The BRICS nations are developing a blockchain-based payment system to increase their financial autonomy: the stated goal is to reduce dependence on the dollar.
The BRICS geopolitical bloc, represented by Brazil, Russia, India, China, and South Africa, is reportedly moving forward with the creation of a blockchain-based payment system.
On March 5th, Kremlin aide Yury Ushakov announced the start of development to TASS, a Russian news agency. Ushakov stated:
“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.”
He also emphasized the desire to pursue the objectives outlined in the 2023 Johannesburg Declaration: these objectives aim to promote the money transfers in national currency and the diversification of banking networks.
One of the goals of the BRICS bloc is to reduce dependence on the US dollar in international transactions. An initiative aimed at this goal is the development of the Contingent Reserve Arrangement, a framework for providing support through liquidity and precautionary instruments in case of problems or crises, using currencies alternative to the dollar.
Despite speculation about a possible use of Bitcoin by the BRICS, the nations of the geopolitical bloc do not seem to intend to relinquish their power to issue money.