The BRICS nations are contemplating the use of Ripple’s XRP for international payments, as stated in a research paper. This move could lead to a significant surge in the price of the cryptocurrency. The bloc is progressing with its currency sufficiency scheme by exploring the creation of an autonomous payment system.
Amelia, a crypto enthusiast, was the first to discover a report indicating that Russian President Vladimir Putin had confirmed the bloc’s alternative currency plan. The Bank of Russia had previously initiated a program to streamline international money transfers, with Ripple’s payment mechanism being considered for this project.
The committee views this as a promising step towards establishing a mechanism for international settlements. XRP’s low fees and fast transactions make it an attractive option for revamping the bloc’s international payment objectives.
The potential adoption of XRP could lead to a surge in its price, with predictions from Cryptonairz’s CEO, Robert Doyle, suggesting it could reach $10,000 after widespread adoption by BRICS nations. Many believe that using XRP instead of US dollars could greatly benefit the emerging economies of BRICS member nations.
Furthermore, the BRICS nations could leverage Ripple’s extensive network of partnerships with major financial institutions, highlighting the increasing attention and adoption of XRP in various countries.
