-This underscores the broader BRICS strategy to reduce dependence on the US dollar and increase economic independence. Putin said digital currencies could bene
fit both BRICS members and emerging economies.Putin noted that Russia, along with other BRICS members, is already working on a SWIFT-like financial messaging system and is using national digital currencies to finance fast-growing investment projects.
Along with digital currencies, the BRICS bloc is preparing to launch the BRICS Pay Platform. The platform was presented at the forum and is seen as an important tool to reduce dependence on the Western financial system, which BRICS members, especially Russia and China, insist on in order to circumvent U. S. sanctions and reduce their dependence on the dollar.
In addition to discussing digital currencies, President Putin also touched upon the expansion of BRICS, welcoming the accession of Egypt, Ethiopia, Iran and the United Arab Emirates. President Putin emphasized that more than 30 countries have expressed interest in cooperation with BRICS and that the possibility of new membership will be discussed at the upcoming summit in Kazan.
oting that the BRICS countries have larger economies and higher rates of economic growth compared to Western countries, President Putin emphasized that the BRICS will provide the bulk of the world's economic growth in the coming years.
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