TechFlow news — On November 12, according to Cryptoslate, Russian President Vladimir Putin proposed establishing a unified digital asset system within the BRICS framework during the Valdai Discussion Club. The initiative aims to facilitate electronic payments and attract investment from developing markets. The platform will focus on emerging economies in South Asia, Africa, and Latin America, aiming to provide new capital channels for high-growth regions. Putin emphasized the platform's potential to drive economic development in rapidly urbanizing areas, highlighting growth opportunities in these regions and citing population growth, capital accumulation, and rising urbanization rates as key factors supporting this focus.
Putin addressed Russia's restrictions on dollar transactions due to sanctions, noting that Russia does not intend to completely abandon the U.S. dollar. Instead, he criticized U.S. policies restricting the use of the dollar in international markets, stating that alternatives like the proposed BRICS digital asset platform could reduce reliance on the traditional Western financial system. On January 1 of this year, BRICS welcomed four new members: Egypt, Ethiopia, Iran, and the United Arab Emirates. At the recent Kazan BRICS summit, member countries also discussed the possibility of inviting 13 additional nations to join.
