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Russia, China Developing ‘Independent Payments System’ To Ditch US Dollar, Avoid ‘External Interference’: Vladimir Putin

At the SPIEF 2024 Conference in Saint Petersburg, Russian President Vladimir Putin said work is underway on a system designed to safeguard the sovereignty of national currencies.

Putin’s statement follows initial reports that the China and Russia-led BRICS – which also consists of Brazil, India, South Africa, Saudi Arabia, Iran, Egypt, Ethiopia and the United Arab Emirates – will use blockchain technology to power the payments system.

In an interview with the Russian state-owned news outlet TASS, Kremlin aide Yury Ushakov said BRICS is designing a system that’s fully digital, fair and cost-effective.