Russia's Deputy Foreign Minister Sergei Ryabkov revealed in an interview that BRICS countries are exploring the potential use of stablecoins for international settlements.
Ryabkov alluded to ongoing deliberations regarding the establishment of a “BRICS Bridge.,” which is designed to connect central bank digital currencies (CBDCs) and facilitate financial cooperation among BRICS member nations. Precise details were not disclosed regarding the utilization of existing products.
For several months, especially as Western sanctions intensify, Moscow has been advocating for a blockchain-based solution for BRICS, which would diminish dependence on the U.S. dollar. In September 2023, Russian Prime Minister Mikhail Mishustin stressed the importance of implementing cross-border settlements using blockchain technology and digital assets. Mishustin emphasized that such initiatives would provide “more opportunities” for attracting foreign investments.
In an interview with the Russian state-owned news agency TASS, Kremlin aide Yury Ushakov unveiled plans to establish this blockchain-based system for BRICS. However, he refrained from disclosing the timeline for this initiative.
The alliance has already established a dedicated communication channel between central banks.
