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Adopting crypto has been one of the key discussions among BRICS member states in a business forum held in Moscow on Friday. The BRICS (Brаzil, Russiа, Indiа, Chinа, аnd South Africа) bloc seeks to reduce its reliance on Western financial systems by introducing an alternative payment system to the SWIFT payment network. Digital Currency Adoption Urged During the forum, Russian President Vladimir Putin urged BRICS members to adopt cryptocurrencies and other digital monies in their financial transactions to lessen their reliance on the US dollar. Putin believes that BRICS and other developing countries could benefit from embracing digital currencies, saying that he would push for the economic bloc to explore this possibility. JUST IN: BRICS to use digital currencies for investment developments. pic.twitter.com/i7u7JFsC55 — BRICS News (@BRICSinfo) October 18, 2024 He said that BRICS member nations will talk about using digital currencies in investment developments, adding that BRICS members are not the only ones who will benefit from crypto adoption but “other developing and emerging economies” as well. However, he recognized that comprehensive regulations should be established first while highlighting the significance of crafting а robust framework governed by BRICS nations before dipping into crypto adoption. Total crypto market cap currently at $2.293 trillion. Chart: TradingView Crypto Adoption On The Rise The number of economies embracing digital monies such as cryptocurrencies has been increasing because it can be used to bypass traditional banking systems. Others are also adopting the so-called Central Bank Digital Currencies (CBDCs), the digital versions of their nation’s currency. CBDCs are usually issued and regulated by their central bank. Two BRICS member countries, Russia and China, have already explored the use of digital currencies. Russia announced that it will start pilot testing its digital rouble in July next year. Under the pilot implementation, selected individuals and companies…

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Filed under: News - @ October 21, 2024 12:05 am