BRICS+ countries to launch payment system based on blockchain and digital currencies

The joint blockchain project for BRICS+ countries appears to be coming to fruition, according to a recent statement by Kremlin aide Yury Ushakov in an interview. While the idea dates back to 2019, the split between the Western bloc and BRICS+ could well accelerate the timetable.

BRICS+ will soon have their blockchain-based payment system

If we needed new proof that the BRICS+ are tending towards an economy detached from the Western American model, here it is: the Russian press agency Tass tells us that BRICS+ countries are actively working on a payment system based on digital currencies and blockchain.

Let us point out from the outset that the term “cryptocurrencies” is carefully avoided in the Tass article, and that it is quite possible that this blockchain model is based on exchanges of central bank digital currencies (MNBC).

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In any case, the information, revealed by Kremlin aide Yury Ushakov, tells us that this future payment system should benefit not only states as such, but also citizens and businesses :

“We believe that the creation of an independent BRICS payment system is an important goal for the future, which would be based on cutting-edge tools such as digital technologies and blockchain. The main thing is to make sure it is practical for governments, ordinary citizens and businesses, but also profitable and free of politics. »

At the same time, the Russian power aide declared that the year 2024 would consist of “ increase the role of BRICS+ in the international monetary and financial system ». More precisely, the BRICS+ seem to want to continue their work of dedollarization and strengthen the multipolar character of the world market.

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A desire to oppose the American empire accelerated, of course, by the conflict between Ukraine and its allies and Russiawhich is forced to review its economic and production models following multiple Western sanctions.

The desire of the BRICS+ to create a payment system based on distributed ledger technology is however not new, since this idea had already been put forward in 2019when the group then only consisted of Brazil, Russia, India, China and South Africa.

But since then, many countries have joined the BRICS+ group, and alliances are being created on a more or less large scale, as evidenced by the recent desire of Russia and China to launch a common digital currency.

The world is undergoing a transformation, » declared Brazilian President Luiz Inacio Lula da Silva during the BRICS summit in August 2023. Is the BRICS+ blockchain project about to see the light of day?

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Source: Tass news agency

Illustration source: Palácio do Planalto via Flickr, CC by 2-0

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