoin and stablecoins. There are also discussions about launching a stablecoin backed by China’s Yuan. This step will help ensure secure and efficient transactions within the bloc. Putin highlighted that this initiative could also open new opportunities for economic growth in other developing nations.
“We will discuss the use of digital currencies in investment developments by BRICS member states, and this will also benefit other developing and emerging economies with good prospects,” Putin stated.
BRICS includes Brazil, Russia, India, China, and South Africa. The group is working to gain greater economic independence on the global stage. Over the past year, they’ve focused on reducing reliance on the US dollar for international trade. Instead, they encourage the use of local currencies.
As part of this strategy, BRICS has launched a new platform called BRICS Pay. This blockchain-based system works similarly to SWIFT, but it’s designed for transactions between BRICS countries without relying on Western-controlled financial institutions. The goal is to promote national digital currencies for investment and trade. The group believes this will help create a more resilient financial structure.
“BRICS Pay will enhance existing payment systems, improving security and reducing the costs of international transactions,” the group said.
Meanwhile, BRICS is expanding its global influence. Recently, it welcomed new members like Egypt, Ethiopia, Iran, and the United Arab Emirates. More than 30 other countries are interested in forming closer ties with the group, showing its growing importance in shaping global economic trends.
The next BRICS meeting will take place in Kazan. It will focus on potential expansion and other strategic initiatives. With the bloc expected to drive significant global economic growth in the coming years, BRICS is positioning itself as a key player in reshaping the global financial landscape.