Deutsche Bank unveiled: Brics converts 28% of the shops in cryptos!
Deutsche Bank unveiled: Brics converts 28% of the shops in cryptos!
The largest financial institution in Germany, Deutsche Bank, recently revealed in a report that 28% of the BRICS trading transactions are handled with cryptocurrencies. This new format of financial transactions comes exactly at the time when the alliance is determined to end its dependence on the US dollar. The members of the BRICS alliance are now increasingly looking for alternative payment options in order to handle cross-border transactions without the dollar.
Brics experienced an astonishing increase of 147% in payments on cryptocurrencies in 2024-a clear signal that emerging countries detach themselves from the US dollar and strengthen their local currencies. This development continues the existing pressure on the US currency and promotes the stability of the growing markets. Among the BRICS countries, Russia is the leading user of cryptocurrencies in payment processing, as can be seen from the Deutsche Bank report.
cryptocurrencies as strategic funds
Matthew Sigel, head of Digital Asset Research near Vaneck, brought up the details of the Deutsche Bank report on his X-Canal, and emphasized the role of cryptocurrencies as a strategic financial instrument in times of geopolitical uncertainties. According to Sigel, 28% of the cross-border transactions of the BRICS nations are now carried out with cryptocurrencies, and the number of crypto users in Russia rose remarkably from 2.9 million in 2020 to 24.5 million in 2024.
The importance of cryptocurrencies for global economic exchange is growing continuously because international crypto transfers increase by 147% annually. Deutsche Bank's report underlines that not only local currencies, but also cryptocurrencies threaten the dominance of the US dollar by offering a flexible alternative for international trade. In view of a changing global economic climate, it seems as if the Brics nations are the key moment for a historical change in the global economy
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| Ort | Russia, Land |