Russia and India Collaborate for Digital Economy in BRICS
In the ongoing efforts to expand the international presence of BRICS, Russia and India have joined forces to establish a digital economy. The recent announcement indicates a strengthened collaboration between the two nations in the development of modern infrastructure, with a particular focus on a shared digital economy. The BRICS bloc has been consistently linked to the prospect of introducing its own indigenous currency, rumored to be blockchain-based, and could see enhanced synergies through advancements in the digital economy. Both countries have reaffirmed their mutual dedication to pursuing this initiative.
Throughout a significant portion of 2023, the geopolitical landscape was notably influenced by the growth of the BRICS alliance. The alliance gained substantial attention after unveiling a six-country expansion plan during the Annual Summit last year, marking the bloc's first expansion since the addition of South Africa two decades ago. As 2024 unfolds, much anticipation surrounds the progress of a BRICS currency. While specific details about the project remain limited, there have been widespread rumors of substantial work being conducted on this concept. Against the backdrop of the BRICS initiative, Russia and India have now joined forces to establish a digital economy.
The Minister of the Moscow City government and Chairman of the Board of the Business Council for Cooperation with India, Sergey Cheremin, recently spoke at the Smart Cities India Expo program. There, he noted that the two countries are “united by a common goal of building the most modern infrastructure, creating a safe and comfortable urban environment" Moreover, he stated that one of the partnership’s most promising areas is “information technology and the digital economy.” Thereafter, he expressed that both countries are seeking to “become leaders in this field.” Conversely, the fruit of this endeavor could have massive BRIC implications.
The economic alliance introduced the BRICS Pay system in the latter part of the previous year. This system was designed to pose a challenge to the Western SWIFT payment system and establish alternative options based on the BRICS framework. The ongoing adoption of digital economies may facilitate further progress in the bloc's longstanding pursuit of reducing dependence on the US dollar.
