BRICS Report Highlights XRP Ledger as Key Technology for Shared Digital Payment Network

The BRICS alliance has mentioned XRP Ledger (XRPL) as a possible system to power a shared digital payment network due to its speed, low cost, and ability to connect different currencies. If BRICS really uses XRPL, demand for XRP could surge, driving prices up to $5 in the short term. XRPL is fast, neutral, and censorship-resistant, making it suitable for cross-border transactions.

The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, has expressed interest in utilizing the XRP Ledger (XRPL) as a potential system to power a shared digital payment network. This decision is driven by XRPL's speed, low cost, and ability to connect different currencies seamlessly [1].

The BRICS economic report explicitly mentions the XRP Ledger in relation to trade finance solutions. The report highlights the XRP Ledger’s escrow model as a viable tool for improving settlement efficiency in cross-border trade [2]. This mention underscores the growing relevance of XRPL in global financial infrastructure.

XRPL’s inclusion in the BRICS report signifies its potential to enhance trade processes by reducing errors and disputes. The report emphasizes that the XRP Ledger's smart contract capabilities can automate cross-border trade processes, streamlining settlement efficiency [2]. The report also discusses the need for an in-house smart contract system, indicating that BRICS might consider building a proprietary blockchain infrastructure [1].

If BRICS decides to adopt the XRP Ledger, it could lead to a surge in demand for XRP, potentially driving prices up in the short term. This would be due to increased usage and integration of XRP within the BRICS payment network. XRPL's fast, neutral, and censorship-resistant nature makes it well-suited for cross-border transactions [1].

In conclusion, the BRICS alliance's consideration of the XRP Ledger for its shared digital payment network reflects a growing recognition of blockchain technology's potential to revolutionize trade finance. Whether BRICS will ultimately develop its own blockchain or utilize the XRP Ledger remains to be seen, but the inclusion of XRPL in the report highlights its growing influence in digital finance.

References:
[1] https://timestabloid.com/xrp-ledger-is-explicitly-cited-in-an-official-brics-report-heres-why/
[2] https://coincentral.com/xrp-ledger-mentioned-in-brics-report-is-it-the-future-of-trade-finance/