BRICS countries, including Brazil, Russia, India, China, South Africa and many other countries, have publicly discussed reducing dependence on the US dollar in cross-border trade.
But new news is circulating on X that BRICS countries are in talks with Ripple, a leading cross-border payment solution, to create a global digital currency and $XRP Ledger for payments between Member States.
So Coinpedia stepped in to check if the claim is real or just a rumor.
Who made this claim?
An X user known as “Ledger Man” claimed that BRICS countries were “talking to Ripple” to $XRP Ledger (XRPL) for the central bank’s digital currency infrastructure.
But is this claim actually true? Let’s break it down.
Coinpedia’s Key Findings: What’s Actually True?
No official confirmation from BRICS or Ripple
At this time, there is no official statement from the BRICS governments or Ripple confirming a partnership with the BRICS $XRP General ledger.
However, major international partnerships involving central banks are always made public, and no such announcement exists.
BRICS is developing its own payment infrastructure
BRICS countries are actively working on alternative payment systems such as BRICS Pay and cross-border payment platforms to reduce dependence on the US dollar.
Instead of adopting $XRPBRICS is working on a gold-backed digital settlement unit to facilitate trade between member states.
Therefore, there is no official document stating that XRPL has been selected as the underlying infrastructure.
Ripple has partnerships with central banks, but not with BRICS
Ripple is working with several individual financial institutions and central banks worldwide to explore blockchain-based payments.
However, there is no evidence that BRICS as an organization has entered into an agreement with Ripple.
Summary table: Coinpedia’s evidence against the theory
Conclusion