BRICS countries launch blockchain-based payment system
Key Takeaways
- BRICS countries are developing payment systems based on blockchain and digital technologies to increase global financial independence and efficiency.
- The initiative aims to facilitate convenient, cost-effective and politically neutral transactions for governments, businesses and individuals.
- The move aligns with the broader goal of de-dollarizing and reflects growing interest in digital currencies and blockchain technology to reshape the financial landscape.
that much BRICS organization—Brazil, Russia, India, China, South Africa and many more countries joining this year are ready to revolutionize payments systems.
As Kremlin adviser Yuri Ushakov explained in a discussion with Russian news outlet TASS, the group seeks to: Establish a BRICS-centric payment mechanism.
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This system is envisioned as follows: Utilizing “cutting-edge tools such as digital technology and blockchain” It ensures a platform that is accessible and beneficial to governments, citizens and businesses alike, as well as being cost-effective and free from political influence.
The push towards this innovative payment system is Broad strategy to strengthen BRICS’ role in the global financial ecosystem and Break away from dependence on the US dollar For settlement.
Ushakov pointed out:
Work will continue to develop contingent reserve arrangements, primarily for the use of the U.S. dollar and other currencies.
As this project unfolds, it will open a new chapter in global finance, emphasizing the transition to digital currency and blockchain technology.
The announcement comes as countries around the world seek to establish regulatory frameworks for the digital financial sector. One such example is new legislation set to reduce obstacles to seizing crypto assets linked to criminal activity in the UK.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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