In what has the potential to be one of the biggest points of discussion at the event, the BRICS bloc proposed the use of Bitcoin for international payments at its 2024 Summit. Indeed, all eyes were on the leading cryptocurrency as the bloc discussed its ongoing de-dollarization approach.
The economic alliance has continued to find new ways to promote local currencies through its policies. Moreover, there has been discussion that cryptocurrencies could factor into that in a massive way. Bitcoin could be set to play a bit part in the bloc over the next several years.
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BRICS Could Implement Bitcoin Following 2024 Summit Proposal
Since 2022, the BRICS economic bloc has sought ways to challenge Western economic dominance. The potential creation of its own payment system and the promotion of local currencies have seen it increase the dominance of the US dollar in a big way. All the while, increasing the prevalence of the group itself.
Now, those efforts could integrate the leading cryptocurrency. Indeed, the BRICS bloc has proposed using Bitcoin for international payments at the 2024 Summit. Specifically, a Bloomberg report noted lawmakers have advocated for Russian miners to sell BTC internationally.
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Earlier this year, Russia made headlines by removing its ongoing ban on cryptocurrencies. That opened the door to the use of the asset class throughout international settlements. Moreover, it worked to entice increased trade activity with nations amid the rising interest in the tokens.
The report notes that these miners could use Bitcoin and other cryptocurrencies to facilitate the creation of a new way of settling trade. Similar to local currencies, it would operate, in effect, as a de-dollarization approach. Additionally, it could offer increased protection from growing Western sanctions.