Putin Advocates for ...

Putin Advocates for BRICS Digital Asset Platform Targeting Emerging Markets

By José Oramas November 13, 2024 In Cryptocurrency, Digital Asset, Russia, Stock Market

BRICS, new group of powerful rising states, Made a cooperation agreement to use the new currency to trade internationally, Business investment Analysis, world money economic growth — Source:AdobeStock

Putin proposed a BRICS digital asset platform to enhance economic growth in emerging markets, particularly targeting regions in South Asia, Africa, and Latin America.
The platform aims to facilitate electronic payments and investments in high-growth areas, leveraging factors like population growth, capital accumulation, and urbanisation.
The Kremlin also denied recent reports of a Trump-Putin call, dismissing claims of a conversation about the Ukraine conflict as “pure fiction”.

The BRICS bloc, which now includes Egypt, Ethiopia, Iran, and the UAE alongside Brazil, Russia, India, China, and South Africa, recently extended partnership offers to 13 additional countries.

During the recent BRICS Summit in Kazan, key members discussed expanding their economic reach and developing alternatives to Western financial systems. One of those key members is, of course, Vladimir Putin, who proposed a BRICS investment platform using digital assets to drive economic growth in emerging markets, particularly in South Asia, Africa, and Latin America.

According to Tass, the platform would support electronic payments and investments in high-potential regions.

We think so because very strong demographic processes are taking place there: population growth, capital accumulation, the urbanization level is insufficient there and it will definitely grow.

Vladimir Putin, Russian President

The president also highlighted Russia’s challenges with dollar-based transactions due to sanctions but clarified that Russia is not abandoning the US dollar. However, he criticised policies that limit its use, reinforcing the need for BRICS to create independent financial structures.

No Peace Deal?

The Kremlin has firmly denied claims of a recent conversation between US President-elect Donald Trump and Russian President Vladimir Putin, calling such reports “pure fiction”.

Kremlin spokesperson Dmitry Peskov addressed the rumours on Monday, stating unequivocally that no such call took place.

This is completely untrue. This is pure fiction. It’s just false information. There was no conversation. This is the most obvious example of the quality of the information that is being published now, sometimes even in fairly reputable publications.

Dmitry Peskov, Kremlin spokesperson

This is important considering that Trump has made statements suggesting he would pursue negotiations to resolve the Ukraine-Russia conflict, even claiming he could end the war “within 24 hours”.

The first days of the war exerted considerable pressure on financial markets worldwide, with pronounced effects on both traditional stocks and cryptocurrencies.

It affects crypto markets through reduced trading volumes, market sentiment, and price reactions—which often react negatively to geopolitical tensions—but it also underscores crypto’s utility beyond speculation, as it can be used to raise money and channel donations.