The BRICS group of countries wants to create a common payment system based on blockchain and digital currencies. This was admitted by Yuri Ushakov, an adviser to President Vladimir Putin.
BRICS will create a common payment system based on blockchain
The US's geopolitical rivals have long dreamed of eliminating the dollar from global circulation. This is especially true when it comes to oil trading. Now the BRICS group, which brings together, among others, wants to move in this direction. Russia and China. It wants to have a payment system based on blockchain and digital currencies.
Ushakov said the above in an interview with the TASS agency. In his opinion, such a system would be intended for countries, ordinary people and businesses and “would not require serious costs and would be outside politics.” There is a threat addressed to the US hidden between the words. The “out of politics” system may mean that the mechanism will allow for bypassing American sanctions.
We believe that an important goal for the future is to create an independent settlement payment system within BRICS that would be based on cutting-edge technologies such as digital currencies and blockchain.
– said Putin's adviser.
He added that the BRICS goal for this year is to increase the group's role in the international monetary and financial system.
Work will be continued on developing a mechanism for a pool of conditional foreign exchange reserves, primarily in terms of the use of alternative currencies to the US dollar.
– said the Kremlin adviser.
The importance of BRICS
The group initially included: South Africa, Brazil, India, China and Russia. It has recently been expanded to include additional countries: the United Arab Emirates, Egypt, Iran, Ethiopia and Saudi Arabia.
Although many still downplay the importance of BRICS, it is worth adding that its member states hold approximately 45% of the world's oil reserves. This is of great importance.
I will also add that the above news about plans to create a blockchain payment system was misread on social media. It is doubtful that it would be about introducing bitcoin or cryptocurrencies in general to oil trading, but rather about CBDC. Russia is working on a digital ruble, and China already has a digital yuan.
