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BRICS Concerned About Dollar Dependency: Introducing Blockchain-Based Payment System

BRICS nations are announcing plans for a new payment system named “BRICS Pay”. This was revealed by Kremlin aide Yury Ushakov in an interview with TASS. This will help the BRICS nations to reduce reliance on the US Dollar.

There were constant efforts to determine a common currency within the group. Considering China’s economic dominance, it was inevitable for the yuan to be predominant. Ushakov stressed the importance of using modern tools such as digital technologies and blockchain to ensure that the system is convenient, accessible, and apolitical.

BRICS nations flags interconnected by blockchain for BRICS Pay system
Source: Coinbackyard

BRICS’ objectives to enhance its role in the global monetary landscape align perfectly with the plan to use blockchain. These changes will not introduce any unified BRICS currency, but the system will function similarly to SWIFT – enabling transactions in national currencies via blockchain technology. Integration with digital versions of currencies like the ruble, yuan, and rupee is imminent.

Where’s Russia in All This?

Russia is a driving force behind this initiative and is advancing its digital currency agenda. The Central Bank of Russia (CBR) is set to launch the digital ruble in 2025, after a successful pilot phase involving commercial banks.

First Deputy Governor of the Bank of Russia, Olga Skorobogatova, expects real transactions to commence following extensive preparations, including wallet openings, client transfers, and trade payments. This will mark a significant stride towards a digital currency future.

March 28, 2024 at 9:57 am

Updated March 28, 2024 at 9:57 am

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