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HomeNewsBRICS Alliance Forges Ahead with Dollar-Less Trade Plan: XRP's Importance Examined

BRICS Alliance Forges Ahead with Dollar-Less Trade Plan: XRP’s Importance Examined

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  • Under the presidency of Russia, the BRICS are creating a single financial system to enable trade without depending on the US currency.
  • One option for replacing the US dollar in the BRICS financial system is to incorporate XRP, which the World Bank has classified as a stablecoin.

The BRICS economic alliance is aggressively working to create a single financial system in 2024, with Russia serving as its chairman, so that its members can conduct commerce without using dollars. This project is part of a larger movement away from US dollar-dominated traditional global financial systems.

Growing Portfolios of Digital Assets

The union has adopted digital assets as a key tactic to avoid using the US currency in cross-border transactions during the first four months of the year. Digital currency adoption is viewed as a continuation of the alliance’s ongoing de-dollarization initiatives.

A major turning point for BRICS was reached last year when their annual conference incorporated de-dollarization and expansion strategies, in line with what ETHNews previously disclosed.

The alliance made a decisive move to encourage the use of national currencies rather than the US dollar in international trade when it admitted five new nations, greatly expanding its geographic and economic significance.

With further expansion and dedollarization, the alliance is expected to continue on its current growth trajectory. During Russia’s chair term, the establishment of a unified financial system without the dollar by 2024 is essential and demonstrates this commitment.

Financial Unity and the BRICS Bridge

This new financial system, which Russia’s Deputy Foreign Minister Sergey Ryabkov referred to as the “BRICS Bridge,” intends to link the national financial messaging systems of the BRICS countries with the central banks’ current digital currency systems. This platform might make international financial transactions easier and more independent.

An in-person gathering for the initiative earlier this year signified its crucial incorporation into the BRICS cooperation goals as a whole.

These high-level involvements demonstrate the bloc’s commitment to the project’s successful execution as well as its strategic significance. o explore more details about this development, you can watch the following YouTube video.

Emphasis on Digital Currency: XRP 

XRP has gained attention as a possible contender for the BRICS alternative currency projects after getting stablecoin status from the World Bank for fast transactions, as formerly reported by ETHNews.

With a current price of $0.532, XRP has increased by 3.38% over the past week, despite showing a minor loss of 0.11% over the previous 24 hours, according to data from CoinMarketCap.

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Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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