Russia, a founding member of BRICS, unveiled plans for a novel blockchain-based payment system on Tuesday, positioning it as an autonomous platform for trade settlements and an alternative to the US dollar.
According to Yuri Ushakov, a Russian diplomat, the system aims to cater to governments, businesses, and ordinary citizens, potentially offering widespread benefits across various hierarchies if successful.
The new BRICS payment mechanism is slated to integrate cutting-edge technology, incorporating digital assets and cryptocurrencies onto the blockchain.
This initiative could potentially challenge the dominance of the US dollar by enabling member nations and other developing countries to conduct cross-border transactions within the new framework, thus exerting pressure on the global demand for the US dollar.
Ushakov emphasized BRICS’ ambition to bolster its global financial presence, citing the payment system as the initial step toward achieving this goal.
The endeavor underscores the alliance’s aspirations for greater influence on the international stage, with the payment system serving as a pivotal component in this strategic agenda.
While the specific timeline for the launch of the BRICS payment system remains undisclosed, Ushakov hinted at a possible unveiling during the 16th summit scheduled for October this year.
The development underscores BRICS’ commitment to harnessing state-of-the-art technologies and fostering financial autonomy, potentially reshaping the landscape of global trade and finance.