Hope for XRP as BRICS Considers New Cross-Border Payment System

A recent tweet from crypto influencer Amelie has drawn attention to ongoing developments within BRICS regarding a new cross-border payment system.

Amelie’s post highlighted that BRICS countries have previously tested XRP and suggested it could soon become the global standard for international transactions.

Her tweet linked to an article that reported statements from Russian Finance Minister Anton Siluanov, who confirmed that Moscow is working on financial instruments within BRICS, including a cross-border payment system.

BRICS Exploring a New Financial Infrastructure

According to the article shared in Amelie’s tweet, Siluanov stated that BRICS is evaluating financial innovations, particularly a cross-border payment system that could integrate national currencies, digital technologies, and digital financial assets.

He emphasized that Moscow is closely monitoring advancements in financial infrastructure, noting that such developments are essential for strengthening trade and economic growth among BRICS nations.

One of the key reasons BRICS is pushing for alternative payment systems is the impact of Western sanctions, particularly the exclusion of Russian banks from SWIFT. In response to these restrictions, BRICS countries have been accelerating efforts to establish independent financial networks that reduce reliance on Western-dominated systems.

XRP’s Role in Previous BRICS Testing

Amelie’s tweet referenced past tests of XRP by BRICS countries, though no specific details were provided in the linked article regarding its inclusion in current plans. XRP has been used in various pilot programs for cross-border payments due to its speed and efficiency.  making it a potential option for countries looking to move away from traditional systems.

The idea that XRP could play a role in BRICS’s financial strategy aligns with the broader trend of exploring blockchain-based solutions for international payments. However, no official confirmation from BRICS leaders regarding XRP in the proposed system.

Potential Implications for Global Finance

If BRICS implements a new cross-border payment system, it could significantly impact global finance by reducing reliance on existing Western-controlled networks. The inclusion of digital financial assets in BRICS discussions suggests that blockchain technology could play a role in their strategy. However, details on which assets or networks will be used remain unclear.

Siluanov also provided an update on Russia’s budget deficit, stating that it is expected to decline to 0.5% of the GDP this year from 1.7% in 2024. This financial outlook indicates Russia’s focus on economic stability amid broader financial restructuring within BRICS.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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