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BRICS plans digital asset platform for global investment

BRICS plans digital asset platform for global investment

GrafaGrafa2024/11/11 14:37
By:Mahathir Bayena

The BRICS nations are proposing a digital asset platform aimed at boosting investments in emerging markets across South Asia, Africa, and Latin America.

Russian President Vladimir Putin outlined the proposal during the Valdai Discussion Club’s plenary session in Sochi, suggesting that BRICS countries could develop a platform leveraging electronic assets to facilitate investment.

"We suggest creating a new investment platform of [BRICS countries], using electronic assets, developing them," emphasised President Vladimir Putin.

The platform is intended to enable investments in high-growth areas, streamlining financial flows into key developing regions through a digital framework.

The initiative reflects BRICS’ focus on enhancing global economic integration and supporting economic development in emerging markets.

As of January 1, the BRICS bloc expanded to include Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE), joining Brazil, Russia, India, China, and South Africa.

The expansion aims to strengthen the group’s economic and political influence.

Recently, BRICS extended partnership invitations to 13 additional countries, signaling its intent to broaden its global reach.

Putin highlighted the investment appeal of targeted regions due to their demographic and economic growth.

“We think so because very strong demographic processes are taking place there: population growth, capital accumulation, the urbanisation level is in sufficient there and it will definitely grow,” He stated.

These factors underscore the potential for significant returns on investment in these areas.

At the 16th BRICS Summit held from October 22-24 in Kazan, Russia, member states explored strategies to expand their influence and develop alternatives to Western-dominated financial systems to enhance economic independence.

Putin also commented on Russia's approach to the U.S. dollar, clarifying that while restrictions affect its use, the country does not plan to abandon it.

He critiqued U.S. policies that limit the dollar’s reach, arguing these actions weaken its global authority but affirmed its continued importance to Russia's economy.

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