Russian President Vladimir Putin announced ongoing discussions within the bloc at the BRICS Business Forum in Moscow about using digital currencies to support investments. This approach aligns with the group’s goal to reduce dependence on the US dollar and boost economic independence. 

Putin emphasized that digital currencies could benefit BRICS countries and other developing nations.

Putin also highlighted work already underway among BRICS members on a financial messaging system, similar to SWIFT, and the use of national digital currencies for investment projects. This system would streamline cross-border payments within BRICS, providing an alternative to Western financial systems and potentially reducing the impact of US sanctions.

The BRICS bloc is preparing to introduce BRICS Pay, a blockchain-based platform designed to make international transactions easier within the alliance. Pushed forward by Russia and China, this payment system could support BRICS’ broader financial goals by reducing reliance on the dollar for global trade.

In addition to digital currency plans, Putin addressed the expansion of BRICS, announcing the upcoming inclusion of Egypt, Ethiopia, Iran, and the UAE. He mentioned that over 30 countries have shown interest in collaborating with BRICS, and the next summit in Kazan will focus on expanding the bloc further.

Putin projected that BRICS would drive a significant share of future global economic growth, pointing to the bloc’s large and fast-growing economies. He proposed new initiatives from Russia, including a cross-border payments system and a reinsurance company to support joint projects. 

He also encouraged the New Development Bank, BRICS’ shared development institution, to invest in technology, infrastructure, and artificial intelligence to benefit economies in the Global South.

One noteworthy discussion point at the summit was the potential use of Bitcoin and other cryptocurrencies for international trade payments. While the US dollar remains the primary currency for world trade, BRICS members are actively exploring alternatives to mitigate risks from sanctions or political restrictions.

In summary, the BRICS nations are looking to digital currencies, blockchain technology, and expanded partnerships to assert economic independence and promote growth in member and developing countries.