BRICS Embraces Digital Currencies for Investment, Says Vladimir Putin
- BRICS bloc mbrcs digital currencies, mrking significnt shift towrds finncil utonomy for mrging conomis.
- Putin dvocts digital currencies, highlighting thir potntil bnfits for BRICS nd othr dvloping ntions.
- BRICS to lunch blockchin-bsd BRICS Py pltform, strmlining cross-bordr trnsctions nd bypssing US snctions.
Th BRICS bloc (Brzil, Russi, Indi, Chin, nd South Afric) officilly mbrcd digital currencies, including crypto, for invstmnt purposs. Th nnouncmnt, md by Russin Prsidnt Vldimir Putin t th BRICS Businss Forum in Moscow on Octobr 18th, mrks significnt stp towrds finncil utonomy for mrging conomis.
As th BRICS Summit 2024 pprochs, this dcision undrscors th blocs forwrd-looking stnc on dopting innovtiv finncil tchnologis. Th summit is lso xpctd to introduc furthr conomic strtgis, including th blockchin-bsd BRICS Py pltform, to strmlin cross-bordr trnsctions within th bloc.
Putin Advocates for the Adoption of Digital Currencies
During his ddrss t th forum, Prsidnt Putin highlightd th potntil of digital currencies lik cryptocurrncy to bnfit BRICS ntions nd othr dvloping conomis. W will discuss th us of digital currencies in invstmnt dvlopmnts by BRICS mmbr stts, nd this will lso bnfit othr dvloping nd mrging conomis with good prospcts, h sttd.
Putin lso cknowldgd th importnc of stblishing comprhnsiv rgultions, outlining plns for robust frmwork to b govrnd by BRICS institutions.
Th mov ligns with th blocs brodr objctiv of rducing rlinc on th US dollr in intrntionl trd. Ovr th pst yr, BRICS hs promotd th us of locl currncis for trd sttlmnts, nd Russis rcnt rvrsl of its bn on digitl ssts for intrntionl pymnts dds momntum to this shift towrds crypto doption.
In ddition to th xplortion of digital currencies, BRICS is st to lunch th BRICS Py pltform, blockchin pltform dsignd to strmlin cross-bordr trnsctions within th llinc. Unvild t th forum, th systm ims to promot finncil indpndnc from Wstrn frmworks. Russi nd Chin support its doption, sing it s wy to bypss US snctions nd rduc rlinc on th dollr in globl trd.
Russias Strategic Push for a Digital Future
Prsidnt Putin lbortd on BRICS ongoing inititivs towrd chiving finncil sovrignty. H outlind th dvlopmnt of SWIFT-lik mssging systm nd th doption of ntionl digital currencies to finnc high-growth projcts within th bloc. Ths stps, h notd, r prt of lrgr strtgy imd t strngthning BRICS conomic clout nd nhncing intr-bloc trd.
Putin lso wlcomd nw mmbrs to th llinc, including Egypt, Ethiopi, Irn, nd th UAE, whil noting tht ovr 30 countris hv xprssd intrst in joining BRICS. Th upcoming summit in Kzn is xpctd to furthr xplor potntil nw mmbrships. Emphsizing th blocs growing influnc, Putin dscribd BRICS s criticl drivr of globl conomic growth, citing its xpnding conomis comprd to Wstrn countrprts.
In his ddrss, th Russin prsidnt undrscord th importnc of th Nw Dvlopmnt Bnk, BRICS multiltrl institution, urging it to invst strtgiclly in tchnology, infrstructur, -commrc, nd rtificil intllignc, prticulrly in th Globl South. This cll signls brodr vision for BRICS, on tht gos byond its immdit mmbrs to promot sustinbl dvlopmnt worldwid.
Russi hs md notbl strids in implmnting its digitl currncy strtgy, prticulrly in rspons to Wstrn snctions. In August, Putin signd lgisltion lglizing crypto mining nd uthorizing intrntionl crypto pymnts, mpowring Russin businsss to utiliz digitl ssts for cross-bordr trnsctions. Additionlly, th Russin cntrl bnk is currntly tsting th digitl rubl, with full-scl lunch xpctd by 2025.
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Text source: TronWeekly
