Amid a rapidly changing global economy, BRICS (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the UAE) is setting its sights on a digital revolution in trade practices. Sergei Ryabkov, Russia’s Deputy Foreign Minister, has revealed plans potentially leading to the development of a BRICS-specific stablecoin designed for international settlements.
BRICS’ Strategic Push
Ryabkov, during his recent discussions, highlighted the ongoing explorations within BRICS regarding the implementation of digital assets in conjunction with native digital platforms. This strategic move is anticipated to culminate in the creation of a BRICS stablecoin as Russia takes the chairmanship in 2024.
This initiative is part of the agenda to confront significant economic projects under Russia’s leadership, aiming to enhance the bloc’s position in global trade and economics.
Since graduating in 1982 from the Moscow State Institute of International Relations, Ryabkov has served in various diplomatic capacities, both domestically and internationally.
His role expanded significantly in August 2008 when he became Deputy Foreign Minister, overseeing Russia’s relations with North and South America and spearheading its involvement in BRICS. His career is decorated with high honors, including the Order of Merit for the Fatherland.
Expanding Influence and Innovations
In an exclusive interview with TV BRICS, Ryabkov provided insights into the operational dynamics under Russia’s chairmanship, especially following the addition of five new countries on January 1, 2024. He expressed confidence in the expanded bloc’s synergy, projecting that the upcoming summit in Kazan would mark new heights in their collaboration.
This year’s chairmanship intends to solidify BRICS as an important component in the emerging multipolar world order. His words were:
“It is worth mentioning that all the newcomers show great enthusiasm. They are ready to work substantively and professionally on the agenda that the Russian Chairmanship developed in consultation with all participants. Second, of course, for some recruits the volume and scale of the work we are doing in BRICS was somewhat unexpected. You need to adapt and get used to all this.“
Sergei Ryabkov
Ryabkov emphasized that the new members were integrated based on equality with the founding nations, with decisions made through consensus. This inclusive approach has allowed for a seamless blend of cultures, traditions, and economic ambitions, enriching the bloc’s spectrum.
He pointed out that the actual integration and the subsequent adjustment process are progressing well, backed by the strong experience of over 20 Russian ministries directly engaging with BRICS counterparts, which he believes will significantly ease the integration of new members.
The Deputy Minister also noted the extensive agenda of his chairmanship year, with over 250 diverse events planned, all set to adhere strictly to BRICS traditions.
From economic discussions, including potential platforms for financial integration like the BRICS Bridge and national currency settlements, to innovative collaborations in science, healthcare, and digital education, Russia aims to lead a comprehensive, multi-faceted initiative.
Moreover, Ryabkov detailed the cultural and sports initiatives underway, like the international cinematic debut festival ‘Spirit of Fire’, the BRICS Universe project showcasing space photography alongside Earth images, and the upcoming fashion forum in Moscow.
These cultural exchanges, alongside the academic and diplomatic engagements such as the BRICS Youth Council and various international forums, only further show the group’s commitment to creating a vibrant and cooperative international community.
