- The BRICS countries are now thinking about a cross-border payment system that XRP could include.
- Russia wants to reduce its budget deficit in the middle of the restructuring of the financial side of the foreign trade of the BRICS to 0.5% of GDP.
The BRICS countries are actively working on a new cross-border payment system that could redesign global finance by reducing the dependency on the west-dominated networks. As CNF reported, the Russian finance minister Anton Siluanow recently confirmed that Moscow is working on financial instruments with the BRICS countries to support this initiative.
Although there is no official confirmation, previous XRP tests have nourished speculation through BRICS countries that the Ripple token could play a role in the proposed system. While the BRICS countries are promoting these efforts, blockchain technology and digital financial systems gain potential solutions for secure and efficient international transactions on soil ..
BRICS develops independent payment system
Anton Siluanov explained that Russia is working with the BRICS countries to create an independent cross-border payment network. He emphasized that financial innovations are currently being examined that are concentrating on the integration of national currencies, digital technologies and digital financial investments. This initiative aims to improve trade and economic stability between the Brics countries.
The advance for an alternative payment system is a reaction to western sanctions, especially the exclusion of Swift’s Russian banks. Siluanov emphasized that these restrictions have accelerated the efforts of the BRICS countries to build independent financial networks. By reducing the dependence on west-controlled systems, the BRICS countries want to ensure seamless international transactions despite geopolitical tensions.
Amelie, a well-known crypto influencer, recently emphasized the earlier attempts by the BRICS with XRP, which fueled speculation about the potential role of digital wealth value. While itselfher Tweet referred to these past tests, no specific details about the participation of XRP in the current plans were mentioned in the linked article. Nevertheless, due to its call for speed and efficiency in cross -border transactions, XRP is a possible candidate for the financial strategy of the BRICS.
Potential role of digital financial investments
Siluanov emphasized that Moscow is pursuing the progress in the financial infrastructure to support economic growth within the BRICS countries, as already mentioned in an earlier contribution. He pointed out that the integration of digital financial investments is an important aspect in the development of cross -border payment system.
Although the exact assets and technologies that are to be implemented are still unclear, this focus reflects the commitment of the BRICS countries in researching innovative solutions for international finance.
The possible introduction of XRP corresponds to the general trend towards blockchain-based solutions in cross-border payment transactions. XRP has proven to be efficient in various pilot programs and is therefore an attractive option for countries that are looking for alternatives to conventional systems. Without official confirmation by the BRICS leaders, the role of XRP in the upcoming system remains speculative.
Siluanov also gave a current overview of Russia’s financial prospects, finding that the country’s budget deficit this year should decrease to 0.5 % of GDP compared to 1.7 % in 2024. This improved economic forecast reflects Russia’s focus on stability in the middle of the broader financial restructuring perception of the BRICs.
Since the BRICS pushes their cross -border payment system forward, the integration of digital financial systems could significantly influence global trade. While the inclusion of XRP remains uncertain, the emphasis on blockchain technology signals a relocation to modern financial solutions that are intended to reduce the dependency on traditional western networks.
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