XRP Cryptocurrency Being Considered for BRICS Payment System

The BRICS bloc of nations, consisting of Brazil, Russia, India, China, and South Africa, are reportedly exploring the use of the Ripple Labs inc. developed XRP coin for cross-border settlements. The plan is to reduce reliance on traditional financial systems and promote economic collaboration among member nations.

Russian President Putin gave updates at the SPIEF 2024 conference about the new financial alliance, saying they are shaping an independent payment system free from political pressure, abuse, and external sanction interference. The Central Bank of Russia has stated that they will most likely use XRP for cross-border payments.

Some of the key proposed developments of the payment system include blockchain integration, focus on inclusivity and efficiency, and expanding the use of banking and currency. BRICS was recently joined by new member states including Saudi Arabia, Iran, Egypt, Ethiopia, and the United Arab Emirates. The total share of the intergovernmental financial organization has since reached 36% of global GDP and 45% of the global population.

According to CoinGape, Rippleโ€™s growing network of alliances with popular financial institutions is an advantage that BRICS nations could leverage. An XRP ETF might also be on the horizon after a July 13th, 2023 ruling that the XRP crypto coin is not security. Since the Securities and Exchange Commission (SEC) has allowed Bitcoin ETFs and Ethereum ETFs, people have been discussing the implementation of other crypto ETFs as well.