On October 18, the BRICS bloc officially adopted cryptocurrency for investments, marking a significant development.
Russian President Vladimir Putin announced this decision during the BRICS Business Forum in Moscow, calling it a potential game-changer for the alliance.
This news comes ahead of the upcoming BRICS Summit 2024 next week, where several new economic policies are expected to be announced, including the blockchain-based BRICS Pay platform.
Putin emphasized the importance of digital currencies for BRICS nations and other emerging economies, stating, “We will discuss the use of digital currencies in investment developments, benefiting both BRICS members and other developing economies.”
He also mentioned plans to create a regulatory framework under BRICS institutions to ensure proper oversight.
In addition to adopting digital currencies, BRICS members have developed a SWIFT-like financial messaging systеm and are using national digital currencies to fund high-growth projects.
