Shanghai, China, Wednesday, March 20, 2024 – China and Russia have announced their decision to abandon the US dollar, according to a joint statement released by the countries on March 5. They said that they were considering a blockchain-based payment system in its place. 1
The type of blockchain upon which the prospective payment method would rely has not been revealed in the announcement.
The initiation of a payment system binding hands with BRICS nations is targeted at gaining independence, lessening the U.S. dollar, and upgrading the Contingent Reserve Arrangement (CRA), the agreement among the central banks of BRICS to support in an emergency currency crisis.
“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.” A spokesperson stated.2
- Blockchain Payment System: https://www.foxbusiness.com/money/russia-china-team-up-against-us-dollar-planned-blockchain-payment-system[↩]
- Blockchain Payment System: https://www.foxbusiness.com/money/russia-china-team-up-against-us-dollar-planned-blockchain-payment-system)
As the BRICS leaders decided in the Johannesburg Declaration in 2023 to strengthen banking networks to fortify international transactions and advance national currency settlements, this year it is aimed at the enhancement of the BRICS group, particularly in the international monetary and financial system.
“The other nations of the BRICS group—Brazil, India, and South Africa would also support creating blockchain-based payment system integrated with digital technologies,” stated Kremlin aide Yury Ushakov in a TASS interview on March 4, 2024.
“The days of a dollar-centric world is over. That’s a reality. We have a multipolar global trading systems today,” South African ambassador Anil Sooklal stated.((Blockchain Payment System: https://www.foxbusiness.com/money/russia-china-team-up-against-us-dollar-planned-blockchain-payment-system[↩]
