- According to the paper, the BRICS nations are considering using Ripple’s XRP.
- The adoption of the cryptocurrency might cause its price to skyrocket.
The BRICS nations are moving on with their plan of currency sufficiency scheme by exploring the possibility of creating their own autonomous payment system.
Amelia, a crypto aficionado, was the first to notice a research paper claiming that Russian President Vladimir Putin had declared the bloc’s alternative currency plan to be going ahead. According to the paper, the BRICS nations are considering using Ripple’s cryptocurrency, XRP, for international payments.
The Bank of Russia has previously launched a program to facilitate international money transfers. The Ripple payment mechanism was supposedly considered for this project.
Revamping International Payment Objectives
The committee saw it as a great starting point for creating a mechanism for international settlements. Remember that XRP’s cheap fees and lightning-fast transactions are its claim to fame. So, it seems to be a workable approach that the bloc is contemplating to completely revamp its international payment objectives.
The adoption of the cryptocurrency might cause its price to skyrocket. Cryptonairz’s CEO and founder, Robert Doyle, also known as “Crypto Sensei,” predicts that XRP’s price would hit $10,000 after widespread adoption by the BRICS nations.
There is a widespread belief that BRICS member nations would benefit greatly by using XRP instead of US dollars. Many see these countries’ emerging economies and their currencies as problems that XRP may solve.
Another benefit that the BRICS country may use is Ripple’s expanding alliance network with prominent financial institutions. These collaborations show that XRP is getting more and more attention and use in different countries.
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