Sergei Ryabkov, Russia’s Deputy Minister of Foreign Affairs, in an interview said that BRICS nations are considering the adoption of stablecoin transactions and a platform for CBDC payments to boost financial integration.
What Happened: This development comes amid growing efforts by the BRICS nations — Brazil, Russia, India, China, and South Africa — to reduce their reliance on the US dollar in global commerce.
The BRICS concept of a stablecoin is a digital currency pegged to a stable asset, like a national currency or a basket of currencies.
This stability would make it a reliable medium for international transactions, potentially bypassing the complexities and fees associated with traditional cross-border payments.
According to Ryabkov, other options being explored include the creation of a “BRICS Bridge” — a platform that would integrate the digital currency systems of central banks within the ...