BRICS Announces Launch of Blockchain Payment System

BRICS | March 6, 2024

Image: Unsplash/Kyle Glenn

BRICS Nations Announce Global Blockchain Payment System to De-Dollarize Global Finance

As reported on a Russian news agency, BRICS countries (Brazil, Russia, India, China, and South Africa) have announced the creation of a blockchain-based payment system to establish a more inclusive, efficient, and politically neutral global financial ecosystem, leveraging the latest in digital and blockchain technologies to facilitate trade settlements independent of the US dollar (de-dollarization).

• The BRICS nations are working on developing an independent payment system that utilizes digital currencies and blockchain technology. This system is designed to be convenient for governments, businesses, and the general public, ensuring cost-effectiveness and freedom from political influence.
• The BRICS payment system is part of a broader strategy to enhance the role of BRICS nations in the international monetary and financial system. The focus is on increasing settlements in national currencies and strengthening correspondent banking networks to ensure secure international transactions.  Also likely to include CBDCs.
• The initiative has garnered attention worldwide, with additional countries expressing interest in joining the BRICS payment platform. This expansion indicates a growing trend towards diversification in global financial systems and the potential for a shift in how international trade and transactions are conducted.

See:  The 15th BRICS Summit: A New Chapter in Global Dynamics

Yury Ushakov, Kremlin aide:

“We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics.”

Why It Matters

By embracing digital currencies and blockchain technology, BRICS nations are challenging the dominance of the US dollar potentially transforming the global economic landscape.

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• Source: https://ncfacanada.org/brics-announces-launch-of-blockchain-payment-system/