Russian President Vladimir Putin announced today that Russia will propose the use of digital currencies in investment processes for BRICS countries. Speaking at a press conference ahead of the BRICS summit, scheduled to begin on October 22, Putin hinted at a significant initiative but did not reveal full details.

"I won’t go into specifics, but we intend to present a very important proposal to BRICS members, focusing on the use of digital currencies in investment processes," Putin said, according to TASS. He emphasized that the plan could create a financial instrument aligned with the interests of BRICS nations and other developing economies, while avoiding inflationary pressures.

Putin added that consultations with BRICS members are ongoing. “We are in discussions with our Chinese and Indian partners and have recently spoken with the Brazilians. We’ll definitely be in talks with South Africa, and we’ll involve everyone as we move forward step by step,” he noted.

Russian Deputy Finance Minister Sergei Ryabkov also revealed discussions on the possibility of using stablecoins for BRICS payments. In a previous statement in late September, Putin mentioned that BRICS was working on an independent payment system for international trade.

Putin concluded the press conference by stating, “Our door is open to new members.” Notably, Turkey has expressed interest in joining BRICS. The current BRICS members include Brazil, Russia, India, China, South Africa, along with Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.