Digital Assets: The BRICS Bloc’s Secret to Securing Independence (and a Few Billion Dollars)
I’m not saying the BRICS bloc is getting desperate, but they’re considering using digital financial assets to secure their economic independence from the rest of the world. Because, you know, being beholden to third-party nations is just so last season.
BRICS Profiles Digital Financial Assets as Part of Future’s Financial Settlements Arsenal
Digital assets have become the cool kids in international trade, and now even the BRICS bloc is trying to get in on the action. It’s like they’re saying, “Hey, we’re not just a bunch of countries with questionable economic decisions – we’re also hip to the latest fintech trends!”
Russian Finance Minister Anton Siluanov is all about embracing digital financial assets, because who doesn’t love the idea of using cryptocurrencies and tokenized gold to settle international transactions? It’s like the ultimate game of “trust no one” – except, you know, with actual money.
According to Siluanov, digital financial assets are part of the arsenal that will fuel BRICS trade. Because, you know, nothing says “economic independence” like a good old-fashioned cryptocurrency heist.
We are considering our various financial innovations on the BRICS floor, including the cross-border payment system that can be based, further to bilateral settlements, on national currencies with consideration of digital technologies and digital financial assets.
Siluanov is all about creating innovative payment structures for the future of BRICS trade. Because, you know, the future is now – and the future is all about digital assets and questionable economic decisions.
Digital financial assets (DFA) are like the wild west of the financial world – except, you know, with more math and less cowboy hats. They include cryptocurrencies, tokenized gold, and other assets that are just begging to be used for international transactions.
Russia has been preparing to use DFA for international trade since last year, when President Vladimir Putin signed a law that allowed their use for international payments. Because, you know, nothing says “economic stability” like a law that allows for the use of unregulated cryptocurrencies.
Read more: Russia Regulates Use of Digital Assets for International Settlements
Siluanov himself described the inner workings of the upcoming BRICS payment system during last year’s BRICS summit at Kazan. Because, you know, nothing says “international cooperation” like a bunch of countries getting together to talk about digital assets.
Read more: BRICS Payment System a SWIFT Substitute? Network to Implement Digital Assets and Financial Messages
In March, Chairman of the Russian State Duma Committee on the Financial Market Anatoly Aksakov also referred to the possibilities DFA would bring to the country’s trade settlements: “It’s quite possible that this will be a serious channel to replace fiat currencies in international transactions,” he concluded.
Read more: Russian Duma Financial Market Chairman States Digital Financial Assets Might Replace Fiat for International Payments
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2025-03-29 06:59