Russian President Vladimir Putin proposed the creation of an exclusive economic platform for the BRICS countries. This with the objective of strengthening the economies of the member states of the association.
During his speech at the BRICS Summit, which ends today, Putin stressed: “The time has come to discuss the idea of creating our own platform to unlock the potential of our growing economies.”
Putin indicated that the objective of the platform is “to increase investment flows to the BRICS countries.” Also, focus on investing in large infrastructure and technology projects in those countries.
“It is obvious that the next wave of global economic growth is being born in the countries of the world majority,” said the president, as reported by the Russian agency TASS.
Likewise, the Russian president emphasized the need to “build alternative, reliable and free multilateral financial mechanisms for production.” “We must establish an exchange of advanced technologies and knowledge, develop and increase the capacity of new international transport corridors,” he expressed.
Although he did not detail them, one of the mechanisms that meets the qualities suggested by Putin is Bitcoin. Due to its decentralized nature, it offers an alternative to traditional financial systems, allowing transactions without centralized intermediaries. and reducing dependence on currencies such as the dollar.
This feature could facilitate financial autonomy among the BRICS countries, aligning with Putin’s vision of avoid external “dictation” for productionthe economy and logistics chains.
Putin has shown prior interest in Bitcoin, especially following the signing of a law authorizing Bitcoin mining in Russia. Although cryptoassets are restricted for the majority of the population of that country, they have been adopted in government policies to avoid imposed Western sanctions. in response to the invasion of Ukraine in 2022.
In the case of the BRICS, this block of countries, made up of Brazil, Russia, India, China and South Africa (in addition to other members), It has also been cautiously linked to the BTC ecosystem.
An example of this is BRICS Pay, which is a platform, still in development, that uses blockchain to facilitate payments with central bank digital currencies (CBDC).
Part of this platform was recently presented at the BRICS Business Forum in Russia, where participants were given a test card, giving way to a payment system without the need for the dollar, as reported by CriptoNoticias.
Dedollarization is a central issue for the BRICS agenda. At the Summit, the debate is likely to open on the possibility of creating integrated payment systems that facilitate direct transactions between national currencies. This is based on the bloc’s agreements that favor trade without using dollars, prioritizing its local currencies, such as the yuan or the ruble.
Although the idea of a single currency of the bloc is also discussed among the BRICS leaders. An example of this is Putin, who, in the middle of the Summit, received a mockup of what would be a bill of the block of countries, as a symbol of abandonment of the US dollar.
This article was created using artificial intelligence and edited by a human Editor.
