The BRICS group, which includes Brazil, Russia, India, China, and South Africa, is now exploring the creation of a crypto stablecoin as part of a significant economic undertaking. According to Russian Deputy Foreign Minister Sergei Ryabkov, integrating digital assets into their financial structures will be a major priority for Russia during its 2024 Chairmanship.
JUST IN: BRICS exploring the creation of a crypto stablecoin for international trade settlements.
— BRICS News (@BRICSinfo) April 23, 2024
This undertaking supports the bloc’s goal of boosting economic collaboration and simplifying business exchanges between its constituent countries.
A conversation about creating a BRICS stablecoin has arisen due to the growing value of fiat-backed digital currencies on the global market, which now surpasses $160 billion. The intention behind this proposed BRICS coin is to streamline international transactions and contribute to the financial unification of the bloc.
An essential part of our strategy involves establishing a Central Bank Digital Currency platform. This system will serve as the foundation for our stablecoin, providing it with the necessary security and dependability.
A BRICS stablecoin investigation marks progress in the bloc’s efforts to strengthen financial collaboration and lessen dependence on conventional Western financial structures. This move highlights the rising significance of digital money options in international economic plans.
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2024-04-23 20:20