Fact Check: Are BRICS Nations Partnering With Ripple to Use XRP Ledger for a Global Digital Currency?

BRICS nations, including Brazil, Russia, India, China, South Africa, and many other nations, have publicly discussed reducing reliance on the US dollar in cross-border trade. 

But new news is circulating on X that BRICS nations are in talks with Ripple, a leading cross-border payment solution, to create a global digital currency and may use the XRP Ledger for payments between member countries.

Who Made This Claim?

An X user known as “Ledger Man” claimed that BRICS countries were “talking with Ripple” to use the XRP Ledger (XRPL) for central bank 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

As of now, there is no official statement from BRICS governments or Ripple confirming any partnership involving the XRP Ledger.

However, major international partnerships involving central banks are always publicly disclosed, and no such announcement exists.

BRICS Is Developing Its Own Payment Infrastructure

BRICS nations are actively working on alternative payment systems such as BRICS Pay and cross-border settlement platforms to reduce reliance on the U.S. dollar.

Instead of adopting XRP, BRICS is working on a gold-backed digital settlement unit to facilitate trade among member countries.

Therefore, their is no official document stating that XRPL has been selected as the underlying infrastructure.

Ripple Has Central Bank Partnerships, But Not With BRICS

Ripple has partnered with several individual financial institutions and central banks globally to explore blockchain-based payments.

However, there is no evidence that BRICS as an organization has entered into any agreement with Ripple.

Summary Table: Coinpedia’s Evidence Against the Theory

Conclusion