Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»BRICS Adopts Cryptocurrencies for Investment, Launches New Digital Payments Platform
    Cryptocurrency

    BRICS Adopts Cryptocurrencies for Investment, Launches New Digital Payments Platform

    October 19, 20244 Mins Read


    Crypto to Change BRICS Economic Policies

    Putin emphasized the importance of digital currencies saying they will empower BRICS countries and emerging economies. “We will discuss the use of digital currencies in investment by BRICS countries which will also benefit other developing economies with good prospects” he said.

    Putin’s speech highlighted the bloc’s long term goal to reduce dependence on US dollar and Western financial system. This move towards digital currencies is not only in response to international sanctions but also towards financial independence and more cross border trade among member countries.

    Putin mentioned that the group is working on a comprehensive regulatory framework to oversee these developments under BRICS institutions’ supervision for structured and secure adoption.

    BRICS bloc adopts cryptocurrencies for investment payments

    The BRICS economic alliance has officially adopted cryptocurrencies for investment payments, as announced by Russian President Vladimir Putin at the BRICS Business Forum in Moscow. According to Watcher Guru, this…

    — CoinNess Global (@CoinnessGL) October 18, 2024

    BRICS Pay Platform: A New Era for Cross Border Transactions

    A key part of this new financial direction is the BRICS Pay platform, a blockchain based platform for cross border transactions within the group. Launched at the forum, the platform aims to simplify financial transactions among member states and reduce their dependence on traditional Western payment systems like SWIFT. Russia and China have been big proponents of BRICS Pay seeing it as a way to bypass US led sanctions and reduce the role of dollar in global trade.

    Russia’s recent lifting of ban on digital assets for international payments has paved the way for this broader adoption. BRICS Pay will be a key part of the group’s economic cooperation and financial independence strategy.

    Russia’s New Direction and BRICS Expansion

    Besides adopting digital currencies, Putin also emphasized the group’s focus on financial stability. He mentioned BRICS members are working on a SWIFT like financial messaging system and using national digital currencies to finance high growth projects. These are part of a bigger plan to increase financial independence and deepen economic ties among BRICS members.

    Besides financial innovations BRICS is also expanding. The group has recently added new members including Egypt, Ethiopia, Iran and UAE. Over 30 other countries have expressed interest to join the group and more discussions will be held at the 2024 BRICS Summit in Kazan.

    Putin is optimistic that BRICS will lead the global economic growth in the coming years as the group’s economies are growing faster than the West. Russia in particular has made big progress in implementing digital currency strategy despite Western sanctions.

    Russia’s Digital Plans: Legalizing Crypto Mining and Digital Ruble Testing

    Putin mentioned Russia’s recent legislation which includes legalizing cryptocurrency mining and enabling international crypto payments. This is a big shift for Russian businesses to use digital currencies for cross border transactions as the sanctions are ongoing. Russia’s central bank is also testing the digital ruble and will launch it fully in 2025.

    At the forum Putin also asked the New Development Bank – the BRICS multilateral institution – to invest in priority sectors like technology, infrastructure, e-commerce and artificial intelligence. He emphasized the importance of these investments especially for the Global South as part of the bloc’s global ambitions.

    What happened on crypto this week?!

    – BlackRock’s Bitcoin ETF has brought in over $1 billion in BTC this week.
    – The SEC approves NYSE options for trading on spot Bitcoin ETFs.
    – Vladimir Putin says BRICS will adopt “digital currencies” for investments.
    – Morgan Stanley holds…

    — Kulio🥷₿ (@sikhingcrypto) October 19, 2024

    Conclusion

    • Crypto for Investments: BRICS adopts digital currencies for investments, the shift towards decentralized finance is happening within the group.

    • BRICS Pay Platform: A new blockchain based platform for cross border transactions and to reduce dependence on Western financial networks.

    • Expansion and Financial Independence: BRICS adds new members and more to come, focus on financial independence.

    As BRICS expands its economic footprint the adoption of digital currencies and BRICS Pay platform means the group is reducing external financial dependencies and growing within the member states. This is the group’s plan to change the global economic landscape in the coming years.





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Man arrested for illegal cryptocurrency transactions worth over Rs 7.8 million – The Himalayan Times – Nepal’s No.1 English Daily Newspaper

    Cryptocurrency

    Cryptocurrency News Live: Bitcoin, Ethereum, Solana updates; check prices, trading activity, m-cap

    Cryptocurrency

    Five Strategies to Strengthen Your Position as a Reputable Broker

    Cryptocurrency

    Investing in Green Crypto: Why Bitcoin.ℏ Could Be the Future of Digital Currency

    Cryptocurrency

    China bans cryptocurrency: Fact vs fiction

    Cryptocurrency

    ECB Reaffirms Commitment to Cash as Digital Euro Advances

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Cryptocurrency

    Hong Kong lists Standard Chartered, Animoca Brands as stablecoin sandbox participants

    Fintech

    Equity share fintech Splitero receives multimillion dollar investment

    Commodities

    Lutco Unveils Groundbreaking 800-Ton Stamping Press, Elevating Northeast Metal Stamping Capabilities

    Editors Picks

    New Documentary Examines Tether’s Role Amid High Inflation

    October 12, 2024

    Second permis de recherche d’hydrogène naturel en Béarn et Soule : de premières relevés à la fin de cet été

    May 22, 2025

    Fertiliser subsidy is queering the pitch for agricultural sector’s growth

    July 24, 2024

    I’d like to see what we get if regions are run by non-agricultural specialists

    March 31, 2025
    What's Hot

    Japanese Energy Firm Converts $59M Cash to Cryptocurrency

    February 14, 2025

    F&C Commercial Property Trust (LON:FCPT) Stock Crosses Above Two Hundred Day Moving Average of $121.20

    July 17, 2024

    Retirement of CEO at San Antonio’s USAA comes amid other top-level departures | San Antonio

    August 20, 2024
    Our Picks

    Chartwell déclare une distribution pour le mois de février et fournit une mise à jour sur le taux d’occupation -Le 18 février 2025 à 15:34

    February 18, 2025

    Stock market today: Dow, S&P 500, Nasdaq futures surge as markets cheer US-China trade talks – Yahoo Finance

    May 12, 2025

    Cathay Pacific Airways Leads Three SEHK Dividend Stocks To Consider

    July 14, 2024
    Weekly Top

    US to impose up to $15,000 visa bonds in new crackdown on overstays and weak vetting

    August 4, 2025

    Controversial property developer Matthew Doyle and his wife Kelsea sell their Sydney home for $2.8million

    August 4, 2025

    Stock Market Today: Sensex Falls Over 350 Points, Nifty Below 24,650 In Opening Trade; Check Details | Markets News

    August 4, 2025
    Editor's Pick

    When will digital currency roll out? Will fresh banknotes be issued?

    March 27, 2025

    Maryland Department of Agriculture Showcases Programs Throughout Maryland State Fair

    August 27, 2024

    Shrinking JSE means growing problems for your investments

    July 14, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.