In a strategic move aimed at strengthening financial independence and strengthening economic ties between member countries, the Kremlin BRICS announced that a blockchain-based payment system will be created within the alliance.
Kremlin Announces Plans for Blockchain-Based Payment System within the BRICS Alliance
In an interview, Kremlin deputy Yury Ushakov explained the alliance’s goals of establishing an independent payment infrastructure using digital currencies and blockchain technology.
Ushakov emphasized the importance of this initiative for the future, underlining the potential to leverage the latest tools such as blockchain and digital currencies to create a robust payment system.
Governments emphasized the importance of providing convenience for businesses and ordinary citizens, while also prioritizing cost-effectiveness and avoiding political unrest.
The announcement underlines BRICS’ determination to increase its role in the international monetary and financial environment.
Ushakov also outlined specific goals for the current year, which include advancing the Contingent Reserve Arrangement (CRA), with a particular emphasis on moving away from dependence on the US dollar.
Established by BRICS in 2014, the CRA acts as a financial safety net to reduce currency volatility and liquidity pressures among member countries.
The move towards a blockchain-based payment system within the BRICS reflects a broader trend towards decentralization and innovation in global finance.
By taking advantage of emerging technologies, member countries are trying to reduce dependence on traditional financial systems dominated by Western currencies and institutions.
*This is not investment advice.
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