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At the BRICS Summit 2024 in Kazan, Russia, a key topic emerged: de-dollarization through cryptocurrency. Leaders of Russia, China, and Iran emphasized the use of digital platforms for payments, aiming to reduce reliance on the US dollar.
Source: https://www.cfr.org/backgrounder/what-brics-group-and-why-it-expandingThe core of these discussions is the BRICS Pay blockchain network, which will probably use central bank digital currencies. While still under development, BRICS Pay can be a potential tool for boosting economic independence.
Russian President Vladimir Putin highlighted the growing need for secure payments using crypto and CBDCs. He pointed to their potential in reducing dollar dominance. Some members, including Iran’s President Masoud Pezeshkian, proposed new digital platforms for global transactions.
Though still in its early stages, the BRICS alliance appears determined to advance de-dollarization by leveraging cryptocurrencies and blockchain technology.
October 24, 2024 at 12:00 pm
Updated October 24, 2024 at 12:00 pm
Remember, investing in cryptocurrencies involves risks, and it’s important to conduct thorough research and seek professional advice before making any financial decisions. (Please keep in mind that this post is solely for informative purposes and should not be construed as financial or investment advice.)
What is cryptocurrency?
Cryptocurrency is a digital form of currency secured by cryptography, not controlled by governments or banks.
What are cryptocurrency wallets?
Cryptocurrency wallets are digital tools for storing and managing your crypto assets.
What are the best practices to invest in cryptocurrencies?
Best practices for crypto investment include research, diversification, investing what you can afford to lose, and avoiding hype-driven investments.
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