The BRICS bloc of emerging economies is considering developing an independent payment system based on digital currencies and blockchain to reduce reliance on western financial systems.
Announcing the plan last month, Russian presidential aide Yury Ushakov said 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,” Ushakov told state news outlet TASS.
A coalition initially made up of Brazil, Russia, India, China, and South Africa, BRICS expanded for the first time since 2010 to include Egypt, Iran, Ethiopia, and the UAE at the start of the year, with 44 other nations having reportedly expressed interest in joining the bloc.
Last year, BRICS nations stepped up trade in local currencies to strengthen their economies and counter the greenback.
Iran’s Deputy Foreign Minister Mahdi Safari has said creating a unified currency in the BRICS group could be very effective.
“By using national currencies, the process of eliminating the use of the dollar in commercial exchanges begins, and we are interested in continuing this process,” Safari said in January.
With significant foreign reserves, abundant natural resources, a combined population that accounts for over 40% of the global populace, and a shared vision for multilateral cooperation, BRICS has evolved into a cohesive group of economic prowess and geopolitical influence and a force to reckon with. Source: PressTV
