A Russian official shares that BRICS countries are investigating the use of stablecoins for transactions and developing a system to process central bank digital currencies (CBDCs) among themselves. This step is intended to strengthen financial collaboration.
Stablecoins could be used by BRICS countries for cross-border transactions, given that their central banks have established a dedicated communication platform. During an interview with TV BRICS, Ryabkov revealed that the BRICS nations are exploring the idea of employing stablecoins for such financial dealings.
In simpler terms, Ryabkov talked about exploratory conversations regarding the development of “BRICS Bridge,” a system linking the digital currencies of central banks in BRICS nations, with the goal of enhancing financial collaboration between these countries.
Yet it’s uncertain among BRICS members if they’ve agreed on a specific timeline for these ongoing talks and reached a consensus on the current standing.
Russia has been working on ways to decrease its use of the U.S. dollar within the BRICS group through blockchain technology for some time now. In an interview with TASS, a Russian state-owned news agency, Kremlin advisor Yury Ushakov spoke about the project to create a blockchain system for BRICS, but he didn’t provide any information on when this initiative would be implemented.
Moscow has been promoting the use of blockchain technology for BRICS (Brazil, Russia, India, China, and South Africa) since earlier this year, with increasing emphasis as Western sanctions intensify. In September 2023, Russian Prime Minister Mikhail Mishustin underscored the importance of adopting cross-border payment systems based on blockchain technology and digital assets in Moscow. He explained that these initiatives would expand opportunities for securing foreign investments.
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2024-04-22 12:59