Crypto analyst A Chain of Blocks believes that the decision of the BRICS countries to abandon the US dollar should draw attention to the fifth largest cryptocurrency by market capitalization, XRP.
Based on his video, most member countries view XRP as a viable global payment option that can enable transactions between member states.
Head of Compliance and Operations at Euro Exim Bank Graham Bright also noted the growing relevance of the token. However, he is confident that Ripple is only an additional solution, and not a technology that could destroy the current global payment system SWIFT.
So far, eight countries have started using the XRP registry for digital currencies. Recently, Ripple CEO Brad Garlinghouse also mentioned that the company is also in talks with 30 other countries that want to use its XRP-based CBDC platform.
In addition, the analyst said that the BRICS countries are planning to develop a bank for their members in order to reform global monetary and financial systems.
A recent statement by Russian President Vladimir Putin confirms this initiative. At the group's last summit, he said that the BRICS countries would not use the dollar for transactions among themselves.
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