Russia and India: BRICS Digital Economy Pioneers

• Russia and India Collaborate to Drive Digital Economy Forward
• Strengthening Cooperation Through a Joint Digital Economy
• Dominating Geopolitical Sector with BRICS Expansion
• Key Figures Speak on the Recent Developments
• Impact on BRICS' De-dollarization Efforts

Russia and India Collaborate to Drive Digital Economy Forward

In a significant stride towards bolstering the global presence of the BRICS alliance, Russia and India have made public their commitment to the development of a shared digital economy. A major part of their modern infrastructure efforts, this development marks a significant step towards the possibility of a native BRICS blockchain-based currency.

Strengthening Cooperation Through a Joint Digital Economy

Over the years, BRICS has been linked to the potential creation of its own currency. Reports suggest that this prospective digital currency could be based on blockchain technology, thereby benefiting from advancements in the digital economy. The recent announcement solidifies Russia and India's bilateral commitment to this initiative.

Dominating Geopolitical Sector with BRICS Expansion

Throughout 2023, the BRICS alliance was at the forefront of geopolitical discourse due to its expansion plans, especially after the last year's Annual Summit announcement of a six-country expansion. This marked the first such growth since the inclusion of South Africa nearly two decades ago. As we approach 2024, the development of a BRICS currency is being closely watched, with Russia and India leading the way with their digital economy collaboration.

Key Figures Speak on the Recent Developments

Sergey Cheremin, the Minister of the Moscow City government, and Chairman of the Board of the Business Council for Cooperation with India, voiced his thoughts at the Smart Cities India Expo program. He shed light on how the two countries share a common goal - to construct the most modern infrastructure, thereby fostering a safe and comfortable urban environment.

Cheremin further identified information technology and the digital economy as promising areas for the partnership. He expressed hope for both countries to emerge as global leaders in these fields. The successful fruition of this endeavor could have substantial implications for the BRICS alliance.

Impact on BRICS' De-dollarization Efforts

The BRICS alliance founded the BRICS Pay system late last year, in an attempt to provide an alternative to the Western SWIFT payment system. The continuous adoption and progress of digital economies could expedite the alliance's long-standing de-dollarization initiatives. This alliance's strategic moves towards a digital economy underline its commitment to global economic diversification and resilience.

Edited by Jonathan Stoker