Russia, as part of the BRICS alliance, has announced plans to launch a new payment system using blockchain technology with the aim of transforming the trade settlement system. This system is expected to provide an independent mechanism for financial transactions between the alliance’s member states. This plan comes within the framework of joint efforts by the BRICS countries to use digital innovations and blockchain technology to enhance their influence in the international monetary system.
Kremlin aide Yuri Ushakov stressed the utmost importance of this initiative in an interview with the Russian news agency TASS, noting that the goal is to create an independent payment system based on the latest technologies and free from political influences. However, a specific timetable for the launch of the new blockchain-based payment system has not been disclosed.
The BRICS group is striving to end the dollar's dominance in international settlements, exploring alternatives to the US dollar.
In a recent report, it was revealed that the Russian Ministry of Finance, in cooperation with the Bank of Russia and BRICS partners, is developing a BRICS Bridge platform to enhance the efficiency and accessibility of the global monetary system. $BTC cryptocurrencies# cryptocurrencies# #MarketDownturn #bitcoin #coins #BRICS
