Russian President Vladimir Putin has suggested that the BRICS countries (Brazil, Russia, India, China, and South Africa) should start using cryptocurrencies and other digital money to depend less on the US dollar. At a recent meeting, Putin talked about how using cryptocurrency could be good for BRICS and other growing economies.
Putin also said that clear rules are needed to make sure that digital money transactions are safe and stable. He mentioned that the BRICS countries will talk about using digital money for investments, but they need to set up strong rules first.
The BRICS countries have also created BRICS PAY, a new way to pay that uses special computer code. This new way to pay is meant to make it easier to send money between countries and give an option other than the SWIFT payment system. BRICS PAY represents the group’s aim to create an independent economic system that isn’t controlled by traditional powers.
The adoption of digital money is becoming more popular around the world. Many countries are looking into Central Bank Digital Currencies (CBDCs), which are digital forms of their national money issued by their central banks. Russia plans to start using its own CBDC soon, and China has already introduced Digital Currency Electronic Payment (DCEP), also called e-CNY. South Africa is considering taxing cryptocurrency transactions as a new way to earn money.
