BRICS has been constantly working to develop an in-house payment system to reduce global and self-reliance on dollars. Most recently, Sergey Ryabkov the deputy foreign minister of Russia argued that the development of the BRICS payment system is tangible, describing, and progressing.
During an interview with Tass on December 17, 2024, Sergey said ” Not only it exists. It is not hypothetical,” emphasizing the major contribution of Russia to the entire process.
It is worth noting that Russia has been working with a greater dedication to develop infrastructure that is expected to reduce global reliance on U.S. dollars.
The minister further explained “ Of course. Moreover, the others would join as well. This plan is now on the table and that will be implemented is not a pattern for dollar substitution in all settlements. It is a pattern for creating an additional circuit for work in conditions when the main and well-known to all dollar channel is failing for reasons beyond the control of BRICS.”
The development came following the global demand for de-dollarization, yet Russia continues to make efforts to replace the dominance of dollars.
It is worth noting that several other nations have joined the race to support dollar replacement, yet some of them have extended to use their own currency to trade with others.
Russia continues to support de-dollarization!
Since the past decades, the tussle between Russia and the United States has widely affected the sentiments of other nations. There are two types of groups: one that supports the United States and the dollar, and one that supports Russia and its policies.
It is crucial to note that Russia and several other nations have been leveraging blockchain and digital ledger to develop new products, but still do not embrace cryptocurrencies.
Most recently Todayq reported that Russia’s newly passed cryptocurrency mining bill establishes a structured framework for regulating mining activities, aiming to provide legal clarity and streamline operations.
The legislation introduces a formal register that allows Russian legal entities and entrepreneurs to participate in large-scale mining operations, ensuring compliance and oversight.
While the framework focuses on significant mining activities, smaller-scale operations below a specified energy consumption threshold will remain unregulated, offering flexibility for individual miners.
This move reflects Russia’s efforts to balance innovation in blockchain and cryptocurrency with the need for a regulatory structure.
In September, the Federal Security Service of Russia announced the arrest of a person accused of supporting Ukraine and facilitating cryptocurrency transactions.
Despite these ongoing actions and regulatory disruptions, Bitcoin and the overall cryptocurrency market have continued to experience significant growth, surpassing a market capitalization of $3.53 trillion.
At the time of writing, Bitcoin was trading at $93,098 with an intraday decline of 8.93 percent, while Ethereum lost around 12 percent of its prices reaching $3,404.
The intraday decline seems to be primarily backed by the immense selling pressure registered on different blockchains.
