Putin Proposes Digital Currency Initiative Ahead of BRICS Summit
In a significant announcement ahead of the upcoming BRICS summit, Russian President Vladimir Putin revealed that Russia plans to propose the adoption of digital currencies for investment purposes among BRICS nations.
Speaking at a press conference today, Putin emphasized the importance of this move, noting, "While I won’t delve into specifics, we aim to present a crucial proposal to BRICS members. This concerns integrating digital currencies into the investment landscape." The summit is set to begin on October 22.
Putin highlighted the potential benefits of such a system, stating, "We envision the creation of a tool that aligns with the interests of BRICS member countries and other developing economies, while ensuring it does not contribute to inflationary pressures."
Consultations regarding this initiative are currently in progress. "We’re actively discussing this with our Chinese and Indian colleagues, and we’ve recently engaged in talks with our Brazilian counterparts. Discussions with South Africa are forthcoming, and we intend to involve all stakeholders as we move forward at a deliberate pace," Putin said.
The groundwork for this proposal appears to have been laid earlier, with Russian Deputy Finance Minister Sergei Ryabkov recently discussing the possibility of facilitating BRICS payments using stablecoins. Additionally, in late September, Putin had alluded to BRICS developing a standalone payment system intended for international trade.
In a closing remark, Putin reiterated Russia's openness to expanding BRICS membership, stating, "Our door remains open to new members." Turkey has previously expressed interest in joining BRICS, which currently includes Brazil, Russia, India, China, South Africa, along with recent members Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
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