🌐 Russia and China Team Up for New Payment System to Ditch US Dollar! 🌐
In a bold move to escape US dollar dominance, Russia and China, along with other BRICS nations, are creating an "independent payments system." President Vladimir Putin announced this initiative at the SPIEF 2024 Conference in Saint Petersburg, aiming to protect their national currencies from external interference.
BRICS, which includes Brazil, India, South Africa, Saudi Arabia, Iran, Egypt, Ethiopia, and the UAE, is turning to blockchain technology to power this new system. Kremlin aide Yury Ushakov highlighted that the goal is a fully digital, fair, and cost-effective payments network.
While the system is still in development, BRICS nations are also working on enhancing banking networks and increasing trade in their own currencies, moving away from reliance on the US dollar. 🚀
