Putin Announces BRICS Adoption of Cryptocurrencies for Investment, Unveils BRICS Pay Platform

Russian President Vladimir Putin has announced that the BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, has officially embraced cryptocurrencies for investment purposes. This landmark decision was revealed during the BRICS Business Forum in Moscow on October 18, 2024, just ahead of the upcoming BRICS Summit.

Putin highlighted the importance of digital currencies, calling them a “potential game-changer” for BRICS and other emerging economies. The move aligns with BRICS’ strategy of reducing reliance on the US dollar in international trade and boosting the use of local currencies.

In addition to the adoption of crypto, BRICS is set to launch the BRICS Pay platform, a blockchain-based system aimed at facilitating cross-border transactions within the bloc. This platform is seen as a critical step toward bypassing Western financial systems and sanctions, particularly for Russia and China.

Putin also touched on Russia’s ongoing efforts to implement digital currencies, including the digital ruble, which is expected to launch in 2025. The Russian government recently legalized crypto mining and allowed international crypto payments, further underscoring its commitment to digital finance.

At the summit, BRICS will also welcome new members like Egypt, Iran, and the UAE, and continue discussions on expanding its influence on the global economic stage.