Vladimir Putin, the president of Russia, proposed building a new BRICS platform for digital asset investment when he spoke at the Valdai Discussion Club during a plenary session on November 8th.

Notably, this BRICS platform proposed by the Russian president aims to support the digital economy in South Africa and other African nations, South Asia and Latin America.

As reported by local media, “We suggest creating a new investment platform of [BRICS countries], using electronic assets, developing them. That is, the point is to create such a platform of electronic payments, with the use of which it will be possible to invest in developing markets, and these are primarily markets of South Asia, Africa, and Latin America in part,” said the Russian president.

New BRICS Digital Asset Platform by Putin: Implications

Per the report, President Putin’s proposed digital asset investment platform will enable users in these regions to make virtual payments. As highlighted by the Russian president, these regions are those of high growth potential.

“We think so because very strong demographic processes are taking place there: population growth, capital accumulation, the urbanization level is sufficient there and it will definitely grow,” said President Putin in the report.

Significantly, President Putin’s proposal for a new BRICS digital asset investment platform marks a significant step toward enhancing economic cooperation in emerging markets. By leveraging digital assets and electronic payments, the platform aims to unlock investment opportunities in these regions.

If realized, this initiative could foster financial integration within the BRICS bloc while addressing the growing demand for innovative economic solutions in developing regions.