Russia, India Collaborate On Building Joint Digital Economy: BRICS Currency Soon?

Russia and India have announced a partnership to advance digital economy initiatives as part of BRICS international expansion efforts. 

What Happened: "Both nations are united by a common goal of building the most modern infrastructure, creating a safe and comfortable urban environment," Sergey Cheremin, minister of the Moscow government and chairman of the board of Russia's Business Council for Cooperation with India, said in a speech earlier this month at the Smart Cities India Expo program, according to TV BRICS, a network created by the organization of nine countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. 

Both Russia and India aim to become leaders in information technology and the digital economy, he said. 

The potential creation of a native BRICS currency, speculated to be blockchain-based, has been a topic of discussion within the bloc.

A new partnership between Russia and India underscores their mutual commitment to exploring this possibility and advancing the digital economy sector.

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Why It Matters: The success of this initiative could have profound implications for the BRICS bloc.

Previously, the economic alliance of BRICS nations initiated the BRICS Pay system to rival the Western SWIFT payment system and establish BRICS-based financial alternatives.

This movement toward embracing digital economies is seen as a crucial step in the bloc’s ongoing efforts to move away from dollar-dependent systems.

The collaboration between Russia and India in developing a joint digital economy could pave the way for significant advancements in the BRICS bloc, potentially transforming the global economic landscape with innovative digital solutions.

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