Briggs | March 6, 2024
Image: Unsplash/Kyle Glenn
BRICS countries announce global blockchain payment system to de-dollarize global finance
As reported by the Russian News Agency, the BRICS countries (Brazil, Russia, India, China and South Africa) announced the creation of a blockchain-based payment system to build a more inclusive, efficient and politically neutral global financial ecosystem. Emerging digital and blockchain technologies to facilitate trade settlements independent of the U.S. dollar (de-dollarization).
- BRICS countries are working to develop: Independent payment system using digital currency and blockchain technology. The system is designed to be easy to use for governments, businesses and the general public, ensuring cost-effectiveness and freedom from political influence.
- BRICS payment system is A broad strategy to strengthen the role of BRICS countries in the international monetary and financial system.. We are focused on increasing payments in our home currency and strengthening our correspondent banking network to ensure safe international transactions. CBDCs are also likely to be included.
- The initiative has garnered global attention, with more countries expressing interest in joining the BRICS payments platform. This expansion signals a growing trend toward diversification of the global financial system and a potential shift in international trade and transaction practices.
see: 15th BRICS Summit: A New Chapter in Global Dynamics
Yuri UshakovKremlin aide:
“We believe that creating an independent BRICS payment system based on cutting-edge tools such as digital technologies and blockchain is an important goal for the future. The most important thing is to make it convenient for governments, the public and businesses to use. “Of course, it’s cost-effective and apolitical.”
Why it matters
BRICS countries are challenging the dominance of the US dollar by embracing digital currencies and blockchain technology, potentially transforming the global economic landscape.
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