BRICS new payment system based on blockchain soon [Video]

Yury Ushakov, who works closely with the Russian president, informed that the BRICS group, which includes Brazil, Russia, India, China, and South Africa, is thinking about making its own payment system using digital money and blockchain tech. This would help them rely less on western financial systems.

The idea is to have a payment system that’s easy to use for governments, regular people, and businesses. They want it to be cost-effective and not influenced by politics.

They also want to work on a financial arrangement called the Contingent Reserve Arrangement, using currencies other than the US dollar.

They haven’t shared all the details yet, like whether they’ll create their own blockchain or use one that already exists.

BRICS expanded this year to include more countries like Egypt, Iran, Ethiopia, and the UAE.

Saudi Arabia and Argentina were asked to join too, but Saudi Arabia hasn’t decided yet, and Argentina declined because their new president wants closer ties with the US.

Because of sanctions against Russia due to the war in Ukraine, BRICS countries are serious about making their own currency to trade without relying on the US dollar.

Some leaders, like the former Brazilian President Lula da Silva, wonder why they need to use the dollar for trade when there could be a BRICS currency instead.

Last year, BRICS countries started trading more using their own currencies to make their economies stronger and to use less of the US dollar.

Iran’s Deputy Foreign Minister, Mahdi Safari, said they are interested in having a common currency in the BRICS group to make trade easier and reduce the use of the dollar.

Video credits-Pexels
Video by R Bude, Tima Miroshnichenko, Marian Croitoru

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