Russia proposes digital currency plan for BRICS investment growth

Russian President Vladimir Putin has introduced a digital currency initiative for BRICS nations, aimed at enhancing economic collaboration and reducing dependence on Western financial systems.

Putin's plan, announced at a BRICS media meeting, seeks to use digital currencies as a tool for investment, particularly targeting developing countries in the Global South.

The proposal emphasises the potential for these currencies to be non-inflationary, offering a stable means for economic growth among BRICS members and their global partners.

Putin described the plan as a significant opportunity for BRICS countries—Brazil, Russia, India, China, and South Africa—to boost their economic influence and support other developing economies.

"We want to offer a rather serious thing — using digital currencies in investment processes," Putin said, noting the potential for this initiative to create new financial instruments under BRICS control.

The plan is designed not only for BRICS nations but also for other countries with promising growth prospects.

Consultations are already underway with key BRICS partners, including China, India, and Brazil, with discussions planned with South Africa soon.

Putin added, “We are already holding consultations with our Chinese friends, with our Indian friends, and we have just held consultations with the Brazilians. And we will definitely talk to South Africa.”

This digital currency push aligns with Russia’s broader strategy to strengthen economic ties within BRICS and develop alternatives to Western-dominated financial structures.

By integrating digital currencies into their investment processes, BRICS nations aim to create a new financial framework that fosters cooperation among emerging economies while addressing global economic challenges.