In a bid to create an alternative to the use of the United States dollar for cross-border remittances and trade, member countries of the BRICS consortium are considering implementing a stablecoin.
BRICS To De-Dollarize Trade With Stablecoin
During a recently conducted interview, Russian Deputy Foreign Minister Sergei Ryabkov disclosed the plan for the bloc to consider stablecoins for international settlements. This is in addition to developing “BRICS Bridge,” a platform that supports interoperability of Central Bank Digital Currency (CBDC) payments.
Furthermore, he talked about the roles that the fiat currency-backed cryptocurrency will play for the group including fostering financial cooperation among BRICS member countries. This looks like an indirect approach for the BRICS countries to finally have their native currency. It remains uncertain how far the bloc has gone with its research and the plans for the proposed stablecoin.
For quite some time, the BRICS Group, which incl
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