At the BRICS Summit 2024 in Kazan, Russia, a key topic emerged: de-dollarization through cryptocurrency. Leaders of Russia, China, and Iran emphasized the use of digital platforms for payments, aiming to reduce reliance on the US dollar.
The core of these discussions is the BRICS Pay blockchain network, which will probably use central bank digital currencies. While still under development, BRICS Pay can be a potential tool for boosting economic independence.
Russian President Vladimir Putin highlighted the growing need for secure payments using crypto and CBDCs. He pointed to their potential in reducing dollar dominance. Some members, including Iran’s President Masoud Pezeshkian, proposed new digital platforms for global transactions.
Though still in its early stages, the BRICS alliance appears determined to advance de-dollarization by leveraging cryptocurrencies and blockchain technology.
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