The alliance of BRICS nations will design a payment gateway mark and improve the role of BRICS in the international monetary system.
A report by Tass highlights that the BRICS group plans to develop a payment system based on blockchain and digital technologies.
BRICS Group comprises Brazil, Russia, India, China and South Africa. The constant advancement of blockchain technology has created dozens of opportunities for the traditional banking system.
Kremlin aide Yury Ushakov, the assistant to the President of Russia for Foreign Policy, noted while talking to Tass, “ 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.”
The motive for developing a payment system is to make the role
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