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.

The BRICS alliance is exploring alternative asset classes like Bitcoin and XRP in its bid to move away from the US Dollar. However, Russian President Vladimir Putin has emphasized the focus on national currencies for now.

The member countries in the BRICS bloc are exploring alternatives in response to the planned pivot from the US Dollar. Among the options being considered is the integration of top digital currencies.

While there has been speculation regarding a shift to cryptocurrency, President Vladimir Putin provided insight into the matter during a recent press conference. The Russian president stressed the focus on national currencies, highlighting the conversation around a single currency for the member countries as being “premature.”

This statement may come as a mild setback to the expectations of many within the broader cryptocurrency ecosystem, who anticipate the adoption of Bitcoin or XRP as a potential validation for the industry.

However, it is important to note that President Putin did not specify a timeline for considering digital currencies and instead centered his commentary on the establishment of a unified banking system.

XRP had come into the spotlight in June as the BRICS member countries began considering crypto. However, President Putin noted that the New Development Bank is currently serving the needs of member countries in a manner that Western financial institutions could not.

The Russian president went on to project that the BRICS bloc will grow economically in the coming months. According to his projections, the organization will eventually command the majority of global economic power due to its size.

As previously reported by Coingape, the organization, which includes Brazil, Russia, India, China and South Africa, has made notable moves toward digital currencies in the past. In August, the bloc planned to launch two crypto exchanges and a BRICS stablecoin as part of its broader effort to promote alternative payments.

Despite the latest update from President Vladimir Putin, members of the BRICS alliance continue to highlight the viability of blockchain technology in driving the agenda for de-dollarization. In line with this, the alliance is expanding significantly, with several countries joining this year.

Turkey announced its plans to join the organization in June, while Egypt, Ethiopia, Iran and the United Arab Emirates have also recently joined the bloc.

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