BRICS Considers Crypto For International Trade Settlements

BRICS member nations plan to launch a stablecoin as an alternative to the US dollar for settling cross-border transactions. BRICS pushes de-dollarization with stablecoins The bloc, which includes Brazil, Russia, China, India, South Africa, UAE, Iran, Ethiopia, and Egypt, has debated using virtual assets for global settlement for a while.

Sergei Ryabkov, Russia's Deputy Minister of Foreign Affairs, in an interview said that BRICS nations are considering the adoption of stablecoin transactions and a platform for CBDC payments to boost financial integration. What Happened: This development comes amid growing efforts by the BRICS nations — Brazil, Russia, India, China, and South Africa — to reduce their reliance on the US dollar in global commerce.

In a bid to create an alternative to the use of the United States dollar for cross-border remittances and trade, member countries of the BRICS consortium are considering implementing a stablecoin. BRICS To De-Dollarize Trade With Stablecoin During a recently conducted interview, Russian Deputy Foreign Minister Sergei Ryabkov disclosed the plan for the bloc to

Russian Deputy Foreign Minister Sergey Ryabkov revealed that the BRICS bloc has been considering the use of stablecoins for its common rail payment systems.

The BRICS nations are on a steadfast march to ditch the US dollar in favor of their own cryptocurrency for international trade.