Within the scope of BRICS business forum, it has been confirmed by member states that BRICS will now allow for investments in bitcoin, presenting further plans for a BRICS pay in the near future.
Russian President Putin Announces BRICS Crypto Adoption for Investment.
So now in a new bullish and surprising attempt on October 18, the BRICS nations have together formally accepted cryptocurrency as a medium of investment.
The news was made during the current business forum of BRICS nations held in Moscow, where Vladimir Putin showed the resolution stating that it could he aims to improve the cooperation within the bloc nations.
According to reports, the currency that the bloc does trade with such as the Russian Ruble will also be featured at the event alongside many other new policies that are aimed at strengthening the bloc at the 2024 summit’’s plans.
It also included a BRICS payment centre, for which the bloc used for the members of the business audience as well.
Putin Calls for BRICS Commitment to Digital Currencies Like Crypto and Local Payments at Forum.
On these occasions, President Putin said that the BRICS countries, as well as other less developed economies, will have considerable advantage due to the existence of digital currencies. Chairman Vladimir Putin addressed the coming events by stating that, “digital currencies will be used by member states of BRICS in development of investment strategies, that will also accommodate for other developing and emerging economies”, saying that this will allow for a development of good prospects in the future.
He further remarked, as it will also create a toolkit to ensure regulation is enforced within the framework of the BRICS institutions.
The BRICS federation, inclusive of Brazil, Russia, India, China and South Africa has also been busy in looking for ways to enhance economic outreach.
In the past year, the bloc has been decreasing its dependency on US dollars as the currency of choice for international trade while advocating use of home currencies.
This step comes after Russia lifted its relatively recent ban on the use of cryptocurrencies for international transactions, paving the way for this novel approach.
BRICS will also launch the BRICS Pay system, a cross-border payment system that runs on a blockchain technology integrated with the alliance alongside the adoption of the digital currency.
As seen in the forum where the platform was presented, it is considered as one of the strategies to diminish the overreliance of Western countries' financial institutions. Russia and China there
In particular, cases were even made to use it in order to avoid US sanctions and lessen the dollar’s predominance in commerce.
Strategies of Russia: cryptocurrency mediated payments, introduction of digital ruble to the market, and their implications for the future of BRICS
He also pointed out that the countries of BRICS have already been working on a financial messaging system similar to SWIFT and engaged in using national currencies to provide funds for fast growing businesses. These attempts represent those made to realize a long-term strategy of enhancing the financial sovereignty and intensified intra-bloc commerce.
Along with these achievements in the technology Put in discussed the further development of BRICS. He noted the procedural 'acceptance' of new members: Egypt, Ethiopia, Iran, UAE as well as over 30 other countries that have indicated a wish to join this union. What is more, the forthcoming BRICS Summit in Kazan is expected to even broaden the exploration of likely new members.
Vladimir Putin expressed strong belief that BRICS nations would become active drivers of global economic growth in the forthcoming years, driven by the large population and rapidly developing economies of this grouping as compared to the Western world.
Further, he chronicled Russia’s inputs in BRICS that include new plans like launching a cross border payment system and establishing a company for reinsurance purposes among others.
Further to these, Putin tasked the New Development Bank, the multilateral financial institution of BRICS, to focus in investing in priority sectors such as technology, infrastructure, E-commerce and artificial intelligence with particular emphasis in the Global South.
Russia has made significant progress in rolling out its digital currency strategy, especially with the effect of the western sanctions.
