Sergei Ryabkov, Russia’s Deputy Minister of Foreign Affairs, in an interview said that BRICS nations are considering the adoption of stablecoin transactions and a platform for CBDC payments to boost financial integration.
What Happened: This development comes amid growing efforts by the BRICS nations — Brazil, Russia, India, China, and South Africa — to reduce their reliance on the US dollar in global commerce.
The BRICS concept of a stablecoin is a digital currency pegged to a stable asset, like a national currency or a basket of currencies.
This stability would make it a reliable medium for international transactions, potentially bypassing the complexities and fees associated with traditional cross-border payments.
According to Ryabkov, other options being explored include the creation of a “BRICS Bridge” — a platform that would integrate the digital currency systems of central banks within the member states.
Additionally, discussions are underway regarding the unification of national financial messaging systems.
Ryabkov detailed the ambitious plans for Russia’s chairmanship, which includes over 250 events focusing on politics, security, economics, finance, and humanitarian efforts.
“Our chairmanship aims to fortify BRICS’ role on the global stage, ensuring that every member contributes significantly to our collective agenda,” Ryabkov explained.
“The possibility of unifying national financial messaging systems is also being discussed,” Ryabkov added.
Also Read: Ripple Vs. SEC Heats Up: Company Refuses $2B Fine, Proposes $10M
Beyond economics, Russia’s chairmanship will also focus on boosting scientific and cultural collaborations. “We are facilitating direct contacts between BRICS’ science parks, business incubators, and educational institutions to foster an environment of innovation,” Ryabkov noted.
The cultural agenda is equally vibrant, with numerous exchanges planned to enrich the BRICS community’s social and artistic tapestry.
The climax of Russia’s BRICS chairmanship will be the summit in Kazan, anticipated to be a landmark event in the association’s history.
Ryabkov expressed high expectations for the summit, stating, “Kazan will not only reflect the achievements of our chairmanship but will also set the stage for future cooperation among the BRICS nations.”
The Deputy Minister emphasized the importance of this year’s summit, “It will underscore the policy-forming function of our chairmanship and highlight the growing significance of BRICS in global affairs.”
This event is set to not just celebrate the past year’s successes but also to forge paths for future endeavors.
What’s Next: This exploration of a stablecoin aligns with global financial digitalization trends and could be a central topic at Benzinga’s upcoming Future of Digital Assets event.
Such advancements are poised to reshape the international financial landscape, offering streamlined, secure transaction methods.
Read Next: Venezuela Turns To Crypto As US Sanctions Return On Oil Exports
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
