Orhan 
Russian President Vladimir Putin announced that under the BRICS digital currency proposal, recommendations would be made for the use of digital currencies in investment processes among BRICS countries. During a press conference held ahead of the BRICS summit, which will begin on October 22, Putin stated, “We want to present a highly significant issue to BRICS members. This concerns the use of digital currencies in investment processes within the framework of the BRICS digital currency proposal.”
Putin noted that digital currencies could be designed to avoid inflationary pressures and could serve as a valuable instrument not only for BRICS countries but also for other developing economies. He added that consultations were ongoing with China and India, and talks with Brazil and South Africa would take place soon.
Russia is taking steps to support digital payment systems within the BRICS framework. As Deputy Finance Minister Sergei Ryabkov previously mentioned, the possibility of payments with stablecoins is also on the agenda. These developments align with BRICS’ goal of reducing the dominance of the U.S. dollar in international trade and transitioning to local currencies.
Notably, Russia’s lifting of bans on digital assets and the digital ruble project are laying the groundwork for this new direction. BRICS is also preparing to launch the BRICS Pay platform, which aims to facilitate cross-border transactions, reduce dependence on Western financial systems, and circumvent U.S. sanctions.
Putin emphasized that developing financial messaging systems based on national digital currencies, aimed at increasing financial independence, is a crucial step under the BRICS digital currency proposal. The upcoming BRICS Summit will feature detailed discussions on potential new members and expansion prospects, along with the digital currency proposal.
The BRICS bloc aims to strengthen the digital economy and cross-border payment systems to increase its influence in global trade. Putin’s statements highlight the accelerating pace of BRICS strategies toward a digital future.
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