Brazil to Push for Crypto Integration in BRICS Trade: A New Chapter for International Payments

Brazil, in its role as the current president of the BRICS economic bloc, is advancing initiatives to integrate cryptocurrency into international trade, particularly focusing on a blockchain payment system. This proposal aims to streamline trade within the BRICS nations and reduce reliance on traditional currencies, such as the U.S. dollar. Local media reported that Brazil’s leadership under President Luiz Inácio Lula Da Silva is prioritizing crypto as a solution for more efficient international settlements.

Brazil’s plan is to propose the use of digital national currencies or stablecoins to facilitate trade, bypassing the complexity of traditional banking systems and foreign exchange markets. This approach contrasts with past discussions on creating a BRICS common currency, which would potentially undermine the dollar's dominance. The country is also considering systems like Brazil’s Pix, which leverages digital payments but remains tied to fiat currencies, a potential concern for sovereignty and regulatory control.

Russian officials have also endorsed Brazil’s crypto initiative, with Foreign Minister Sergey Lavrov discussing its potential to revolutionize cross-border payments. BRICS’ leadership will continue to explore viable solutions for creating a decentralized, borderless trading system.