BRICS Will Create Payment System Based on Digital Currencies and Blockchain: Report
Summary
The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, plans to develop a payment system based on blockchain and digital technologies. The goal is to create an independent, cost-effective system that is convenient for governments, businesses, and individuals. This initiative is part of a broader effort to increase the role of BRICS in the international monetary system and reduce reliance on U.S. dollars. The group will continue to develop the Contingent Reserve Arrangement, focusing on the use of non-U.S. dollar currencies. Russia's Finance Ministry, the Bank of Russia, and BRICS partners will also create the BRICS Bridge multisided payment platform to improve the global monetary system.
