BRICS Nations to Launch Blockchain-Based Payment System

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BRICS Nations to Launch Blockchain-Based Payment System

Written by Aaron S.,

Editor-In-Chief

Last Updated: March 05, 2024

Key Takeaways

BRICS countries are developing a blockchain and digital technology-based payment system to enhance global financial independence and efficiency.
The initiative aims to facilitate transactions that are convenient, cost-effective, and politically neutral for governments, businesses, and individuals.
This move aligns with the broader goal of de-dollarization and reflects the growing focus on digital currencies and blockchain technology in reshaping the financial landscape.

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BRICS Nations to Launch Blockchain-Based Payment System

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The BRICS organization—Brazil, Russia, India, China, South Africa, and more countries that joined this year—is poised to revolutionize its payment system.

As outlined by Kremlin aide Yuri Ushakov in a discussion with the Russian news outlet TASS, the group seeks to establish a BRICS-centric payment mechanism.

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This system is envisioned to harness "state-of-the-art tools such as digital technologies and blockchain," ensuring a platform that is not only accessible and beneficial to governments, common citizens, and businesses alike but also cost-efficient and devoid of political influence.

The push towards this innovative payment system is part of a broader strategy to enhance the BRICS' role in the global financial ecosystem and to move away from relying on the US dollar for settlements.

Ushakov pointed out:

Work will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar.

As this project unfolds, it heralds a new chapter in global finance, emphasizing the shift towards digital currencies and blockchain technology.

This announcement comes as countries worldwide try to establish regulation frameworks for the digital finance sector. One such example is the new legislation set to reduce the hurdles for seizing crypto assets linked to criminal activity in the UK.