{"id":77092,"date":"2024-04-23T18:15:27","date_gmt":"2024-04-23T22:15:27","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=77092"},"modified":"2024-04-23T18:17:04","modified_gmt":"2024-04-23T22:17:04","slug":"brics-weighs-in-on-using-stablecoins-in-settlements","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/brics-weighs-in-on-using-stablecoins-in-settlements\/","title":{"rendered":"BRICS Weighs in on Using Stablecoins in Settlements"},"content":{"rendered":"\n

According to a Russian official, BRICS countries are looking into stablecoin payments<\/a> and a platform for conducting CBDC payments to improve financial cooperation.<\/p>\n\n\n\n

\"BRICS
BRICS Weighs in on Using Stablecoins in Settlements<\/figcaption><\/figure>\n\n\n\n

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. <\/p>\n\n\n\n

Ryabkov mentioned ongoing discussions surrounding the creation of “BRICS Bridge,” a platform aimed at interlinking central bank digital currencies<\/a> (CBDCs) in an effort to foster financial cooperation among BRICS member countries, although specific details regarding the use of existing products were not provided. <\/p>\n\n\n\n

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\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> to lessen the BRICS countries' dependency on the US dollar for some time now. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Russian Prime Minister Mikhail Mishustin stressed in September 2023 how important it is for the city to use digital assets and blockchain technology<\/a> to establish cross-border settlements. Mishustin emphasized that these kinds of programs will have “more possibilities” for drawing in outside capital.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":43,"featured_media":77094,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[14943,773,926],"class_list":["post-77092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-brics","tag-cbdc","tag-stablecoins"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/04\/croc_1713822576879.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/77092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=77092"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/77092\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/77094"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=77092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=77092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=77092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}