RussiaIt continues to be reported in the press that it is testing digital payment technologies, indicating that it is taking steps towards creating a potential currency among the BRICS countries. In particular, this research process may indicate that the economic alliance is working on blockchain-based digital currencies as part of efforts to reduce the dominance of the dollar in the global economy.
These statements were made by Russian Finance Minister Anton Siluanov during his talks with China on ongoing Yuan loans. It was stated that the start of digital currency payment tests will be with China and the Eurasian Economic Union countries, and it was stated that Moscow will “promote this initiative together with its partners”.
The BRICS economic alliance has begun testing digital currency payment technologies after a year accelerating efforts to move away from the US dollar through 2023. The Collective worked determinedly to implement its policies in line with the goal of reducing the influence of the dollar and took steps to increase the use of local currencies.
During this period, reports showed that blockchain technology was extensively used in the development of local currencies in business transactions. Recent news has highlighted the importance of this initiative, with references to India conducting a similar study. However, recent information that Russia is testing digital asset payments that could form the basis of the BRICS currency offers a new perspective on this issue.
Speculation has long been circulating that the BRICS currency could be based on blockchain technology. Last year, blooc introduced BRICS Pay, a digital payment system that supports this concept. Recent statements by the Russian Finance Minister indicate that digital currency payments may become a priority for Moscow.
