Russia plans to invite BRICS nations to explore the use of digital currencies in their investment strategies. At a press conference held just days before the summit, Putin stated, "I will be discussing this in detail, but for now, we are bringing forward a crucial proposal for BRICS members regarding the integration of digital currencies into investments."
He emphasized that this initiative aligns with the interests of not only BRICS countries but also other emerging economies, while noting that it will not have inflationary effects. Putin shared that consultations are already underway with Chinese and Indian counterparts and recent discussions were held with Brazilian leaders. He added, âWe will be moving forward carefully, engaging all members, including South Africa.â
This development builds upon comments from Russian Deputy Finance Minister Sergei Ryabkov, who had earlier revealed that BRICS was evaluating the potential of stablecoins for payments. Additionally, Putin noted in a statement in late September that BRICS is working on an independent payment system intended for international trade.
In a notable comment, Putin reaffirmed Russiaâs openness to new BRICS members, with Turkey recently expressing interest in joining. The BRICS bloc currently includes Brazil, Russia, India, China, South Africa, Egypt, Iran, Saudi Arabia, and the UAE.
