BRICS Nations Are Accelerating Their Push For Central Bank Digital Currencies

BRICS nations are looking to pick up the pace to get their own central bank digital currencies (CBDC) out sooner.

BRICS represents the five largest emerging economies in the world who have made affinity together to increase their power and allyship, consisting of Brazil, Russia, India, China, and South Africa. BRICS are posing a serious threat and represent a major power shift in world preeminence.

It has been revealed that five other nations are considering making league with the original five nations: Argentina, Iran, Saudi Arabia, Egypt, and Turkey.

Two of these nations in particular, Russia and India, are out pacing the West in the delivery of a CBDC.

According to a Trends Journal report, Russia plans to release their official CBDC sometime this year and more widely implemented in 2024.

‘Experts are predicting the move will drive more income to retailers, who will save on payment fees, while Russia’s banking industry might lose 700 million annually,’ The TJ wrote.

Some have also argued that consumers would be hurt because digital rubles would not not earn interest like cash kept in banks. This speculation assumes that people holding digital rubles would be unable to find their own ways to appropriate digital rubles to earn interest if they desired, depending on what DeFi style options might be in the offing, the Journal noted.

This digital ruble is speculated to be used in settlements with China, which would nullify more of the effects of U.S. and allied sanctions placed upon Russia.

SEE: Checkmate: Russia Makes Powerplay To Force Buyers To Pay For Their Natural Gas In Rubles. Europe Now Begins Fuel Rationing

Two weeks ago The WinePress reported that Russia and Iran – a nation that is posturing to join BRICS – are working to develop a joint stablecoin together.

Meanwhile India is also looking to implement a CBDC of their own, to test a digital rupee for payment of goods during its pilot phase.

This historic initiative of pioneering the digital currency acceptance at our stores is in line with the company’s strategic vision of offering the power of choice to Indian consumer.

Reliance Retail managing director V. Subramaniam commented, according to Coindesk.

Interestingly enough, both India and China have some of the strictest laws to regulate other decentralized cryptocurrencies in the world.

Finance Minister Nirmala Sitharaman recently spoke to CNBC where he called for global regulatory standards for crypto.

Regulation cannot be done by any one country singularly, it has to be a collective action because technology doesn’t group any borders.

Sitharaman told CNBC.

And as of note, Brazil recently revealed that they are working on a CBDC with Argentina – another nation that plans to join BRICS.

The Trends Journal writes: ‘Will BRICS nations snooker the West into adopting a “China—India” crackdown strategy on cryptos, while beating them in CBDC rollouts? Good question.’

SEE: Federal Reserve Launches 12-Week CBDC Pilot Program With Major Banks