Russian President, Vladimir Putin recently urged members of the BRICS economic bloc (Brazil, Russia, India, China, and South Africa) to adopt crypto and alternative digital monies to end reliance on the United States dollars.
The statement by Vladimir Putin was made at a recent forum and picked up by Russian Media outlet RT. The news was shared by BRICS News on X a handle dedicated to updates on important developments from the BRICS bloc.
The Russian leader strongly believes that BRICS and other developing nations can benefit from integrating digital currencies into their daily financial dealings.
Putin in his statement at the Forum suggested that BRICS nations consider using digital currencies in investment developments while encouraging developing and emerging economies to take advantage of the new technology as well.
Despite his advocacy for Crypto integration, President Putin recognized the volatile nature of cryptocurrencies emphasizing that a robust regulatory framework should be established within the BRICS jurisdiction before the foray into crypto.
BRICS PAY
Aside from the advocacy for the adoption of crypto within the BRICS jurisdiction. The BRICS nations introduced a new payment platform that will challenge the SWIFT Financial system.
This new payment platform is known as BRICS PAY and is considered a milestone in spearheading financial transactions among the BRICS members.
The BRICS PAY blockchain platform would streamline cross-border transactions within the BRICS bloc, serving as an alternative to SWIFT and preventing BRICS member nations from crushing US sanctions.
BRICS Pay is an example of the goal of the BRICS bloc members to establish a self-reliant economic framework that is free from the control of Western traditional power structures.
Crypto Adoption in BRICS member states
In Russia, the government has announced plans to roll out its Central Bank Digital Currencies (CBDC) soon.
Russia and China are the two BRIC nations that have made bold plans to embrace digital currencies although there is a soft ban on crypto in China.
In South Africa, the only African member of the BRICS bloc, Government revenue agencies have ramped up efforts to tax crypto transactions as a new means of revenue for the government.