Coinspeaker
BRICS to Develop Blockchain-Based Payment System
BRICS has announced the creation of a blockchain-based payment system. Over the years, the nine country-grouping comprising Brazil, Russia, India, China, and South Africa as founding nations has been working on reducing its reliance on the United States dollar for settlements. The new payment system offered by BRICS will serve as an independent system for trade settlements, challenging the US dollar.
This development was revealed by Russia – which assumed the BRICS presidency on January 1, 2024 – through Kremlin aide Yury Ushakov in an interview with Russian news agency TASS. He revealed that the system would be available to governments, businesses, and individuals.
“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 go
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