BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

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

by Sham
April 23, 2024
in CRYPTO, FINANCE
Reading Time: 2 mins read
A A
3
SHARES
51
VIEWS
Share on XShare in TelegramShare 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
Tweet1ShareShare
Previous Post

Philippines SEC is Attempting to Remove Binance from the Apple and Google App Stores

Next Post

Solana’s Jupiter Exchange Acquires UltimateApp to Further its Mobile Push

DON'T MISS THESE! HOT OFF THE PRESS

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance
CRYPTO

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing
CRYPTO

President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

July 18, 2025
Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself
CRYPTO

Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself

July 18, 2025
Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape
CARDANO

Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape

July 18, 2025
$10 Trillion Asset Manager Charles Schwab Confirms Bitcoin and Ethereum Trading: Here is Why This is Bullish
BITCOIN

$10 Trillion Asset Manager Charles Schwab Confirms Bitcoin and Ethereum Trading: Here is Why This is Bullish

July 18, 2025
Crypto Liquidations Spike Near $1 Billion as Sentiment Flips Bearish: Here is What You Need to Expect
CRYPTO

Crypto Liquidations Spike Near $1 Billion as Sentiment Flips Bearish: Here is What You Need to Expect

July 18, 2025
Load More

Related News

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

July 18, 2025
Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself

Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself

July 18, 2025
Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape

Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape

July 18, 2025
$10 Trillion Asset Manager Charles Schwab Confirms Bitcoin and Ethereum Trading: Here is Why This is Bullish

$10 Trillion Asset Manager Charles Schwab Confirms Bitcoin and Ethereum Trading: Here is Why This is Bullish

July 18, 2025
Twitter Telegram Threads

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 Chainlink 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 US Web3 X 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
  • GUIDES

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