The BRICS alliance is growing stronger as it continues to reflect shifts to alternative asset classes like Bitcoin and XRP. While the speculation regarding a shift to cryptocurrency is growing, Russian President Vladimir Putin just shared insight into what to expect.
BRICS: The Reality About Bitcoin and XRP Adoption
One thing is certain about the planned pivot from the US Dollar, the member countries in the BRICS bloc are exploring alternatives. Many options are on the table with respect to this, including the integration of top digital currencies.
While many insinuated that there are growing advances in this regard, President Vladimir Putin has stressed on the focus on National currencies. As reported by the media, President Putin confirmed that the talk of a single currency for the member countries is too “premature.”
This is a mild dent to the expectation of many in the broader cryptocurrency ecosystem who believes the adoption of Bitcoin or XRP can validate the industry. Notably, President Putin remain silent on the exact timeline that is right for a conversation around digital currencies, his latest commentary centered around unified banking.
XRP entered the spotlight in June as the BRICS member countries started considering crypto. However, President Putin noted that the New Development Bank is currently serving the needs of member countries as Western financial institutions could have.
The Russian president projected that the BRICS block will grow economically in the coming months. Per his projections, the organization will command most of the global economic power due to its size.
The Push For Alternative Payments Move
As reported earlier by Coingape, the organization which comprises of Brazil, Russia, India, China and South Africa have made significant approach toward digital currencies before now. In August, the body planned to launch two crypto exchanges and a BRICS stablecoin to further advance its alternative payments push.
Despite the latest update from President Vladimir Putin, members of the BRICS bloc acknowledge how blockchain technology is viable in driving the de-dollarization agenda. Unsurprisingly, the alliance is growing significantly with more countries joining this year.
Turkey unveiled plans to join the organization in June with Egypt, Ethiopia, Iran and the United Arab Emirates also joining recently.
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