Tech
BRICS to Create Payment System Based on Digital Currencies and Blockchain: Report
The BRICS group of five countries comprising Brazil, Russia, India, China and South Africa will work on creating a payment system based on blockchain and digital technologies, a relationship This was reported by the Russian news agency TASS.
“We believe that the creation of an independent BRICS payment system is an important goal for the future, which would be based on cutting-edge tools such as digital technologies and blockchain. The main thing is to make sure that it is convenient for governments, ordinary people and businesses, as well as convenient and free from politics,” Kremlin aide Yury Ushakov said in an interview with TASS.
The effort is part of a specific task this year aimed at increasing the BRICS’ role in the international monetary system. For some timethe BRICS group has made efforts to reduce its dependence on US dollars in the agreements, also known as de-dollarization.
“Work will continue to develop the contingent reserve arrangement, mainly regarding the use of currencies other than the US dollar,” Ushakov said.
Last week, another TASS report stated that the Russian Finance Ministry, the Bank of Russia and BRICS partners will create the BRICS Bridge multilateral payments platform in a bid to improve the global monetary system.
Also in February, Klaas Knot, president of the Financial Stability Board, which keeps an eye on the global financial system, he wrote to the finance ministers of Countries of the Group of 20 (G20). that crypto assets, tokenization and artificial intelligence (AI) remain priorities.