New York, Monday, October 21, 2024 – Russian President Vladimir Putin had revealed a plan for BRICS countries to adopt digital currencies as an investment tool, aimed at reducing dependence on Western financial systems during a BRICS media meeting on Friday, October 18.
At the meeting Putin emphasized the proposal’s goal to drive economic growth in developing nations and curb inflation risks.
The plan targets BRICS members—Brazil, Russia, India, China, and South Africa—as well as other developing countries, offering an alternative to traditional financial models. Putin stated that BRICS institutions would manage the initiative, ensuring its stability.
The proposal is seen as a move to shift away from financial systems controlled by Western powers. By creating new investment channels and fostering economic collaboration, the plan aims to help developing countries manage inflation and navigate global financial challenges.
Putin confirmed ongoing consultations with key BRICS partners, including China, India, and Brazil, with South Africa expected to join soon. This effort signals a strategic push to reshape global economic systems and reduce Western influence.
If adopted, the digital currency initiative could alter global finance, providing a path for emerging economies to thrive outside of Western dominance.
The proposal underscores the growing desire among developing nations to gain financial autonomy, aligning with BRICS’ broader geopolitical goals.
