The BRICS alliance continues to grow stronger reflecting the shift towards alternative asset classes such as Bitcoin and XRP. Amid mounting speculation about the move to cryptocurrencies, Russian President Vladimir Putin has shared some insight into what’s to come.
BRICS: The reality of Bitcoin and XRP adoption
One thing is certain about the planned pivot away from the US dollar: BRICS members are looking for alternatives. Many options are being considered in this regard, including the integration of top digital currencies.
Although many have hinted that it is increasingly making progress in this regard, President Vladimir Putin has emphasized a focus on the national currency. As reported by the media, President Putin admitted that talk of a single currency for member states was “premature.”
This slightly disappoints many in the broader cryptocurrency ecosystem who believe that the introduction of Bitcoin and XRP will vindicate the industry. Notably, President Putin has remained silent on the exact timeline appropriate for conversations around digital currencies, with his latest comments centering on integrated banking.
XRP gained attention in June when BRICS member countries began considering virtual currencies. However, Putin pointed out that the New Development Bank now serves the needs of its member states, similar to Western financial institutions.
The Russian president predicted that the BRICS bloc will grow economically in the coming months. He predicted that this organization would control most of the world’s economic power due to its size.
Movement to promote alternative payments
As previously reported by Coinape, the organization, which is comprised of Brazil, Russia, India, China, and South Africa, has taken a major approach towards digital currencies so far. In August, the group planned to launch two crypto exchanges and a BRICS stablecoin to further promote alternative payments.
Despite President Vladimir Putin’s latest information, members of the BRICS countries are recognizing how effective blockchain technology can be in promoting de-dollarization policies. Unsurprisingly, this alliance is growing significantly this year with more countries joining.
Turkey announced plans to join the organization in June, and Egypt, Ethiopia, Iran and the United Arab Emirates also recently joined.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and the innovations driving public acceptance and global integration of emerging technologies. His desire to educate people about cryptocurrencies has inspired his contributions to well-known blockchain-based media and sites. Benjamin Godfrey loves sports and farming. X, Follow him on Linkedin
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