BRICS to Release Blockchain-Based Payment System to Challenge the US Dollar

The BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, is laying the groundwork for a blockchain-based payment system. This announcement comes as BRICS nations actively seek to reduce their dependency on the US dollar.

According to Kremlin aide Yury Ushakov in an interview with TASS (5/3/2024), the creation of an independent BRICS payment system utilizing digital technology and blockchain is a highly significant objective.

Ushakov emphasizes that an independent BRICS payment system is "a crucial goal for the future" as it is based on "sophisticated tools such as digital technology and blockchain."
"The main thing is to ensure that this is convenient for governments, the general public, and the business world, as well as cost-effective and free from politics," Ushakov explains.

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BRICS Aims to Improve Monetary System

Last week, a report revealed the alliance of the Russian Ministry of Finance with the BRICS group to enhance the international monetary and financial system.

This collaboration also aims to create the BRICS Bridge multi-sided payment platform to "bring financial markets of BRICS member countries closer and increase the turnover of mutual trade."

Last week, another TASS report stated that the Russian Ministry of Finance, the Central Bank of Russia, and BRICS partners would create the BRICS Bridge multi-sided payment platform in an effort to enhance the global monetary system.

According to reports, BRICS nations have been exploring options to replace the USD in international trade. Additionally, Russian President Vladimir Putin has affirmed that these countries do not use the dollar but their local currencies for transactions.

The Russian digital ruble initiative is an example of the bloc's commitment to innovation and financial autonomy. Designed to facilitate cross-border settlements, the digital ruble can bolster Russia's global financial position while offering a blueprint for other countries seeking to mitigate the impact of Western sanctions.

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