BRICS Nations Mull Blockchain Payments, XRP Floated as Option

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BRICS Nations Mull Blockchain Payments, XRP Floated as Option
  • Vladimir Putin confirmed BRICS is working to develop an independent payment system.
  • The group will most likely use XRP for cross-border payments.
  • Analysts think XRP could rally to $10,000 if the group archives its plan.

Russian President Vladimir Putin confirmed that the BRICS group is developing an independent payment system to reduce reliance on existing systems. A document from the Russian Central Bank suggests the group may consider using XRP for cross-border transactions.

Putin emphasized the BRICS nations’ goal of creating a payment system free from political influence and external control. He noted the group’s expansion in 2024 with the addition of Saudi Arabia, Iran, the UAE, Egypt, and Ethiopia. Putin also highlighted the significant growth in the BRICS’ combined global GDP after these additions, pushing it to 36%. He also expressed openness to welcoming new members from various continents.

A research paper suggests the BRICS group might utilize XRP, associated with Ripple, to facilitate cross-border payments. This aligns with the Bank of Russia’s exploration of the Ripple payment system for similar purposes.

XRP’s reputation for speed and low transaction fees makes it a strong candidate for the BRICS’ new payment system. If adopted, such a move could significantly increase XRP adoption and boost its market value.

Cryptonairz CEO Robert Doyle (Crypto Sensei) predicts a substantial price increase for XRP if the BRICS nations adopt it for cross-border payments. Doyle suggests XRP could reach $10,000 if the group successfully implements its plan.

Analysts believe using XRP as an alternative to the U.S. dollar could offer advantages for BRICS nations. XRP adoption could potentially mitigate the currency volatility challenges faced by developing countries within BRICS.

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