Russian President Vladimir Putin has called on members of the BRICS bloc—Brazil, Russia, India, China, and South Africa—to integrate cryptocurrencies and other digital currencies into their financial systems to reduce reliance on the US dollar.
Putin made the statement during a forum, expressing his belief that embracing digital currencies could significantly benefit BRICS nations and other developing economies.
Putin’s remarks, reported by Russian media outlet RT and shared by BRICS News on social media platform X, outlined his intention to push for the adoption of cryptocurrencies for daily financial transactions within the bloc.
He emphasized that using digital currencies would foster investment and economic development, extending the benefits to emerging markets beyond BRICS.
However, the Russian president acknowledged the volatile nature of crypto assets and stressed the need for comprehensive regulations before full adoption. Putin highlighted the importance of establishing a robust regulatory framework within the BRICS jurisdiction to manage the risks associated with cryptocurrencies effectively.
In addition to advocating for cryptocurrency adoption, Putin also introduced BRICS Pay, a new blockchain-based payment platform designed to rival the SWIFT financial system. BRICS Pay aims to facilitate cross-border transactions among BRICS nations, offering an alternative to traditional systems and enabling members to bypass US sanctions.
The move to embrace digital currencies reflects the bloc’s broader goals of creating an independent economic framework. By promoting cryptocurrency and blockchain technologies, BRICS seeks to enhance financial self-reliance and reduce external control from dominant global powers.
The adoption of digital currencies is gaining traction globally, with many countries exploring alternatives to traditional financial systems. Central Bank Digital Currencies (CBDCs) are becoming increasingly popular, with Russia and China leading the charge among BRICS nations, while other members like South Africa are exploring ways to tax crypto transactions as a new revenue stream.