BRICs, the five-nation group consisting of Brazil, Russia, India, China, and South Africa, has announced plans to create a blockchain-based crypto payments system.
The payment system is part of a plan to increase the role of BRICs in the international monetary system.
BRICS Announces Blockchain-based Payments System
BRICS believes the blockchain-based payments system will foster deeper ties, enhance economic cooperation, and help consolidate emerging economies to counter the political and financial dominance of developed Western nations. The payment system will also help further reduce the reliance on the dollar for international transactions. Yuri Ushakov, a Kremlin Aide, spoke about the proposed payment system, stating,
“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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