According to a Russian official, BRICS countries are looking into stablecoin payments and a platform for conducting CBDC payments to improve financial cooperation.
As the BRICS alliance has already established a unique communication route between central banks, stablecoins may serve as a vehicle for international settlements amongst its members. Ryabkov said that the BRICS countries are thinking about using stablecoins for international settlements in an interview with TV BRICS.
Ryabkov mentioned ongoing discussions surrounding the creation of “BRICS Bridge,” a platform aimed at interlinking central bank digital currencies (CBDCs) in an effort to foster financial cooperation among BRICS member countries, although specific details regarding the use of existing products were not provided.
Nevertheless, It is unclear how these talks are progressing and whether the BRICS countries have agreed on a schedule. Russia has been aggressively exploring ways to use blockchain technology to lessen the BRICS countries’ dependency on the US dollar for some time now.
In an interview with the Russian state-owned news agency TASS, Yury Ushakov, a Kremlin associate, disclosed efforts to create a blockchain-based system for BRICS.
However, he did not provide a timeline for the initiative. Moscow has been pushing for a blockchain-based BRICS solution for a few months, especially as Western sanctions get stricter.
Russian Prime Minister Mikhail Mishustin stressed in September 2023 how important it is for the city to use digital assets and blockchain technology to establish cross-border settlements. Mishustin emphasized that these kinds of programs will have “more possibilities” for drawing in outside capital.
