In what is certainly a groundbreaking moment for the economic alliance, the BRICS bloc has proposed the creation of a new global crypto investment platform. Indeed, Russian President Vladimir Putin recently unveiled that the idea had been suggested and would heavily involve cryptocurrencies.

The bloc has been developing its own blockchain-based payment system for much of the last year. However, it has yet to unveil any substantial process made for its eventual launch. Still, the most recent announcement confirms the collective’s continued commitment to the growing asset class.

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BRICS Discuss Creation of a Crypto-Based Investment Platform?

For much of the last two years, the BRICS bloc has firmly embraced a greater role in global economics. Much of that has come in their effort to lessen international reliance on the US dollar. Yet, they could be set to introduce greater measures to integrate cryptocurrencies, based on a monumental announcement made today.

The BRICS bloc has announced a recent proposal to create a global crypto investment platform. Indeed, Vladimir Putin discussed the idea at the Valdai Discussion Club’s plenary session Friday. Moreover, the statement was made before Bitcoin surged to an $83,000 all-time high this week.

russia president vladimir putin
Source: CNN

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“We suggest creating a new investment platform of [BRCIS countries] using electronic assets, developing them,” Putin said. “The point is to create such a platform of electronic payments, with the use of which it will be possible to invest in developing markets, and these are primary markets of South Asia, Africa, and Latin America in part,” he added.

Russia announced that it unbanned cryptocurrencies from international trade earlier this year. The move was set to open up increased global dealings using the emerging assets and curtail increased Western sanctions. This proposed platform would fastrack that potential, and solidify the bloc’s crypto approach.

  • BRICS
  • crypto