Today, Russian President Vladimir Putin shared an important announcement regarding the future of digital currencies and BRICS economic collaboration, during a press conference held just before the upcoming BRICS Summit.
š Key Highlights:
š¹ Proposal for Digital Currencies in Investments
Russia plans to propose the use of digital currencies in the investment processes within BRICS. This innovative move aims to strengthen economic ties among member countries and support broader economic growth.
š¹ Creating Non-Inflationary Instruments
Putin emphasized that they are working on an instrument for digital currency use that will align with the interests of BRICS countries and other developing economies. The goal is to develop a non-inflationary solution that will have practical benefits for all participants.
š¹ Consultations with BRICS Partners
Ongoing talks are taking place with key BRICS members, including China, India, Brazil, and South Africa. Putin mentioned, "We are moving forward slowly," signaling that collaboration among the countries is in progress to fine-tune this proposal.
š¹ Fixed Coins and Independent Payment Systems
Russian Deputy Finance Minister Sergei Ryabkov discussed the possibility of fixed coin payments within BRICS, while Putin reaffirmed that work is underway on an independent payment system for international trade.
š¹ BRICS Expansion: New Members Welcome
Putin concluded by reiterating that "Our door is open to new members," with countries like Turkey expressing interest in joining. The current BRICS Union includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
šļø A Strategic Move for Global Economic Influence:
The use of digital currencies within BRICS could mark a pivotal shift in global finance, creating a more efficient, inclusive, and decentralized approach to investment. This proposal could significantly strengthen the alliance and expand its reach to other developing economies, with implications for the global financial system.
Stay tuned for further developments from the BRICS Summit, starting on October 22!
