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Russia pushing ‘crypto’ payments, SWIFT alternative as sanctions bite
Bank of Russia said it had softened its stance on digital asset payment due to sanctions but admitted that the BRICS alternative faces tough hurdles.
Bank of Russia said it had softened its stance on digital asset payment due to sanctions but admitted that the BRICS alternative faces tough hurdles.
Iran’s trade attaché at the embassy in Moscow recently confirmed that Russia and Iran are working on a CBDC as Russia works on a framework for Digital Financial Assets.
Russia’s Deputy Foreign Minister Sergei Ryabkov noted that the common currency process hadn’t been shelved but acknowledged that it has many moving parts.
The U.S. dollar could face an enormous challenge as the BRICS alliance eyes the use of stablecoins for settlements in the wake of increasing sanctions against Russia and growing rivalry with China.
Russia is reportedly banking on the planned blockchain-based payment system to reduce the U.S. dollar's global influence, seeking help from other BRICS members.
The proposed BRICS Bridge system draws inspiration from the BIS-backed mBridge platform, with China and the United Arab Emirates already recording initial successes.
As Bitcoin gains traction, it could reshape global power structures, spur innovation, and promote financial inclusivity. This shift could prove to be a net good for freedom and prosperity worldwide.
India and Russia should take the lead in forming a financial relationship to ultimately create a new common currency, according to State Duma Deputy Chairman Alexander Babakov.
The President of Iran has called on Muslim nations to develop a cryptocurrency that could help them avoid using the USD, reducing the U.S economic dominance.