BRICS Contemplates Digital Currencies Over Common Currency

Russian President Vladimir Putin has downplayed the prospect of a common BRICS currency, advocating a cautious approach due to economic disparities among member states. Instead, the 10-nation bloc is exploring digital currencies and enhancing the use of national currencies for trade and investment. A BRICS Pay platform is under development.

Russian President Vladimir Putin has downplayed the immediate creation of a common BRICS currency, emphasizing the need for a cautious approach. Instead, the 10-nation bloc is focusing on exploring digital currencies and enhancing the use of national currencies for mutual trade and investment in a bid to ensure economic stability.

Putin's remarks came during a media interaction where he advised slow and steady progress towards any joint currency goals due to economic disparities among BRICS nations. These comments precede the 16th annual BRICS summit, to be held in Kazan, reflecting the geopolitical aspirations to counterbalance Western economic systems.

Alongside digital currency initiatives, BRICS is preparing to launch the BRICS Pay platform, a blockchain-based system to facilitate cross-border transactions. This approach aligns with its broader strategy to reduce dependency on the US dollar and foster greater economic autonomy, with discussions ongoing with member states, including India and China.

(With inputs from agencies.)