Russian President Vladimir Putin proposed the establishment of a digital asset platform within BRICS, according to reports from local media.
This initiative aims to promote the flow of investment into emerging economies in South Asia, Africa, and Latin America, while opening new investment channels in regions with strong growth potential.
Speaking at the Valdai Discussion Club, Putin proposed that BRICS nations – including Brazil, Russia, India, China, and South Africa – would build a unified digital asset system to support electronic transactions and attract investment into developing markets.
The President of Russia shared:
"We propose establishing a new investment platform for BRICS countries, utilizing digital assets."
Putin emphasized the platform's potential to drive economic growth in rapidly urbanizing areas, while highlighting development opportunities in these regions, including population growth, capital accumulation, and high urbanization rates, which are all factors driving the platform's development.
He also stated:
"Strong demographic processes are taking place in these areas... and will certainly continue to develop."
The expansion of BRICS influence
The BRICS bloc has been and is expanding its global influence. On January 1, 2024, the group welcomed new members, including Egypt, Ethiopia, Iran, and the UAE.
At the recent BRICS Summit in Kazan, members also discussed the possibility of inviting an additional 13 countries to join, including Vietnam, to strengthen the group's role in global issues.
President Putin also mentioned the restrictions on the use of the U.S. dollar in Russia due to sanctions, affirming that Russia has no intention of completely abandoning this currency.
He criticized U.S. policies that restrict the use of the dollar in international transactions, arguing that alternatives such as BRICS's digital asset platform could mitigate dependence on the traditional Western financial system.
This proposal reflects BRICS's ongoing efforts to develop independent financial solutions, outside of Western-dominated financial frameworks, with the goal of building a more multipolar economic environment. Discussions on the technical and regulatory feasibility of the platform are expected to continue in upcoming BRICS meetings.
