BRICS Nations Discuss Adoption of Stablecoins, CBDCs in Global Finance
The BRICS bloc, comprising Brazil, Russia, India, China, and South Africa. Among others, is actively considering the integration of stablecoins and central bank digital currencies (CBDCs) into its economic settlement system.
In an interview with TV BRICS, Russian Deputy Foreign Minister Sergey Ryabkov disclosed that discussions are ongoing regarding the implementation of stablecoins and a potential platform to link the financial systems of member countries. This proposed system, known as the BRICS bridge, would facilitate settlements using digital currencies across the bloc. While CBDCs have been previously mentioned for this purpose, the inclusion of stablecoins marks a novel approach. Ryabkov also mentioned traditional methods under consideration and emphasized the establishment of information exchange channels and cooperation in information security.
These developments reflect a broader strategy aimed at reducing reliance on the U.S. dollar and creating a more efficient and accessible payment system for governments, businesses, and individuals within the BRICS bloc.
Clever Robot News Desk 24th April 2024
Related Article
