On Monday, the Russian Kremlin officially announced the creation of a new blockchain-based payment transfer system, that would effectively empower the BRICS bloc to use their own currencies, while avoiding the U.S. dollar and Western terminals such as Swift.
The Russian state news agency Tass reported:
BRICS will work to create an independent payment system based on digital currencies and blockchain, Kremlin aide Yury Ushakov said in an interview with TASS.
We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. 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.
The main goal for us is to create an independent settlement payment system, which would be based on the most modern technologies, such as digital currencies and blockchain. And most importantly, it would be comfortable for BRICS member states, population and business.
He said
Ushakov said that the specific task for this year is to increase the role of BRICS in the international monetary and financial system. He recalled that in the 2023 Johannesburg Declaration, the leaders set the focus of BRICS countries on increasing settlements in national currencies and strengthening correspondent banking networks to secure international transactions.
âWork will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar,â the Kremlin aide pointed out.
Additionally, TV BRICS noted: âUshakov reminded that the collective weight of the alliance states in the global economy is 58.9 trillion dollars. The Russian presidential aide noted that BRICS represents 36 per cent of the Earthâs landmass, 45 per cent of the worldâs population (3.6 billion people), more than 40 per cent of all oil production, and about a quarter of the worldâs exports of goods.â
Last year a Russian official revealed BRICS is developing a âfundamentally new currency.â
Moreover, earlier this year a Russian official for BRICS said a primary goal for the bloc this year is increased de-dollarization...
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