You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

BRICS to Develop Digital Currencies and Blockchain-Based Payment System

The BRICS nations are poised to establish a self-reliant payment system built on blockchain technology, integrating digital currencies to facilitate seamless and economical global transactions. Kremlin aide Yury Ushakov revealed this development in an interview with the Russian News Agency TASS, emphasizing the coalition’s aim to bolster financial independence from the US dollar by leveraging innovative digital and blockchain solutions.

Blockchain-Based Payment System

Ushakov expressed, “We consider the establishment of an autonomous BRICS payment system a significant aspiration for the future,” adding, “It will rely on cutting-edge tools such as digital technologies and blockchain.”

He further stated, “Our primary aim is to ensure its accessibility for governments, ordinary citizens, and businesses, while prioritizing cost-efficiency and eliminating political influences.”

Highlighting BRICS’s ambition to enhance its influence on the global financial and monetary frameworks, Ushakov referenced the 2023 Johannesburg Declaration. In this declaration, BRICS leaders affirmed the importance of broadening the utilization of national currencies in settlements.

The 2023 Johannesburg Declaration outlined, “We acknowledge the wide-ranging benefits of swift, affordable, transparent, secure, and inclusive payment systems.” It reaffirmed the commitment of BRICS nations to enhance cross-border payments by aligning with the G20 Roadmap on Cross-border Payments.

Furthermore, the declaration stressed the importance of exchanging experiences and best practices among BRICS members regarding payment infrastructures.

Moreover, the Declaration advocated for “promoting the utilization of local currencies in international trade and financial transactions between BRICS nations and their trading partners.”

BRICS to Reduce Dependence on USD

Ushakov emphasized that a primary objective of the payment system is to reduce the BRICS nations’ reliance on the US dollar.

“The efforts will persist in advancing the Contingent Reserve Arrangement, particularly in terms of diversifying currencies away from the US dollar,” stated the Kremlin aide.

Initially established by Brazil, Russia, India, and China, BRICS has seen the inclusion of South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates.

While reports from Bloomberg and BBC indicated Saudi Arabia’s acceptance of the invitation, a Reuters report contradicted this, suggesting the country was still deliberating the offer.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Coinbase Board Member Kathryn Haun to Step Down – What’s Going On?
21.04.2024By
Kenyan Volcano Turns on Lights in Rural Homes with Jack Dorsey’s Bitcoin Mining Support
21.04.2024By
Telegram to Introduce USDT Payments With Telegram Wallet and the Open Network
20.04.2024By

Latest news

Coinbase Board Member Kathryn Haun to Step Down – What’s Going On?
21.04.2024
Kenyan Volcano Turns on Lights in Rural Homes with Jack Dorsey’s Bitcoin Mining Support
21.04.2024
Telegram to Introduce USDT Payments With Telegram Wallet and the Open Network
20.04.2024
HashKey Exchange Suspends Binance Deposits and Withdrawals Citing Policy Adjustments
20.04.2024
Mango Markets Hacker Found Guilty, Faces 20 Years in Prison: Reuters
20.04.2024
Japan’s SBI Group Plans to Issue NFTs Built on XRP Ledger for World Expo 2025 in Osaka
20.04.2024
Ethereum Sees $365 Million in Revenue in Q1, Up by 155% YoY
20.04.2024
Anti-Bitcoin SEC Commissioner Caroline Crenshaw May Soon Lose Her Seat
20.04.2024
Is The Bull Market Over Before The Bitcoin Halving? Glassnode Report
20.04.2024
Escaped South Korean Criminal Suspect ‘Used Weapon to Rob OTC Crypto Buyer’
18.04.2024