BRICS Summit 2024: De-Dollarization and Cryptocurrency

The 16th annual BRICS Summit in Kazan, Russia, has seen a renewed focus on de-dollarization. Leaders from Russia, China, and Iran have stressed the need for new digital platforms to reduce reliance on the US dollar in international transactions.

Key Points:

• BRICS Pay: The proposed payment solution based on blockchain technology and CBDCs is central to de-dollarization efforts.
• CBDC Adoption: There's growing interest in using central bank digital currencies (CBDCs) like the digital yuan as a foundation for the new system.
• Cryptocurrency Integration: Discussions have extended to include cryptocurrencies like Bitcoin as potential payment options.
• International Cooperation: BRICS members are actively working together to develop alternative economic platforms.

The BRICS Summit has become a platform for discussing innovative solutions to global economic challenges. The focus on de-dollarization and the exploration of cryptocurrency and CBDC-based systems highlight the growing desire for a more equitable and inclusive international financial architecture.

October 2024, Cryptoniteuae