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The BRICS nations (Brazil, Russia, India, China, and South Africa) have announced the creation of a new blockchain-based payment system. Kremlin aide Yury Ushakov revealed this development in an interview.
The payment system, which will use blockchain and cryptocurrency technologies, aims to position itself as an applicable alternative to the US dollar. Aiming to be a viable option to the US dollar, Ushakov stresses the need for convenience for governments, businesses, and citizens.
“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,” Ushakov said,
BRICS countries seek to establish secure and reliable transaction platforms using innovative technologies, potentially challenging the dominance of the US dollar in global trade.
Yuri Ushakov confirms the integration of advanced technology, including digital assets and blockchain, in the new BRICS payment mechanism, which may influence the global demand for the US dollar.
This plan will broaden their Reserve Arrangement, moving from reliance on the US dollar. Introducing a blockchain payment system could greatly impact global finance, promoting decentralization.
While the details and timeline for implementing the new payment system remain unclear, the BRICS nations’ commitment to exploring alternative financial mechanisms underscores the growing demand for diversification and innovation in the global monetary landscape.
Also read: BRICS Have No Plans for Common Currency, Indian Official
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