BRICS Set to Introduce Payment System Based on Crypto and Blockchain Technology
The BRICS consortium, consisting of Brazil, Russia, India, China, and South Africa, is working on developing a blockchain-based transaction system as part of its annual goal to strengthen its presence in the international monetary system. The creation of an independent payment system using crypto and blockchain technology is a crucial objective for the future, according to Kremlin assistant Yury Ushakov.
- BRICS focusing on implementing a payment system based on crypto and blockchain technology
- Kremlin assistant highlights importance of independent payment system for BRICS
- Goal to enhance BRICS role in the international monetary system
Russia: CBDC at the Center of BRICS Relations
Russia has expressed readiness to utilize central bank digital currencies (CBDC) to simplify transactions among BRICS countries. Russian Minister of Finance Anton Siluanov announced plans to address the current fragmentation in the financial, settlement, and payment systems by promoting a platform that connects participants’ financial systems. This initiative aims to foster equality and trade relations between BRICS nations and friendly countries.
- Russia prepared to use CBDC to streamline transactions within BRICS
- Proposed platform called “BRICS bridge” to connect financial systems
- Initiative aimed at promoting trade relations among BRICS nations and friendly countries
Russia and China Explore Yuan for International Loans
Russia and China are contemplating reducing their reliance on the US dollar in international loans by considering the Chinese yuan as a new reference currency. The BRICS group aims to challenge the dominance of the US dollar by valorizing the yuan and other local currencies. Although discussions have been ongoing for years, concrete opportunities have not materialized yet.
- Russia and China exploring transition from US dollar to yuan in international loans
- BRICS seeking to strengthen local currencies against US dollar dominance
- Potential creation of new currency similar to euro as alternative to US dollar
Hot Take: Potential Impact on Global Financial Landscape
If BRICS successfully reduces dependence on the US dollar and establishes its own currency system, it could significantly impact the global financial landscape. This move may challenge the US economy’s dominance and lead to a shift in global financial dynamics. The upcoming BRICS summit in October will likely shed more light on their plans and strategies to reshape the current financial status quo.
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