The BRICS alliance, led by Russia, declared its intention to develop an internal blockchain-based payment system.
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The BRICS alliance is going to implement a blockchain-based payment system, which the Kremlin announced. This is a calculated move to increase member nations’ economic ties and financial independence.
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The Kremlin Reveals Plans for a Payment System Based on Blockchain
Deputy Secretary of State for the Kremlin Yury Ushakov outlined the alliance’s plans to use blockchain technology and digital currencies to create a stand-alone payment infrastructure in an interview.
Ushakov highlighted the initiative’s significance for the future and the possibility of utilizing cutting-edge instruments like blockchain technology and virtual currencies to establish a reliable payment system.
Governments stressed the need to prioritize cost-effectiveness and prevent political unrest while simultaneously providing convenience for businesses and regular citizens.
The declaration emphasizes BRICS’ resolve to play a bigger part in the global financial and monetary system.
Ushakov also listed specific objectives for the current year, emphasizing the need to move away from reliance on the US dollar and the advancement of the Contingent Reserve Arrangement (CRA).
The CRA was created by BRICS in 2014 and serves as a safety net for member nations to lessen liquidity constraints and currency volatility.
The BRICS’ transition to a blockchain-based payment system is indicative of a larger movement in global finance toward decentralization and innovation.
Member nations are attempting to lessen their reliance on established financial systems that are dominated by Western institutions and currencies by utilizing emerging technologies.
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