BRICS Nations Mull Blockchain Payments

Russian President Vladimir Putin has confirmed that the BRICS group is developing an independent payment system to reduce reliance on existing systems.

A document from the Russian Central Bank suggests the group may consider using XRP for cross-border transactions.

Putin emphasized the goal of creating a payment system free from political influence and external control, and he highlighted the group’s expansion in 2024 with the addition of Saudi Arabia, Iran, the UAE, Egypt, and Ethiopia.

According to a research paper, the Bank of Russia’s exploration of the Ripple payment system aligns with the potential use of XRP, associated with Ripple, for cross-border payments. XRP’s reputation for speed and low transaction fees makes it a strong candidate for the BRICS’ new payment system.

Crypto Sensei CEO Robert Doyle predicts a substantial price increase for XRP if BRICS nations adopt it for cross-border payments. XRP adoption could potentially mitigate the currency volatility challenges faced by developing countries within the BRICS.

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