Ripple is among the largest crypto firms in the world
It can now work with over 6,900 firms in the DIFC
Ripple believes crypto’s payment utility should be used by enterprises
Russia originally proposed a similar system in March 2024
Photo Credit: Unsplash/ Ramon Buçard
Brazil is reportedly working on a proposal to create a blockchain-based payment system for internal use by the BRICS economic bloc. The group has been discussing ways to reduce reliance on the US dollar for internal cross-border transactions since 2024. Brazil, Russia, India, China, and South Africa were the founding countries of the BRICS group. Egypt, Ethiopia, Iran, and the UAE joined the group last year, and Brazil assumed the BRICS Presidency on January 1.
The country is set to host the annual BRICS summit in Rio de Janeiro in early July. During the event, Brazil will host discussions on the topic of blockchain based payments, according to a report in local publication O Globo that cites government sources familiar with the matter.
If implemented, this system would provide a secure, transparent, and permanent financial infrastructure designed for the BRICS group. The group reportedly believes that the system could significantly shorten the transaction processing window between member countries for way cheaper costs. As of now, it remains unclear if the BRICS will introduce a new crypto token to process settlements via this system or use existing stablecoins and CBDCs.
Russia proposed this system last March to curb the use of the US dollar for internal settlements. A number of factors, like consecutive interest rate hikes from the US after the COVID-19 pandemic and several economic sanctions against Russia and China prompted the BRICS nations to consider the idea. Yury Ushakov, an advisor to President Putin said at the time that this system could curtail US-initiated financial politics and simplify cross-border transactions among the BRICS nations.
US President Donald Trump has criticised the BRICS bloc for trying to sideline the US dollar. The US President said he would intensify tariff rates by a 100 percent against the BRICS nations.
According to reports, Brazil will is attempting to support the blockchain payment platform, without instigating the US. Rio Times said Brazil will pitch the creation of this payment system as a project to simplify cross-border settlements, rather than as a way to replace any currency.
The BRICS group, meanwhile, continues to grow. On January 1, the group added Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, Uzbekistan and Nigeria as ‘partner nations'. Around 30 other countries have shown an interest in joining the group.
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