Putin Unveils BRICS Push for Digital Currencies and Blockchain-Based BRICS Pay Platform

• BRICS introduces blockchain-based BRICS Pay to facilitate cross-border transactions and reduce reliance on Western financial systems.
• Putin announces BRICS’ ongoing work on digital currencies and financial messaging systems to enhance economic independence.
• BRICS expands, welcoming Egypt, Ethiopia, Iran, and UAE, with 30+ countries expressing interest in joining the bloc.

At the BRICS Business Forum in Moscow, Russian President Vladimir Putin announced the group’s continued exploration of digital currencies to enhance investment developments. This is a critical step in the bloc’s broader strategy to reduce its dependence on the U.S. dollar while increasing economic independence. Putin noted that digital currencies could benefit BRICS nations and emerging economies by creating a more autonomous financial framework.

BRICS Pay and Financial Messaging Advancements

In addition to digital currencies, BRICS is set to launch the BRICS Pay platform, a blockchain-based payment system aimed at facilitating cross-border transactions within the alliance. This platform was introduced during the forum and is expected to reduce reliance on Western financial systems. 

Both Russia and China have actively supported its adoption, seeking to bypass U.S. sanctions and lessen dependence on the dollar. Furthermore, Putin revealed that BRICS members have developed a financial messaging system similar to SWIFT, utilizing national digital currencies for high-growth investment projects. 

BRICS Expansion and Global Economic Growth

Aside from technological advancements, Putin discussed the ongoing expansion of BRICS, announcing the inclusion of Egypt, Ethiopia, Iran, and the UAE as new members. He highlighted that over 30 other countries have expressed interest in joining the bloc. 

The upcoming BRICS Summit in Kazan will explore further potential members. Putin emphasized that BRICS is poised to drive global economic growth in the coming years due to its large, rapidly growing economies. This expansion is anticipated to strengthen trade and financial independence across the bloc.

Russia’s Contributions and Future Initiatives

Russia has been at the forefront of several initiatives within BRICS, including the establishment of a joint cross-border payments system and the creation of a reinsurance company. Putin also called on the New Development Bank to focus on key investments in technology, infrastructure, and e-commerce, particularly in the Global South. 

Russia’s central bank has been testing the digital ruble, with plans for a full launch by 2025. Additionally, recent laws signed by Putin have legalized crypto mining and allowed for international payments using digital currencies, aligning with the bloc’s forward-looking economic strategies.