China’s Xi Jinping Pushes For New BRICS Financial System at 2024 Summit; Will XRP Shine?

In a bold call for change, Chinese President Xi Jinping has urged BRICS nations to focus on development of a new global financial system. Speaking at the BRICS summit, he emphasized that the current dominance of U.S. dollar is unfair and should be outdated. He called for reforms that would establish a more balanced and inclusive global financial structure.

🚨 BREAKING:

CHINESE PRESIDENT XI JINPING SAYS BRICS MUST PROMOTE A NEW FINANCIAL SYSTEM! 🇨🇳

HE SAYS THAT THERE IS AN URGENT NEED TO REFORM THE INTERNATIONAL FINANCIAL ARCHITECTURE!💰 #XRP HAS ALREADY BEEN SUCCESSFULLY TESTED & INTEGRATED INTO BRICS NATIONS! 🤝🏼 pic.twitter.com/fjEGj1lxKS

— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) October 23, 2024

The BRICS countries, which includes Brazil, Russia, India, China and South Africa are actively looking for ways to develop an independent payment system that reduces their reliance on the U.S. dollar. Among the digital assets being floated for this initiative is Ripple’s XRP, a cryptocurrency known for its efficiency and low-transaction cross-border payment capabilities.

XRP is currently undergoing testing for potential adoption by the said nations. Moreover, Russia has been exploring Ripple’s payment technology as part of its move to reduce dependency on traditional financial institutions and SWIFT-based systems.

Why XRP for BRICS?

Ripple’s XRP is viewed as a strong candidate for BRICS’ independent financial system due the following key features:

• Speed and Efficiency: Ripple’s blockchain processes transactions in seconds, significantly faster than traditional payment systems.
• Cost-Effectiveness: Low transaction fees make it suitable for high-volume cross-border transactions.
• Neutrality: Ripple’s decentralized nature ensures no single government or institution holds power over it.

XRP’s integration with the said nations could serve as a cornerstone of this new financial system, allowing for faster, more secure, and cost-effective cross-border payments. This move toward adopting XRP reflects the growing interest among the countries to create a financial system less susceptible to political influence.

While no official decision has been made on XRP’s full integration, its role in BRICS financial infrastructure could mark a significant shift in global financial power, potentially reducing the dominance of the U.S. dollar in international trade and finance.

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