BRICS member states, including Brazil, Russia, India, China, and South Africa, are engaging in discussions to adopt cryptocurrencies as an alternative to traditional financial systems. During a recent business forum in Moscow, Russian President Vladimir Putin encouraged the use of digital currencies to reduce reliance on the US dollar. He emphasized the potential benefits for not only BRICS nations but also other developing economies. While acknowledging the need for comprehensive regulations, Putin highlighted the importance of establishing a robust framework governed by BRICS countries before widespread crypto adoption. Russia and China have already made strides in exploring digital currencies, with Russia planning to pilot test its digital rouble and China implementing its Digital Currency Electronic Payment (DCEP). Additionally, BRICS introduced BRICS Pay, a new payment platform aimed at challenging the SWIFT system and promoting financial independence within the bloc. Read more AI-generated news on: https://app.chaingpt.org/news