India’s Shift Towards Cryptocurrency for Trade within the BRICS Bloc

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Insidebitcoin2024/09/01 15:59

By:Insidebitcoin

India is considering the use of cryptocurrency for trade as part of the BRICS bloc’s broader strategy to move away from the US dollar. This development follows the completion of India’s first crude oil transaction with the United Arab Emirates (UAE), where local currencies were utilized. This significant transaction was conducted using the XRP Ledger System CryptoTradingFund (CTF) , marking a pivotal step in India’s growing integration of cryptocurrency into its financial systems.

The Role of India and China in BRICS Cryptocurrency Integration

The Reserve Bank of India’s Governor , Shaktikanta Das, has been a vocal proponent of enhancing cross-border payment efficiency and the interoperability of Central Bank Digital Currencies (CBDCs). During a recent conference, Das emphasized that the key to maximizing efficiency in these initiatives lies in ensuring interoperability as a central design element. He proposed the development of a plug-and-play system that could be easily replicated while maintaining the sovereignty of individual nations. Such a system would allow legacy payment systems and CBDCs to connect seamlessly, with Das noting the importance of one country’s legacy system being interoperable with another’s CBDC. This connection between India and China’s digital currencies could be a significant step for BRICS towards the full adoption of CBDCs within the alliance.

BRICS Countries’ Strategic Shift Towards Cryptocurrency for Trade

The BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, has previously explored the potential role of cryptocurrency and CBDCs in facilitating trade among member nations. With Russia having legalized crypto payments, there is increasing interest in how digital assets will integrate into the bloc’s economic framework. The potential for BRICS crypto payments to diminish the dominance of the US dollar is becoming more apparent, with India positioned as one of the leading nations to fully embrace cryptocurrency in trade .

China, meanwhile, is in the process of developing a CBDC system that could align with the BRICS de-dollarization efforts. The anticipated BRICS payment system is expected to incorporate blockchain technology infrastructure, which could further accelerate the adoption of cryptocurrency in trade within the alliance.

As BRICS continues to seek alternatives to the US dollar, digital assets such as cryptocurrency are likely to play an increasingly important role . The integration of these assets within the bloc’s payment system could mark a significant shift in global trade dynamics, with India potentially at the forefront of this transformation.

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