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.

https://cryptoast.fr/feed/

https://cryptoast.fr/pays-brics-lancer-systeme-paiement-base-blockchain-entreprises-numeriques/

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).

👉 Central Bank Digital Currencies (CBNC) – What are they and how do they work?

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.

Let's invest: all the essential resources for the informed investor

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?

Trade Republic: earn 4% interest per year on uninvested cash

Source: Tass news agency

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

Newsletter 🍞

Receive a summary of crypto news every Monday by email 👌

What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no harm to you and you can even get a bonus using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.

AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital.

To go further, read our Financial Situation, Media Transparency and Legal Notices pages.

Related Posts

SWIFT CBDC threatens BRICS monetary project

7:17 a.m. ▪ 3 min reading ▪ by Luc Jose A. A central bank digital currency (CBDC) linked to the SWIFT network should be launched within a…

Does the digital euro project herald the decline of central banks?

(EXPERT OPINION) The ECB is working on a digital euro. A project that worries commercial banks. Decryption with our expert Guillaume Almeras, founder of the monitoring and…

El Salvador double sa mise sur Bitcoin

El Salvador doubles its stake on Bitcoin

In a series of strategic measures that underline its commitment to cryptocurrencies, El Salvador continues to deepen its engagement in the digital currency market, particularly bitcoin (BTC)….

Le Premier ministre britannique, Rishi Sunak, nourrit de longue date l’idée d’instaurer une monnaie numérique de banque centrale au Royaume-Uni.

will a digital pound sterling see the light of day in 2024?

Central bank digital currency projects (or CBDC, for Central Bank Digital Currency) flourish all over the world. In this regard, the United Kingdom is no exception. The…

Launch of the digital euro: what changes? (episode 3)

While there were no Central Bank Digital Currency (CBDC) projects in 2016, these projects have proliferated in recent years: although there are only 2 countries that have…

A few weeks before the halving

Blockchain Chronicle. The upcoming bitcoin mining reward halving comes amid increasing integration of traditional and digital finance. Imagine a biscuit distributor who, every four years, halves its…

Leave a Reply

Your email address will not be published. Required fields are marked *