BRICS plans to create a payment system based on digital currencies and blockchain

On March 5, the Russian Presidential Assistant Yuri Ushakov announced that the BRICS member states plan to establish a payment system based on modern technologies such as digital currencies and blockchain.

The goal is to create an independent settlement payment system within the BRICS framework.

Ushakov highlighted the currency’s convenience for states, the population, and businesses, which would not require significant costs and would be free from political influence.

He also noted the specific goal for this year is to enhance the role of association countries in the international monetary and financial system. Additionally, the official stated that efforts will be made to further develop a mechanism for a pool of conditional foreign exchange reserves, with a focus on using currencies other than the US dollar.

The presidential aide also expressed that the Russian Federation will continue to seek opportunities for unimpeded economic cooperation within the alliance, despite the sanctions imposed by the West.
On March 3, Ethiopian Ambassador to the Russian Federation Cham Ugala Uryat called for negotiations on the use of national currencies in trade between states. He expressed hope for early negotiations on this matter. According to him, the use of national currencies is a good format for cooperation. He cited Russia, China, India and Saudi Arabia as examples.
To continue to read this article ‘Free of Charge’ please click on the link below.

BRICS plans to create a payment system based on digital currencies and blockchain

On March 5, the Russian Presidential Assistant Yuri Ushakov announced that the BRICS member states plan to establish a payment system based on modern…