Ushakov stressed that the system is convenient, free from political influence and has significant economic benefits.
Russia, a member of the BRICS alliance, announced that it is developing a new payment system based on blockchain, aiming to revolutionize the way trade settlement is done.
The system will become an independent mechanism for transactions between BRICS.
Blockchain-based payment system plan
The BRICS alliance, composed of Brazil, Russia, India, China and South Africa, plans to collaborate to develop a payment system that utilizes blockchain technology and digital innovation. The move is part of a broader strategy to expand its influence in the international monetary system.
Kremlin aide Yury Ushakov made the announcement in an interview with Russian news agency TASS. Ushakov emphasized the importance of this initiative, saying: “We believe that the creation of an independent BRICS payment system, which will be based on digital technologies and advanced tools such as blockchain, is an important goal for the future.”
Ushakov underlined the importance of this effort, emphasizing the need for a system that is not only convenient for governments, businesses and ordinary people, but also free from political influence and cost-effective.
He further emphasized the goals outlined in the 2023 Johannesburg Declaration, which emphasized increased national currency settlement and correspondent banking network diversification to ensure the security of international transactions. However, Ushakov did not disclose a timetable for the launch of the new BRICS blockchain payment system.
BRICS takes a step towards de-dollarization
The BRICS Group has been actively promoting de-dollarization and looking for alternatives to the US dollar in international settlements. Their efforts extend beyond the payments system and will continue with efforts to develop emergency reserve arrangements using currencies other than the U.S. dollar.
"Efforts to develop emergency reserve arrangements will continue, mainly regarding the use of currencies different from the U.S. dollar," Ushakov stressed.
The move towards a blockchain-based payment system is in line with global financial trends. Klaas Knot, Chairman of the Financial Stability Board, recently emphasized in a letter to the G20 Finance Ministers that encrypted assets, tokenization and artificial intelligence are one of the top priorities for maintaining global financial stability.
The latest report from TASS also shows that the Russian Ministry of Finance is working with the Russian Central Bank and other BRICS partners to develop the "BRICS Bridge" multilateral payment platform. The platform aims to increase the effectiveness and accessibility of the global monetary system. #BRICS #区块链的支付系统
