Russia Confirms BRICS Payment System, Might Feature XRP

In a significant development, Russian President Vladimir Putin has confirmed the BRICS plans to launch a new payment system. According to a post, XRP, a digital currency known for its fast transaction speeds and low costs, is reportedly under consideration as a currency within this payment scheme.

The proposal to incorporate XRP into the BRICS payment system underscores the acceptance and legitimacy of cryptocurrencies globally. XRP’s potential inclusion is particularly notable given the coin’s current status and capabilities. Meanwhile, the decision to explore XRP in this context aligns with the broader BRICS strategy to reduce dependency on traditional Western financial systems and the U.S. dollar. 

Notably, the inclusion of XRP in the BRICS payment system, once confirmed, could trigger a substantial rally for the coin. Such an endorsement would enhance XRP’s credibility, and increase adoption and integration across various financial platforms.

BRICS: On a Mission to Set Free From US Dollar Supremacy

Last month, BRICS announced the development of a new currency amid the de-dollarization movement. This currency is intended to facilitate cross-border trade among the BRICS nations, which include Brazil, Russia, India, China, and South Africa.

As the discussion of de-dollarization grows, the BRICS coalition formulated a comprehensive strategy to establish a diverse and balanced world with the Russian President spearheading the project. Brazil’s President shares the same sentiment, questioning why the countries depend on the dollar for trade. Hence, the voices advocating for alternatives to the dollar are gaining prominence in international discussions.

According to an economist, “Europe is a museum, Japan is a nursing home, and China is a jail.” While this statement holds some truth, a currency issued by BRICS would bring a new dynamic.

Roblox Embraces XRP as Payment Method

In October 2023, Roblox, an online gaming platform, made a groundbreaking move by embracing XRP as a viable payment method. Meanwhile, the exciting development is due to a partnership between Roblox and payment processors Xsolla and BitPay.

With this move, the California-based platform will tap into the rapidly growing crypto market and provide users with more flexibility and convenience in making transactions. By integrating XRP, Roblox positions itself at the forefront of the cryptocurrency revolution. Interestingly, the integration of XRP payments on Roblox has benefits for the platform and its users.

Also, the partnership allows Roblox to expand its reach globally, as XRP has a strong presence in various international markets.