The cryptocurrency market is abuzz with excitement as Russia confirms plans to launch a new payment system for BRICS with XRP being considered as a potential currency. This development could have significant implications for the future of cross-border settlements within the BRICS group.
BRICS, comprised of Brazil, Russia, India, China, and South Africa, is exploring the possibility of establishing its own independent payment system to enhance currency sufficiency. The use of XRP, a digital asset associated with Ripple, is reportedly under consideration for facilitating cross-border transactions.
Recent reports indicate that Russian President Vladimir Putin has given the green light for the bloc to pursue its alternative currency plan. A research paper highlighted by XRP enthusiast Amelia suggests that XRP could play a crucial role in the group’s payment scheme, potentially revolutionizing international settlements.
Prior to this announcement, the Bank of Russia had initiated a project focusing on cross-border transfers, with the Ripple payment system being considered as a key component. The efficiency and cost-effectiveness of XRP’s transaction capabilities make it an attractive option for the BRICS group seeking to modernize its payment infrastructure.
If BRICS officially adopts XRP for cross-border settlements, it could lead to a significant surge in the value of the cryptocurrency. Robert Doyle, CEO & Founder of Cryptonairz, speculates that XRP’s price may skyrocket to $10,000 in response to this strategic move by the BRICS group.
