Putin Announces BRICS Investment in Crypto:

President Putin made the announcement at the BRICS Business Forum that the BRICS nations have formally approved cryptocurrencies for investments. This opens the door for new economic policies and the introduction of the BRICS Pay platform, which is scheduled to take place in the near future.

The revelation was made during the BRICS Business Forum that is now taking place in Moscow. Russian President Vladimir Putin disclosed the decision, describing it as a possible game-changer for the alliance.

At the Forum, Putin makes a call for the BRICS nations to commit to digital currencies such as cryptocurrency and local payments.
Vladimir Putin, the President of Russia, emphasized the significance of digital currencies for the BRICS countries as well as other growing economies.

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According to what he stated, “We will discuss the use of digital currencies in investment developments by BRICS member states,” and he said that this would also assist other developing and rising countries that have strong possibilities.

In addition, he said that the group will be developing a toolset in order to guarantee appropriate regulation while maintaining the oversight of BRICS institutions.

The BRICS group, which includes South Africa, Brazil, Russia, India, and China, has been concentrating on increasing its economic footprint in recent years.
Over the course of the previous year, the bloc made an effort to encourage the use of local currencies and lessen its reliance on the US dollar in international trade.

This daring new course is made possible as a result of Russia’s recent decision to reverse its restriction on the use of digital assets for foreign payments, which opened the way for this move.

In addition to the adoption of digital currencies, the BRICS nations are planning to create the BRICS Pay platform, which is a blockchain-based system meant to make it easier for members of the alliance to conduct transactions across international borders.

The platform, which was presented during the meeting, is considered to be an essential instrument for decreasing dependency on the financial systems offered by Western nations. It is Russia and China.

In particular, it has advocated for its adoption in order to circumvent sanctions imposed by the United States and to reduce reliance on the dollar in international commerce.

The Digital Strategy of Russia:

Cryptocurrency Payments, the Digital Ruble, and the Prospects for the BRICS Countries
Putin also said that members of the BRICS bloc have already begun working on a financial communications system similar to SWIFT and have used national digital currencies to fund high-growth projects using these currencies. A long-term ambition to promote financial independence and expand commerce inside the bloc is being pursued, and these measures are a component of that vision.

The continued growth of the BRICS nations was another topic that Putin discussed, in addition to these technical changes. He extended his warmest greetings to the newly joined members, which included Egypt, Ethiopia, Iran, and the United Arab Emirates, and said that more than thirty more nations had indicated interest in joining the bloc. More possible new members will be investigated at the forthcoming BRICS Summit, which will take place in Kazan.

Putin voiced confidence in the capabilities of the BRICS group to drive global economic development in the next few years. This confidence stems from the fact that the bloc’s economies are much larger and expanding at a faster rate than those of the West.

He also provided an overview of Russia’s contributions to the BRICS group, which included the establishment of a reinsurance firm and the establishment of a collaborative cross-border payments system, among other new financial projects.

Putin also made a request to the New Development Bank, which is the international organization that is a part of the BRICS group, to make investments in important sectors such as technology, infrastructure, e-commerce, and artificial intelligence, particularly in the regions that are considered to be in the Global South.

Russia has made significant progress in putting its plan for digital money into action, particularly in light of the sanctions imposed by the West.

In the month of August, Vladimir Putin approved rules that made cryptocurrency mining legal and allowed for foreign cryptocurrency payments. These laws made it possible for Russian enterprises to utilize digital currencies for international transactions. The Russian central bank is also testing it, and 2025 is the anticipated year for the digital ruble’s official launch.

Conclusion:

Putin’s announcement marks a significant turning point for BRICS nations as they embrace cryptocurrencies for investment and aim to establish a robust digital currency framework. With the upcoming BRICS Summit and the launch of the BRICS Pay platform, the alliance is poised to strengthen its economic collaboration and reduce dependency on Western financial systems. The integration of digital currencies could enhance trade and investment opportunities across emerging economies, positioning BRICS as a formidable player in the global economic landscape.