{"id":22083,"date":"2025-03-14T17:37:01","date_gmt":"2025-03-14T15:37:01","guid":{"rendered":"https:\/\/forklog.com\/en\/brazil-proposes-cryptocurrency-for-brics-trade\/"},"modified":"2025-03-14T17:37:01","modified_gmt":"2025-03-14T15:37:01","slug":"brazil-proposes-cryptocurrency-for-brics-trade","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/brazil-proposes-cryptocurrency-for-brics-trade\/","title":{"rendered":"Brazil Proposes Cryptocurrency for BRICS Trade"},"content":{"rendered":"<p>The Brazilian authorities plan to propose the use of blockchain technology in international trade among <a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%91%D0%A0%D0%98%D0%9A%D0%A1\">BRICS<\/a> countries, according to a report by <a href=\"https:\/\/valor.globo.com\/financas\/criptomoedas\/noticia\/2025\/03\/12\/brasil-quer-propor-cripto-para-comrcio-dos-brics.ghtml\">O Globo<\/a>.<\/p>\n<p>This initiative will be one of the priorities during Brazil&#8217;s presidency of the bloc, which began in January and will last for a year.<\/p>\n<p>The idea differs from the previously discussed creation of a common currency for BRICS countries. Sources highlighted that the initiative&#8217;s goal is not to compete with the dollar as the primary currency for international trade, but to enhance the efficiency of cross-border operations.<\/p>\n<p>This time, the focus is on improving the efficiency of international transactions, achievable through technology that ensures near-instant operations and programmability, as implemented in cryptocurrencies. Stablecoins are already widely used unofficially for cross-border transactions and remittances, the publication noted.<\/p>\n<p>One of the key initiatives for integrating blockchain into the traditional regulated financial system is Drex, a pilot project by the Central Bank of Brazil.<\/p>\n<p>It aims to create a tokenized infrastructure for financial operations. However, the project faces challenges related to simultaneously ensuring transaction privacy and maintaining full control by the Central Bank.<\/p>\n<p>An alternative to using blockchain could be the creation of an integrated network similar to Brazil&#8217;s Pix payment service, raising concerns about governance and sovereignty issues among participating countries.<\/p>\n<p>Back in June 2024, Russia, together with the central banks of BRICS countries, <a href=\"https:\/\/forklog.com\/en\/news\/russia-plans-platform-for-digital-ruble-transactions\">began<\/a> developing the BRICS Bridge platform for settlements in national currencies, including digital ones.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Brazilian authorities plan to propose the use of blockchain technology in international trade among BRICS countries, according to a report by O Globo. This initiative will be one of the priorities during Brazil&#8217;s presidency of the bloc, which began in January and will last for a year. The idea differs from the previously discussed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1437,1198],"class_list":["post-22083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-brazil","tag-crypto-payments"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=22083"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22083\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/22082"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=22083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=22083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=22083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}