Russian President Vladimir Putin proposed creating a new digital asset platform for the BRICS bloc, aimed at boosting investment in emerging economies and reducing dependence on the US dollar.
At the Valdai Discussion Club on November 8, Russian President Vladimir Putin announced a proposal to create a new digital asset platform for the BRICS bloc, which includes Brazil, Russia, India, China and South Africa. The initiative is expected to boost investment flows into emerging markets, especially in South Asia, Africa and Latin America, and create alternative financial channels, reducing dependence on the US dollar.
The event took place in the context of BRICS expanding its global influence, with the admission of four new members: Egypt, Ethiopia, Iran and the UAE on January 1 this year. Moreover, at the recent BRICS summit in Kazan, the bloc also considered the possibility of admitting 13 more countries, affirming its determination to raise its position on the international stage.
Vision for a multipolar economy
Putin's proposal for a digital asset platform is seen as a potential solution to boost electronic payments and attract investment in developing economies, especially those with rapid urbanization, population growth and significant capital accumulation.
The Russian president highlighted the huge growth potential in these regions, saying that strong demographic processes will be a driving force for sustainable development. The platform is also expected to create a more flexible financial system, minimizing the impact of sanctions and restrictions that Russia is facing when using the US dollar.
However, Mr. Putin also affirmed that Russia does not intend to completely abandon the dollar, but only wants to diversify financial instruments and reduce dependence on the Western-dominated financial system. The proposal reflects the BRICS' common effort to build a multipolar economic environment where countries can trade and invest without being bound by rules and restrictions imposed by a few countries.