Adopting crypto has been one of the key discussions among BRICS member states in a business forum held in Moscow on Friday.

The BRICS (Brаzil, Russiа, Indiа, Chinа, аnd South Africа) bloc seeks to reduce its reliance on Western financial systems by introducing an alternative payment system to the SWIFT payment network.

Digital Currency Adoption Urged

During the forum, Russian President Vladimir Putin urged BRICS members to adopt cryptocurrencies and other digital monies in their financial transactions to lessen their reliance on the US dollar.

Putin believes that BRICS and other developing countries could benefit from embracing digital currencies, saying that he would push for the economic bloc to explore this possibility.

JUST IN: BRICS to use digital currencies for investment developments. pic.twitter.com/i7u7JFsC55

— BRICS News (@BRICSinfo) October 18, 2024

He said that BRICS member nations will talk about using digital currencies in investment developments, adding that BRICS members are not the only ones who will benefit from crypto adoption but “other developing and emerging economies” as well.

However, he recognized that comprehensive regulations should be established first while highlighting the significance of crafting а robust framework governed by BRICS nations before dipping into crypto adoption.

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Author: Christian Encila