Russian President Putin Announces BRICS Crypto Adoption for Investment
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The BRICS bloc officially embraced crypto for investments in a new bullish development on October 18.
The announcement came during the ongoing BRICS Business Forum in Moscow, where Russian President Vladimir Putin revealed the decision, calling it a potential game-changer for the alliance.
The news comes just ahead of the highly anticipated BRICS Summit 2024, set to occur next week. At the summit, the bloc is expected to announce several new economic policies, including the blockchain-based BRICS Pay platform recently introduced to attendees.
President Putin stressed the importance of digital currencies for both BRICS nations and other emerging economies.
“We will discuss the use of digital currencies in investment developments by BRICS member states, and this will also benefit other developing and emerging economies with good prospects,” he said.
He also noted that the bloc would develop a toolkit to ensure proper regulation under the supervision of BRICS institutions.
JUST IN: BRICS to use digital currencies for investment developments. pic.twitter.com/i7u7JFsC55
The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, has been focusing on expanding its economic presence.
Over the past year, the bloc has worked to reduce its reliance on the US dollar in international trade, promoting the use of local currencies instead.
This decision follows Russia’s recent reversal of its ban on digital assets for international payments, opening the door for this bold new direction.
Along with digital currency adoption, BRICS is
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