Continuation of the international expansion efforts of the BRICS countries Russia and India have come together to create a digital economy. In fact, the two nations recently announced increased cooperation in the area of modern infrastructure. A crucial part of this lies in the development of a shared digital economy.
The bloc has long been linked to the possible creation of its own BRICS currency. In addition, there are rumors that this currency is based on blockchain and could benefit from further work in the field of digital economy. Now both nations have clearly expressed their continued bilateral commitment to this endeavor.
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Russia and India announce partnership focused on developing digital economy
For much of 2023, the growth of the BRICS alliance dominated the geopolitical sector. In fact, the alliance made headlines after last year's annual summit when it announced a six-country expansion plan. It subsequently became the bloc's first such growth plan since South Africa's admission two decades ago.
In 2024, all eyes will be on the development of a BRICS currency. Although details of the project are sparse, there are rumors that work on such a concept is already well underway. Now Russia and India have joined forces under the BRICS initiative to create a digital economy.
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Moscow City Government Minister and Chief Executive Officer 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 “share the common goal of building the most modern infrastructure and creating a safe and comfortable urban environment.”
In addition, he explained that one of the most promising areas of the partnership is “information technology and digital economy.” He then expressed that both countries strive to “become leaders in this area.” Conversely, the results of these efforts could have a massive impact on the BRIC countries.
The economic alliance created the BRICS payment system at the end of last year. This was intended to challenge the Western SWIFT payment system and introduce BRICS-based alternatives. Continued adoption of the digital economy could see the bloc's long-standing de-dollarization efforts move further forward.
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