Russia, China, India and the UAE plan to turn to crypto assets and blockchain

BRICS member states can create a payment system based on blockchain and digital assets. This statement was made by Russian Presidential Assistant for Foreign Policy Yuri Ushakov.

According to him, earlier the leaders of the BRICS states came to the conclusion that it was necessary to increase the volume of mutual settlements in national assets. They also agreed on the need to develop correspondent relations in the banking market and cooperation in guaranteeing the security of cross-border transactions.

This entails the development of an independent payment platform, which is planned to be created on the basis of modern tools. In particular, these will be digital technologies and blockchain. As Ushakov emphasized, this is one of the key goals of the global unification of BRICS participants in the future.

Back in 2023, the Chairman of the Duma Committee on the Financial Market, Anatoly Aksakov, said that the BRICS member states could start using digital currency as early as 2025.

“Proposals are now being prepared on what the digital currency of the BRICS countries might look like. Most likely, it will be tied to a basket of currencies of the participating countries. The project is supposed to be developed in stages and primarily between states that have long been participating in BRICS,” Aksakov said.

In 2020, members of the BRICS group began to discuss the possibility of organizing payments in cryptocurrencies. RDIF General Director Kirill Dmitriev voiced the idea of developing a unified payment system based on the blockchain and mutual settlements in digital assets. He spoke about this at a meeting of the BRICS Business Council, where Dmitriev’s idea was ultimately supported by the group’s member countries.

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