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Russian President Vladimir Putin has proposed establishing a digital asset platform within the BRICS bloc, according to local media reports. The initiative aims to boost investment flows into emerging economies in South Asia, Africa, and Latin America and could provide new channels for capital in high-growth regions. Speaking at the Valdai Discussion Club, Putin proposed that the BRICS — Brazil, Russia, India, China, and South Africa — create a unified digital asset system to facilitate electronic payments and attract investment in developing markets. Putin said: “We suggest creating a new investment platform for BRICS countries, using electronic assets.” The Russian president emphasized the platform’s potential to drive economic expansion in rapidly urbanizing regions. He highlighted the growth opportunities in these areas, citing population increases, capital accumulation, and rising urbanization rates as factors supporting the platform’s focus. He added: “Very strong demographic processes are taking place there… it will definitely grow.” Growing influence The BRICS group has been expanding its influence globally. On Jan. 1, the bloc welcomed Egypt, Ethiopia, Iran, and the UAE as new members. At the recent BRICS summit in Kazan, members also discussed the possibility of inviting 13 additional countries, signaling the group’s intent to bolster its role in global affairs. Putin addressed Russia’s limitations on US dollar transactions due to sanctions, noting that the country does not intend to abandon the currency entirely. Instead, he criticized American policies that limit dollar use in international markets, suggesting that alternatives like the proposed BRICS digital asset platform could reduce reliance on traditional Western financial systems. The proposal reflects BRICS’ ongoing efforts to develop financial solutions outside of Western-dominated frameworks, aiming to foster a more multipolar economic environment. Discussions regarding the platform’s technical and regulatory feasibility are expected to continue among BRICS members in the coming months. Source: https://cryptoslate.com/russia-proposes-digital-asset-investment-platform-for-developing-markets/

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Filed under: News - @ November 11, 2024 10:19 pm