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- Russian Presidential Advisor Yury Ushakov states that the BRICS group intends to build a blockchain-based payment system.
- The BRICS group envisions solidifying its position in the international monetary and financial system.
- The new payment system aims to introduce a convenient system that could replace the use of US Dollars.
Yury Ushakov, an advisor to Russian president Vladimir Putin advisor, recently announced that the BRICS group has been preparing to build a blockchain-based payment system. Ushakov asserted that the group intends to solidify its position in the international monetary and financial system.
The BRICS group is an intergovernmental organization comprising emerging economies like Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. Though the term BRICS started as an acronym for Brazil, Russia, India, Canada, and South Africa, it later expanded to other countries.
As the countries converge around blockchain adoption, Ushakov stated, “Work will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar.”
In addition, he asserted that the independent BRICS payment system is an “important goal for the future” as it is based on “state-of-art tools such as digital technologies and blockchain.” Further, he added, “The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics.”
Last week, a report revealed the Russian Finance Ministry’s alliance with the BRICS group to improve the international monetary and financial system. The collaboration also intends to create the BRICS Bridge multisided payment platform to “bring the financial markets of the BRICS member states closer and increase mutual trade turnover.”
As per reports, the BRICS nations have been looking for options to replace USD in international trade. In addition, Russian President Vladimir Putin asserted that the countries do not use the dollar but their local currencies for transactions.
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