BRICS countries, including Brazil, Russia, India, China, South Africa and many other countries, have publicly discussed reducing their dependence on the US dollar for cross-border trade.
However, BRICS countries are in talks with Ripple, a leading cross-border payment solution, to create a global digital currency. $XRP Ledger for payments between member countries.
So Coinpedia stepped in to fact-check whether this claim is true or just a rumor.
Who made this claim?
An X user known as “Leisureman” claimed that BRICS countries are “in talks with Ripple” to use Ripple. $XRP Ledger for Central Bank Digital Currency Infrastructure (XRPL).
But is this claim really true? Let’s break it down.
Coinpedia’s key findings: What’s actually true?
No official confirmation from BRICS or Ripple
As of now, there have been no official statements from the BRICS governments or Ripple confirming the partnership involving the two countries. $XRP ledger.
However, major international collaborations involving central banks are always publicized and no such announcements exist.
BRICS is developing its own payment infrastructure
BRICS countries are actively working on alternative payment systems such as BRICS Pay and cross-border payment platforms to reduce their dependence on the US dollar.
instead of hiring $XRPBRICS is working on building a gold-backed digital payment unit to facilitate trade between member countries.
Therefore, these are not official documents indicating that XRPL was selected as the underlying infrastructure.
Ripple partners with central banks, but not with BRICS
Ripple is partnering with multiple individual financial institutions and central banks around the world to explore blockchain-based payments.
However, there is no evidence that BRICS as an organization has entered into any agreement with Ripple.
