With the BRICS bloc increasing its embrace of cryptocurrency, Ripple has gotten ever closer to alliance integration with its most recent approval. Indeed, the firm, and its native XRP token, have been discussed as a potential point of interest for the economic alliance. Especially as it seeks to challenge Western hegemony.
The bloc has recently turned the corner on digital assets. Regarding trade, Russia made the landmark decision to reverse its previous ban. Additionally, it is set to welcome a blockchain-based payment system that could launch at the upcoming 2024 Summit. With Ripple’s ongoing cross-border dominance, it could be a favorable asset for the group to utilize.
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BRICS to Integrate Ripple? Experts Beleive it Could be a Matter of Time
Throughout the last several years, the BRICS bloc has sought to challenge Western dominance. Specifically, it has sought to curtail international reliance on the US dollar. In 2024, that could heavily rely on cryptocurrencies and blockchain technology. With the global infrastructure necessary, one partnership is looking more and more like a perfect match.
The BRICS bloc could seek out a Ripple integration as the company secures critical regulatory approval. Indeed, they were officially given the green light for operations in the United Arab Emirates (UAE). A key BRICS nation, one expert pointed to what that could mean in the long run.
Specifically, crypto advocate Chad Steingraber noted what the approval could mean. In a post to X (formerly Twitter), Steingraber said, “With today’s announcement from Ripple, there is no longer a need for debate on XRP being used or not in the BRICS+ nations.”
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He does have a good point, as Ripple has long been a key cross-border payment entity. Therefore, it could have a key role to play in the development of the BRICS Pay platform. Moreover, Steingraber notes that the integration has been discussed before, with the approval cementing its viability.
The integration could be a great development for both sides. The BRICS group would benefit from the US dollar alternative. Alternatively, XRP could surge from the increased use cases that would see it become a focal point of the economic grouping.
With the 2024 Summit nearing, its arrival should bring several answers. Specifically, it should address the developing blockchain-based payment platform. Its functionalities and trajectory would only further cement the potential of Ripple’s integration into the BRICS trade.