BRICS nations are actively exploring the use of digital currencies in investment initiatives, as part of a broader strategy to reduce reliance on the US dollar and increase economic sovereignty. Speaking at the BRICS Business Forum in Moscow, Russian President Vladimir Putin highlighted ongoing discussions about integrating digital currencies into high-growth investment projects, particularly for infrastructure, technology, and other key sectors.
The initiative aligns with the bloc’s efforts to establish alternatives to the SWIFT financial messaging system, which is dominated by Western interests. By creating a digital currency-based investment framework, BRICS aims to lower its exposure to Western sanctions and financial controls. The use of national digital currencies for funding projects across BRICS countries and other developing economies could foster greater financial resilience and independence.
At the summit, the BRICS Pay platform was also unveiled. This blockchain-based payment system is designed to streamline cross-border transactions and reduce reliance on Western financial institutions. With strong backing from Russia and China, the platform is seen as a critical tool for circumventing sanctions and advancing financial integration within the bloc.
In addition to digital currency discussions, Putin praised the recent inclusion of Egypt, Ethiopia, Iran, and the United Arab Emirates in the BRICS alliance, highlighting the bloc’s expanding influence. More than 30 countries have expressed interest in partnering with BRICS, and the upcoming summit in Kazan will explore opportunities for further expansion. The bloc is positioned to drive a significant share of global economic growth in the coming years, underscoring its rising geopolitical and economic significance.
Putin also announced Russia’s contributions to BRICS initiatives, such as establishing a reinsurance firm to enhance economic cooperation and developing a collaborative cross-border payment system. He urged the BRICS New Development Bank (NDB) to increase investments in the Global South, focusing on infrastructure, technology, e-commerce, and artificial intelligence.
These initiatives aim to foster innovation, deepen economic ties, and strengthen the bloc’s economic foundations. As BRICS continues to expand and attract more partners, its efforts to create a multipolar financial landscape could mark a significant shift in the global economic order. By leveraging digital currencies and blockchain technologies, the group seeks to build a resilient and interconnected economic network that challenges the dominance of Western-led financial systems.
