PANews reported on November 12 that according to Cryptoslate, Russian President Vladimir Putin proposed that the BRICS countries establish a digital asset platform in a speech at the Valdai Debate Club to promote electronic payments and attract investment from developing markets through a unified digital asset system. The initiative aims to promote investment flows to emerging economies in South Asia, Africa and Latin America, and may provide new channels for capital in high-growth regions. Putin emphasized the platform's potential to promote economic development in rapidly urbanizing regions. He emphasized the growth opportunities in these regions and pointed out that population growth, capital accumulation and rising urbanization rates are factors that support the platform's focus.
Putin spoke about Russia's restrictions on dollar transactions due to sanctions, noting that Russia does not intend to abandon the dollar completely. Instead, he criticized the US policy of restricting the use of the dollar in international markets and said that alternatives like the proposed BRICS digital asset platform could reduce dependence on the traditional Western financial system.
