CandleFocus Deutsche Bank Acknowledges Crypto's Leading Role in Ensuring BRICS' Payment Capabilities
2024-11-13
Author: Content Editor
Deutsche Bank has recognized the role of cryptocurrencies in facilitating cross-border transactions for sanctioned countries and their allies, particularly within the BRICS bloc. The bank estimates that BRICS nations are now involved in 28% of all cross-border crypto transactions. The use of cryptocurrencies in these transactions is seen as a way to alleviate payment difficulties, such as secondary sanctions on Chinese banks, and reduce dependence on the U.S. dollar. The bank also noted that recent geopolitical tensions, including the conflict between Ukraine and Russia, have driven these countries to turn to crypto. The increasing interest in crypto in Russia was highlighted, with the number of cryptocurrency users in the country growing from 3 million in 2020 to over 24 million in 2024.
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