• BRICS members are exploring the use of stablecoins for international settlements
• They are also considering creating a platform called ‘BRICS Bridge’ to interlink central bank digital currencies (CBDCs) among BRICS nations
• Russia has been actively pursuing strategies to reduce reliance on the US dollar within BRICS through blockchain technology
BRICS members are exploring the use of stablecoins and central bank digital currencies (CBDCs) to improve financial cooperation between member countries, according to a Russian official.
Exploring Stablecoin Payments
The BRICS countries are considering utilizing stablecoins for international settlements. Russian Deputy Foreign Minister Sergei Ryabkov mentioned in an interview that the alliance has set up a communication channel between central banks to discuss the possibility.
While Ryabkov did not provide specifics on using existing stablecoin products, he said the countries are talking about making a platform called BRICS Bridge to connect their CBDCs. However, it is unclear if the member countries have reached a consensus on timelines for this initiative.
Russia’s Push for Blockchain Solutions
Russia has been actively pursuing blockchain strategies to reduce reliance on the US dollar within BRICS. Kremlin aide Yury Ushakov revealed efforts to develop a blockchain system for the alliance, but did not disclose a timeline.
For months, Moscow has advocated for a blockchain settlement system, especially as Western sanctions escalate. In September 2023, Russian Prime Minister Mikhail Mishustin emphasized the need to implement cross-border blockchain settlements and digital assets. He said such initiatives would attract more foreign investment.
Conclusion
BRICS countries are exploring innovative blockchain and stablecoin solutions to improve financial cooperation and reduce dependence on the US dollar. However, the timeline and details of their plans remain unclear. The alliance’s progress on implementing these technologies merits monitoring as geopolitical tensions unfold.
