BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

BRICS to Create a Stablecoin for Global Trade to Eliminate the U.S. Dollar

by Sham
April 23, 2024
in Crypto, Finance
A A
BRICS to Create a Stablecoin for Global Trade to Eliminate the U.S. Dollar
3
SHARES
Share on TwitterShare on Reddit

• 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.

NEW: BRICS nations are considering creating a stablecoin for global trade settlements, eliminating the U.S. dollar pic.twitter.com/XdCbq2MAiN

— BlockNews.com (@blocknewsdotcom) April 23, 2024

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.

Tags: BlockchainBRICSCBDCsSergei RyabkovStablecoin
Tweet1ShareShare1

DON'T MISS THESE! HOT OFF THE PRESS

Chainlink Hits Pivotal Level as Whales Start Scooping Up LINK
Chainlink

Chainlink Hits Pivotal Level as Whales Start Scooping Up LINK

May 31, 2025
Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound
Crypto

Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

May 31, 2025
Avalanche’s Road to $100: Ambitious or Achievable?
Crypto

Avalanche’s Road to $100: Ambitious or Achievable?

May 31, 2025
Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive
Bitcoin

Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive

May 31, 2025
SUI Dips but Trading Volume Pops — What’s Going On?
Crypto

SUI Dips but Trading Volume Pops — What’s Going On?

May 31, 2025
ADA Derivatives Spike as Traders Eye Next Move
Cardano

ADA Derivatives Spike as Traders Eye Next Move

May 31, 2025
Load More

Related News

Chainlink Hits Pivotal Level as Whales Start Scooping Up LINK

Chainlink Hits Pivotal Level as Whales Start Scooping Up LINK

May 31, 2025
Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

May 31, 2025
Avalanche’s Road to $100: Ambitious or Achievable?

Avalanche’s Road to $100: Ambitious or Achievable?

May 31, 2025
Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive

Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive

May 31, 2025
SUI Dips but Trading Volume Pops — What’s Going On?

SUI Dips but Trading Volume Pops — What’s Going On?

May 31, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.