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BRICS Nations to Launch Blockchain-Based Payment System

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.
BRICS Nations to Launch Blockchain-Based Payment System

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.

Aaron S. , Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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