- Brics Blockchain and Crypto explore to reduce dependence on the US dollar in trade.
- Brazil leads the Blockchain -based payment initiative, while Russia is already using transactions.
- Stablecoins and CBDCS appear as possible settlement solutions within the BRICS block.
The Brex Economic Bloc, which includes Brazil, Russia, India, China and South Africa, is increasingly turning towards the encrypted currency. In addition to Blockchain payment systems to facilitate cross -border trade.
While the coalition is looking for ways to reduce the US dollar’s use of foreign trade, some member states are seriously studying Stablecoins and other cryptocurrencies as dangerous alternatives.
Brazilian Blockchain initiative on the Brexes
Brazil, which assumes the Presidency of the Brexes in January 2025, is I mentioned To formulate a plan for the Blockchain payment system inside the mass.
The Brazilian administration plans to consider the proposal during the summit. It was held annually in Rio de Janeiro in July, and local news reports indicate. If implemented, the system will provide a safe, open and effective infrastructure with a cost -effective to simplify transactions between member countries while significantly reducing costs.
The Brazilian Central Bank previously tested Drex, which is a symbolic financial transaction. But there are still concerns about privacy and organizational management.
The goal of the nation is to make trade more efficient, not to present a new currency to replace the US dollar.
Russia’s encryption transactions
Russia has already taken a step in using cryptocurrencies for international trade. Russian oil companies use Bitcoin, Ethereum and Stablecoins to replace the Chinese and Indian -Indian yuan for ruble.
So that it is appropriate for the BRICS countries to conduct transactions.
Stablecoins and CBDCS as alternatives
While there was no official decision regarding the issuance of a BRICS code. Thus, discussions were focused on the use of CBDCS and Stablecoins found in settlements.
In April 2024, Russian Deputy Foreign Minister Sergey Ryabkov submitted proposals that Stablecoins could be settlements across the BRICS.
With the expansion of the BRICS alliance, with the addition of new partner -partner countries such as Egypt, Iran and the United Arab Emirates, the adoption of the solutions led by Crypto and Blockchain is a broader transformation in global trade patterns.
Stablecoins, CBDCS, or independent BRICS digital currency, is therefore about to be the sum of the group’s financial door for the future.
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