In a twist few expected, Deutsche Bank just dropped some serious alpha. The German banking giant, sitting on a fat $1.45 trillion, reckons BRICS has made crypto its underground railway for cross-border transactions. It’s no small play; Deutsche Bank figures BRICS countries are pumping out a hefty 28% of all cross-border crypto flow, reshaping trade channels with a digital touch.
Matthew Sigel, Vaneck’s crypto sage, pointed to how “crypto transactions had been growing by 147% year over year,” with a surge linked to BRICS nations tapping into the crypto sauce. Russia’s been deep in the crypto trench, dodging financial minefields as its user base catapulted from 3 million to a whopping 24 million in four years flat.
Sanctions Backfire as BRICS Nations Slide into Crypto
It’s no secret – the crypto surge isn’t by accident. Russia and its BRICS buddies didn’t just stumble into this; they’ve got the heat from geopolitical crosshairs. With China and Russia stuck in a sanctions tango, regular banking rails just ain’t cutting it anymore. Chinese banks have had to bail on Russian payment settlements to dodge secondary sanctions, so BRICS members are getting crafty with their trade playbooks, leaning hard on crypto to keep the money gears whirring.
De-dollarization: Crypto Cuts BRICS Free from Dollar Dependence
Forget the greenback; BRICS is playing its own game now. Deutsche Bank says crypto could give these nations a fresh escape from USD shackles, especially as global powers flex the dollar to throw punches. Russia’s been all in on exploring this new money pipeline, with talk of weaving crypto deeper into the BRICS payment matrix. Russian Finance Minister Anton Siluanov let it slip that digital assets might be in the cards for BRICS’ new settlement grid.
In a landscape where money wars are fought in code, Deutsche Bank’s big reveal might just be the tip of the iceberg for the BRICS crypto revolution.
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