The BRICS Alliance, Spearheaded by Russia, Declares Plans to Develop a Blockchain-Powered Payment System


The BRICS alliance, led by Russia, declared its intention to develop an internal blockchain-based payment system.

Stay in the know on crypto by frequently visiting Crypto News Today

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.

CryptoCaster Quick Check:

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.CRYPTOCASTER® - DECENTRALIZED FREEDOM!

We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


You may also like