BRICS Nations Collaborate on Blockchain Payment System
BRICS, comprising Brazil, Russia, India, China, and South Africa, aims to challenge Western economic dominance by promoting cooperation in trade, infrastructure, and technology. The alliance seeks to reduce dependence on the US dollar through alternative financial systems like development banks and reserve currencies.
BRICS Influence on Global Stage
The significant influence of BRICS nations stems from their large populations, strong economies, and abundant resources. By working together, they hope to amplify their voices and advocate for their interests on the international stage. However, internal political differences and regional conflicts pose challenges to their unity and impact on global affairs.
The Role of TASS in Reporting
TASS, Russia’s state-owned news agency, plays a vital role in reporting news within Russia and neighboring regions. Although perceived as reflecting official government viewpoints, TASS is a key source of information for international media.
BRICS Development of Blockchain Payment System
- Kremlin aide Yury Ushakov announced plans for BRICS to develop a blockchain-based payment system.
- The system aims to be independent and convenient for governments, businesses, and individuals.
- Building on the 2023 Johannesburg Declaration, BRICS seeks to increase settlements in national currencies and strengthen banking networks.
- Efforts are underway to develop a Contingent Reserve Arrangement using currencies other than the US dollar.
Hot Take: BRICS Embracing Blockchain for Financial Independence
With a focus on developing a blockchain payment system, BRICS nations are taking steps towards financial independence and reducing reliance on the US dollar. By leveraging state-of-the-art technologies, they aim to strengthen their role in the global monetary system.
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