Brick countries announce to create blockchain payment system to strive for de-dollarization.

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BRICS Countries Working on "Blockchain Payment System"

According to the Russian media TASS report, the BRICS group composed of Brazil, Russia, India, China, and South Africa is actively working on creating a payment system based on blockchain and digital technology.

Kremlin aide Yury Ushakov stated in an interview with TASS:

We believe that creating an independent payment system for BRICS countries will be an important goal for the future. The system will be based on digital technology, blockchain, and other advanced mechanisms, ensuring ease of use for governments, businesses, and the public, cost-effectiveness, and independence from political interference.

In the past, the BRICS group has been reducing its reliance on settlements in US dollars. Yury Ushakov pointed out that emergency reserve mechanisms will still exist, primarily involving the use of non-US dollar currencies.

Russia Launches CBDC Pilot

Russia initiated a digital ruble pilot in August last year, and the pilot will involve several stages, with completion expected by 2023 and 2024.

Russia's digital ruble pilot officially begins, with individuals exempt from fees