BRICS Embraces Crypto for Economic Growth and Investment Payments

The BRICS alliance is making significant strides in integrating digital assets to enhance investment and drive economic growth within its member nations and other developing economies.

This effort builds upon earlier conversations regarding the creation of a blockchain-based payment system for the bloc.

BRICS Advancing Digital Assets for Investment Payments

At the BRICS Business Forum on October 18, Russian President Vladimir Putin revealed that the coalition had agreed to integrate digital assets into their investment payment systems. This decision represents a pivotal change in how BRICS countries intend to manage cross-border transactions and investments.

Member states will now have the ability to settle investment payments using cryptocurrencies, including Bitcoin and stablecoins. Additionally, there are ongoing talks about introducing a stablecoin that would be backed by China’s Yuan. This initiative aims to promote secure and efficient transactions within the bloc.

Putin noted that this development would also yield benefits for other developing nations by creating new economic opportunities.

“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.

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BRICS, which includes Brazil, Russia, India, China, and South Africa, has been working to establish greater economic autonomy on the global stage. Over the previous year, the group has sought to decrease its reliance on the US dollar in international trade, favoring local currencies instead.

As part of this broader agenda, BRICS has introduced a new platform named BRICS Pay. This blockchain-driven system operates similarly to the SWIFT network but is designed to facilitate transactions among BRICS countries without relying on Western-controlled financial systems.

The platform is also intended to promote the use of national digital currencies for investment and trade. According to the alliance, this initiative would assist in creating a more robust financial framework.

“BRICS Pay will enhance the functions of existing payment systems and methods, increasing security, speeding up, and lowering the costs of international transactions,” the group stated.

At the same time, the BRICS bloc has been broadening its global influence, welcoming new members such as Egypt, Ethiopia, Iran, and the United Arab Emirates. Additionally, over 30 other countries have expressed interest in deepening ties with the group, highlighting its increasing relevance in shaping global economic trends.

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The upcoming BRICS meeting in Kazan will address potential expansions and other strategic initiatives. With expectations of driving significant global economic growth in the coming years, BRICS is positioning itself as a formidable force in transforming the global financial landscape.