The BRICS group is increasing their embracement of cryptocurrency. Ripple With its latest approval, has moved closer towards alliance integration. In fact, both the company and its native XRP coin have been mentioned as potential points of interest to the economic alliance. It is especially important that it challenges Western Hegemony.
Recent developments have seen the EU turn a corner in regards to digital assets. In terms of trade, Russia reversed its ban. It is also set to launch a payment system based on blockchain technology at the forthcoming 2024 Summit. Ripple’s continued cross-border dominance could prove to be an asset that the group can use.
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Ripple to be integrated by BRICS? Experts Believe it’s Only a Matter Of Time
BRICS has been trying to counter Western dominance for several years. It has sought, in particular, to curb international reliance upon the US dollar. By 2024, this could be heavily dependent on cryptocurrency and blockchain technology. One partnership looks more perfect with the infrastructure required globally.
Ripple could be integrated into the BRICS block once it receives regulatory approval. They were given official approval for their operation in the United Arab Emirates. Experts have pointed out the potential implications of a nation being a part of BRICS.
Crypto advocate Chad Steingraber It was noted that the approval may have a variety of meanings. Steingraber stated in a tweet to X. “With today’s announcement from Ripple, there is no longer a need for debate on XRP being used or not in the BRICS+ nations.”
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Ripple, a cross-border payment company that has been around for a while, is an excellent example. It could play a major role in developing the BRICS Pay Platform. Steingraber also notes that this integration was discussed previously, and the approval has cemented its viability.
Both sides could benefit from the integration. The BRICS Group would be able to benefit from an alternate currency. Alternatively XRP may surge due to its increased usage cases, which would make it a focus of the grouping.
The 2024 Summit is fast approaching and it should provide several answers. The summit should focus on the growing blockchain-based platform for payments. Ripple’s potential integration in the BRICS market would be further enhanced by its functionalities.
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Source: watcher.guru