The 16th Annual BRICS Summit is live in Russia, and a major topic in discussion is an alternative payment system and de-dollarization. There is uncertainty regarding what type of payment structure they will implement, which leads to various speculations.
According to some news sources, BRICS will consider a potential gold-backed digital currency. Some say they will create an Ethereum-based stablecoin and various other rumours are being made regarding which system they will choose.
The most popular speculation related to this is BRICS will choose XRP, Ripple blockchain’s native coin, as its unit token. The XRP speculation has been around the internet for 5 months and the ongoing BRICS Summit created a trend around it again.
According to various blockchain-based sources, BRICS will reveal its unit token today and they will officially announce the name of XRP. Is this true? Let’s check.
What is BRICS?
BRICS is an international organization combining Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. The major purpose of this cooperation is to promote global peace, security, and development.
BRICS: The Importance of a New Payment System
Since the launch of BRICS in 2009, there have been many discussions around the creation of a new payment structure to reduce the reliance on the US dollar. The recent BRICS summit, live in Kazan, Russia, has updates regarding it.
Vladimir Putin, the Russian President, has called for an alternative international payment structure to decrease the dollar’s domination, and to prevent the US from using this domination as a political weapon. Chinese President Xi Jinping has also urged the BRICS nations to develop a new global financial system.
Will BRICS Use XRP?
XRP entered the spotlight in June when BRICS started considering integrating an existing cryptocurrency with their payment system. Various crypto experts believed that XRP would be the best crypto for this, and ignited speculation around the web3 trading environment.
The speculation has intensified recently, attracting new investors. Many believe that BRICS countries will replace the petrodollar with XRP shortly in oil trading. XRP’s years-long troubles with the US Securities and Exchange Commission also contribute to this anti-USD view.
The news was that India and UAE used XRP for a major oil transaction. These are all rumours and speculations in favour of XRP and there is no concrete evidence for any partnerships.
Will BRICS Reveal Unit Token Today?
BRICS members have previously said that they plan to create a digital payment system, and they will use blockchain technology for security. But there is no confirmation that they will use XRP and there is no confirmation that they will reveal the unit token today.
Will BRICS Use Blockchain Currency? A Realistic View
Various Ethereum-based systems have been used by Governments across the world for security. There is a strong chance that BRICS will use the same technology. One crucial initiative is mBridge, a platform that helps to make international payments using blockchain technology.
The mBridge, based on the Ethereum blockchain, is using its mBL leger which can create private transactions, unlike Ethereum. Most probably, BRICS will launch its own stablecoin using the mBridge technology. Let’s wait and see.
Final Thoughts: Should I Invest in XRP?
The crypto environment is highly speculative and so volatile. As of now, neither the XRP has been chosen by BRICS nor there is an announcement of a unit token today. These are just rumours created around the crypto communities that rarely bring facts.
However, without relying on us, do your own research to clarify. Finally, let’s expect good initiatives and plans from the ongoing BRICS Summit, and hope for a better financial system and peaceful economy in the future.
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