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BRICS platform could reshape financial flows into South Asia, Africa, and Latin America using digital assets.
Author: Kremlim Russia
Key Takeaways
Putin proposed a BRICS digital asset platform to boost investments in South Asia, Africa, and Latin America. The proposed platform aims to facilitate electronic payments and investments in high-growth regions. <?xml encoding="UTF-8"?>Russian President Vladimir Putin proposed creating a new BRICS investment platform using digital assets to support developing markets across South Asia, Africa, and Latin America, as reported by Tass.
“We suggest creating a new investment platform for BRICS countries, using electronic assets,” Putin said at the Valdai Discussion Club on Friday. “This platform would allow investment in developing markets, primarily in South Asia, Africa, and Latin America.”
The platform would enable electronic payments and investments in developing markets, focusing on regions with high growth potential.
“We think so because very strong demographic processes are taking place there: population growth, capital accumulation, the urbanization level is in sufficient there and it will definitely grow,” Putin stated.
The BRICS economic bloc expanded on Jan. 1 to include Egypt, Ethiopia, Iran, and the United Arab Emirates, joining existing members Brazil, Russia, India, China, and South Africa.
The group recently extended partnership invitations to 13 additional countries at a summit in Russia.
At the 16th BRICS Summit in Kazan from Oct. 22-24, members discussed expanding their global influence and developing alternatives to Western-dominated payment systems.
Putin clarified that while Russia faces restrictions on dollar use, it does not plan to abandon the US currency, though he criticized American policies that limit dollar transactions.
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