BRICS Will Create Payment System Based on Digital Currencies and Blockchain: Report

For some time now, the BRICS grouping has been making efforts to reduce its reliance on U.S. dollars in settlement.

The BRICS grouping will create a payment system based on blockchain.

The effort is part of a specific task for this year to increase the role of BRICS in the international monetary system.

The five-nation BRICS group comprising Brazil, Russia, India, China and South Africa will work on creating a payment system based on blockchain and digital technologies, a report by Russian news agency TASS said.

“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,” Kremlin aide Yury Ushakov said in an interview with TASS.

The effort is part of a specific task for this year to increase the role of BRICS in the international monetary system. For some time now, the BRICS grouping has been making efforts to reduce its reliance on U.S. dollars in settlement, also known as de-dollarization.

🔗Source: Coindesk

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