MOSCOW, Tuesday, March , 2024 – The BRICS group of nations (Brazil, Russia, India, China, and South Africa) is exploring the creation of an independent payment system utilizing blockchain technology and digital currencies, according to a Kremlin press release issued on March 5, 2024. 1
The initiative aims to develop a secure, efficient, and user-friendly system that caters to governments, businesses, and individuals within the BRICS member states.
The press release, citing Kremlin aide Yury Ushakov, emphasized the importance of cost-effectiveness and freedom from political influence.
“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,” he said.
This move comes amid ongoing efforts by BRICS nations to strengthen their economic cooperation and potentially reduce reliance on the U.S. dollar-dominated global financial system.
The details of the proposed system, including its technical specifications and governance structure, remain unclear. Further discussions and development are expected within the BRICS framework.
Financial experts have expressed mixed reactions to the announcement. Some view it as a positive step towards innovation and financial inclusion within the BRICS bloc.
Others raise concerns about the technical feasibility and potential challenges in gaining widespread adoption for such a system.
The development of a BRICS-backed, blockchain-based payment system will be closely monitored by the international community, with implications for global financial dynamics and the future of digital currencies.
- BRICS: https://tass.com/politics/1755521[↩]
