đ BRICS Nations Embrace Cryptocurrency Investments
Major Announcement at BRICS Business Forum
đ Key Highlights:
Russian President Putin confirmed that BRICS member states have begun investing in cryptocurrencies, marking a bold shift in the bloc's economic strategy.
The announcement, made during the BRICS Business Forum in Moscow on October 18, underscores a united decision by Brazil, Russia, India, China, and South Africa to adopt cryptocurrency as an investment medium.
This move includes the launch of BRICS Pay, a cross-border payment system built on blockchain technology, aimed at reducing reliance on Western financial institutions.
đ Putinâs Statement:
President Putin emphasized that digital currencies will empower BRICS nations and other developing economies by providing a new investment strategy that fosters economic growth and cooperation. He stated, âDigital currencies will be integral to BRICS investment strategies, ensuring regulation and providing tools for the development of member economies.â
đ± De-dollarization Strategy:
BRICS is decreasing its reliance on the US dollar for international trade, advocating the use of local currencies like the Russian Ruble and Digital Yuan.
This initiative builds on Russiaâs recent lift of its cryptocurrency ban for international transactions, paving the way for broader digital integration.
đ Economic Sovereignty and Growth:
BRICS nations are working on alternatives to SWIFT, focusing on national currencies to fund growing businesses, enhancing financial independence.
New members such as Egypt, Ethiopia, Iran, and the UAE are set to join the bloc, furthering its global economic influence.
The upcoming BRICS Summit in Kazan is expected to explore new membership and strengthen economic alliances
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