With BRICS nations searching for an alternative to traditional financial systems, XRP might just be the tool to lead a new wave of decentralized finance on the global stage.
Crypto analyst Lewis Jackson explored the possibilities of XRP being alternate solution for BRICS nations
BRICS’ Plan for a New Financial System
The analyst said with the U.S. dollar dominating the global financial market, BRICS is working on ways to create a financial system independent of this control.
This move is crucial as BRICS countries make up about 40% of the world’s population, potentially changing the global financial order.
He also noted the leadership structure within BRICS, with China taking the lead as the economic powerhouse, while Russia and India often act independently but align on important decisions.
Brazil and South Africa typically follow China’s lead, forming a flexible yet organized decision making process.
READ ALSO: JasmyCoin Locking System to Increase Token Value as JASMY Price Nears Major Breakout
XRP as a Key Alternative for BRICS
The analyst said BRICS is looking for ways to reduce dependence on the U.S. dollar, with blockchain and cryptocurrency as key options.
XRP stands out as a strong candidate due to its decentralized nature, neutrality, and accessibility.
The analyst also noted that Russia’s central bank has recognized XRP’s potential for cross-border payments, with XRP being the only cryptocurrency explicitly mentioned in this regard, showing growing support for its use in BRICS financial systems.
READ ALSO: Buying Kaspa (KAS) Now Is Like Buying Bitcoin at $800: Expert Insight
Russia and India in XRP might influence the broader BRICS coalition. The analyst suggested that if Russia and India advocate for the use of XRP, it could encourage other BRICS nations, especially China, to consider its potential more seriously.
This interplay among BRICS nations could be crucial in advancing the adoption of XRP and shaping the future of financial transactions within the coalition.
