The BRICS want to get rid of the influence of the dollar in international transactions. The organization reaffirmed this objective at its recent summit in South Africa. While the group’s monetary strategy is gradually revealed, we learn that Ripple’s XRP could contribute to this dynamic.
BRICS interested in Ripple’s XRP crypto?
Will Ripple’s XRP be adopted by BRICS as part of their monetary ambitions? This is a possibility to consider. Some of the organization’s member countries see this crypto as an interesting option for the dollar exit plan.
In the last news, Ripple is currently in talks with several of them. For the moment, no precise information has filtered out regarding the countries concerned. What we do know is that the countries in question have shown enthusiasm for crypto.
The latter would, for them, be a relevant means of deploying central bank digital currencies (CBDC). This, of course, uses blockchain technology operated by Ripple.
It must be said that this information is intriguing to say the least. Because, until now, no news concerning the possible deployment of a CBDC by the BRICS had filtered out.
An interesting development for Ripple?
For now, Ripple seems to be riding this wave which has strengthened the enthusiasm around its native crypto. This is particularly revealed by the data provided by A Chain of Blocks in a YouTube video.
The crypto analyst shares the trends around XRP following recent developments linked to BRICS. The decision of these states to explore alternative payment systems to the dollar would have significantly fueled the enthusiasm for crypto.
This dynamic is supported by data from Coinmarketcap. They indicate that XRP has recorded gains over the past week. And it is the only crypto in the top 5 to have achieved positive performance over the period.
For Graham Bright, executive at Euro Exim Bank, the growing importance of XRP can be explained by its technological advantage. According to him, its blockchain infrastructure effectively complements the SWIFT system, the current global payment network.
In any case, whether BRICS adopts Ripple’s XRP or not, their monetary objective is clear. It is about reshaping the global monetary and financial system to move away from the dollar. A project reaffirmed by Russian President Vladimir Putin during the BRICS summit.
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