According to a recent statement from the Chairman of the Russian State Duma Committee on the Financial Market Anatoly Aksakov, the BRICS bloc is working to replace the US dollar with cryptocurrency for trade. Indeed, Aksakoc discussed the alliance’s work to utilize digital assets in place of fiat currency for international transactions. The economic alliance
BRICS member Russia is looking to accept cryptocurrencies to settle cross-border trade transactions and not the US dollar. Russia is advocating to receive payments in cryptocurrencies as the country faces economic sanctions by the US. The Bank of Russia announced early this month that it will push cryptocurrency payments with other countries for trade settlements.
BRICS bank commonly called the ‘New Development Bank’ (NDB) is aiming to make $5 billion in loans in 2024. The bank’s Vice President Zhou Qiangwu said that NDB will begin to scale up after being on the sideline since the COVID-19 era. NDB slowed down in disbursing loans after 2020 due to the pandemic and