Putin Promotes Digital Currency Revolution, BRICS Countries Vow to Break Free from Western Financial Chains!

BRICS Business Forum Focuses on Cryptocurrency Applications

At the BRICS Business Forum held in Moscow, cryptocurrencies became the hot topic of discussion. This forum gathered BRICS countries including Brazil, Russia, India, China, and South Africa to discuss how to reduce dependence on the Western financial system and explore alternative payment systems.

Putin Calls for Adoption of Digital Currency

During the forum, Russian President Putin made important statements, strongly urging BRICS countries to adopt cryptocurrencies and other digital currencies in financial transactions to reduce excessive reliance on the US dollar. Putin believes that this shift will not only benefit BRICS countries but also bring advantages to other developing countries and emerging economies. He emphasized that BRICS countries should jointly explore the potential of digital currencies in investment development and work towards establishing a comprehensive regulatory framework to ensure the legal, safe, and effective use of digital currencies.

Global Trend of Digital Currency

As digital currencies that can bypass traditional banking systems gain popularity, more and more economies are beginning to adopt them. Among them, central bank digital currencies, as digital versions of national currencies, are receiving significant attention. Russia and China, as two important members of BRICS, have made notable progress in this field.

Russia plans to launch a pilot project for the digital ruble next July, exploring its application in transactions through selected individuals and companies. Meanwhile, China is leading global digital currency development with its digital currency electronic payment system, known as the digital yuan. By the end of 2021, this system had opened approximately 261 million personal wallets, with transaction amounts reaching 87.565 billion yuan.

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