BRICS leaders advocate for crypto payments to de-dollarise

At the 2024 BRICS Summit in Kazan, Russia, top leaders from China, Russia, and Iran highlighted the importance of cryptocurrency and Blockchain technology in their ongoing efforts to reduce dependence on the US dollar. 

The discussions focused on the development of BRICS Pay, a blockchain-based payment platform incorporating central bank digital currencies (CBDCs) as part of a broader de-dollarisation strategy. 

Russian President Vladimir Putin, Chinese President Xi Jinping, and Iranian President Masoud Pezeshkian emphasized the need for reforming the global financial system. 

Xi stated, “There is an urgent need to reform the international financial architecture, and BRICS must play a leading role in promoting a new system.” 

These reforms aim to reflect changes in the global economic power balance and facilitate secure international payments. 

The proposed BRICS Pay system would use blockchain and CBDCs to offer an alternative to the current dollar-dominated global trade structure. 

A prototype of a new currency for this platform was also presented during the summit, signaling significant progress beyond mere theoretical discussions. 

Some members, like Iran, further supported this initiative by advocating for international mobile payment systems and a shared e-commerce platform, emphasizing the growing need for digital solutions. 

Russian lawmakers also introduced the possibility of using Bitcoin (CRYPTO:BTC) and other cryptocurrencies for import payments, pushing the conversation toward alternative assets outside the traditional financial system.