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The BRICS bloc is taking major steps towards integrating digital assets to promote investments and economic development within its member states and across other emerging economies. This initiative builds on previous discussions about developing a blockchain-powered payment system for the group. BRICS Advancing Digital Assets for Investment Payments During the BRICS Business Forum on October 18, Russian President Vladimir Putin announced that the alliance had agreed to incorporate digital assets into their investment payment systems. This decision marks a major shift in how BRICS nations plan to handle cross-border transactions and investments. Member countries will now be able to settle investment payments using cryptocurrencies such as Bitcoin and stablecoins. There are also ongoing discussions about launching a stablecoin backed by China’s Yuan. This move would further facilitate secure and efficient transactions within the bloc. Putin emphasized that the move would also benefit other developing nations by opening up new opportunities for economic growth. “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. Read more: Crypto Regulation: What Are the Benefits and Drawbacks? BRICS, consisting of Brazil, Russia, India, China, and South Africa, has been making efforts to assert greater economic independence on the global stage. Over the past year, the group has focused on reducing its reliance on the US dollar in international trade. Instead, they have encouraged the use of local currencies. BRICS Countries. Source: BRICS In line with this broader strategy, BRICS has launched a new platform called BRICS Pay. This blockchain-based system functions similarly to the SWIFT network. However, it is designed to facilitate transactions between BRICS countries without dependence on Western-controlled financial institutions. The platform also aims to promote the use of national digital currencies for…

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Filed under: News - @ October 19, 2024 11:03 pm