XRP and potential benefits for BRICS. A very interesting future scenario
A not entirely unexpected inclusion…
The so-called BRICS (Brazil, Russia, India, China and South Africa) economic bloc is working to create a financial infrastructure independent of the SWIFT network.
A recent study looked at the potential development of a separate payments network to facilitate cross-border transactions between member states, and Ripple’s XRP cryptocurrency could be considered as a currency of exchange within the bloc.
This potential inclusion is not entirely unexpected.
The known speed of transactions and, more importantly, its cheapness make it a potentially suitable solution for emerging markets’ ambitions to revolutionize the international payments industry.
Indeed, it is widely believed that the BRICS could benefit significantly from choosing XRP as an alternative to the US dollar for international transactions.
The recent approval of spot ETFs on bitcoin and ethereum by the Securities and Exchange Commission (SEC) has also fueled discussions about the possible launch of an XRP-based ETF.
The BRICS’ exploration of an independent financial system, coupled with the growing importance of XRP, presents a very interesting future scenario indeed.
Although the exact role it could play is yet to be fully defined.
